How many homes in the US are underinsured?
How many homes in the US are underinsured?
About two out of every three homes in America are underinsured. The average underinsurance amount is about 22%, though some homes are underinsured by 60% or more. This means millions of American homeowners are at risk of major financial loss should a disaster ever affect their home.
What does underinsured mean?
Published: September 2017. Being “”underinsured”” means a person has insurance coverage, but the limits may not be high enough to cover the full expenses of a claim.
What is the percentage of home insurance?
The average American household pays around 2.02% of their annual household income on home insurance. The biggest factors that affect homeowners insurance cost are your coverage limits, where you live, the age and construction quality of your home, your claims history, and your deductible amount. Feb 28, 2022
