12% of homeowners in the US do not purchase homeowners’ insurance

12% of homeowners in the US do not purchase homeowners’ insurance
Half of those that do not have homeowners' insurance have an annual household income of less than $40,000.
Most mortgage lenders require borrowers to have home insurance, so the people forgoing it often own their homes outright. Those that do have mortgages and don’t purchase insurance will often see their lender buy lender-placed insurance for their property which is generally more expensive.
In some cases, insurers are not renewing policies because of the increased risk of severe damage. Owners may not want state-run insurance policies because they charge a higher premium and offer less coverage.
However, it is the opinion of this channel that a large part of the rise of insurance prices is due to inflation of materials, labor, and just about every construction input for building a house.
While I think most people are fine with not forcing homeowners to purchase insurance, the issue is government assistance is used to bail these people out after a massive natural disaster.
Works Cited:
https://www.wsj.com/personal-finance/americans-are-bailing-on-their-home-insurance-e3395515?mod=hp_lead_pos2
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