According to a 2023 survey by the Insurance Information Institute and Munich Re, 12% of homeowners in the US do not have home insurance, which is an increase from 5% in 2019. Notably, around 50% of those surveyed had annual incomes under $40,000. Many people are foregoing homeowner insurance due to high living costs, rising rates, and inflation. The higher premiums are putting a strain on households already struggling to afford price increases on life’s staples, from groceries to health care to automobiles, particularly lower-income households that have depleted pandemic-era savings and are running up credit card debt and falling behind on payments. If you’re considering insurance options, it’s essential to weigh the risks of going uninsured against the potential financial consequences of unexpected events.