New Mexico has been identified as having the highest rate of uninsured homes in the United States. A recent report highlights that nearly one in seven homes across the country lacks insurance coverage. According to the data, about 11.3 million out of 82.9 million owner-occupied homes, which is approximately 13.6%, are uninsured.
This report, produced by LendingTree, utilized information from the Federal Emergency Management Agency (FEMA) and the U.S. Census to determine these uninsured rates. It specifically looked at homes that are owner-occupied and have annual insurance costs of less than $100.
New Mexico tops the list with a staggering 23.3% of homes uninsured. Following closely are West Virginia at 23.0% and Mississippi at 22.9%. The report also examined major metropolitan areas, revealing that McAllen, Texas, has the highest uninsured rate among large U.S. cities at 43.3%. El Paso, Texas, and Miami, Florida, follow with uninsured rates of 23.0% and 21.0%, respectively.
The report also highlights counties that are most at risk. Miami-Dade County leads with a National Risk Index score of 23.5%, with Broward and Lee counties in Florida coming in next at 22.7% and 17.9%.
On the other end of the spectrum, the District of Columbia has the lowest rate of uninsured homes at 8.9%. New Hampshire (9.2%), Oregon (9.6%), Massachusetts (9.7%), and Utah (9.7%) also have rates below 10%.
Experts from LendingTree suggest that homeowners in states with high rates of uninsured homes may not fully understand the risks they face. For example, wind and hail damage is a common issue for homeowners, especially in states like Mississippi, where such damage is typically covered by standard insurance, but may require separate windstorm coverage in coastal areas.
This report serves as a wake-up call for homeowners, emphasizing the importance of protecting their homes with adequate insurance coverage.