The risky economics of living without homeowners insurance [Reuters]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Reuters
But here is something riskier still: Going without home insurance in the U.S. altogether. It is called “going bare,” and 12% of American homeowners report doing just that, according to a study from the Insurance Information Institute (III) , opens new tab and Munich Re. That is up from just 5% in 2015. In some areas, it is estimated to be even higher than that – between 15-20% of homeowners in Florida, the highest percentage in the country, according to the III. That means if disaster strikes, you are "self-insured" – a fancy way of saying you will have to find the funds to rebuild. Unless you happen to have hundreds of thousands of dollars just sitting around, that won't be pleasant. “Thinking you can recover from a major catastrophe like a hurricane, tornado or wildfire without property insurance is unrealistic for 99% of U.S. homeowners,” says Mark Friedlander, III's communications director. Going bare is still fairly uncommon: That is because if you take out a mortgage
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