During the eight years between 2006 and 2014 the number of insured homes nationwide fell from 94.1% to 89.2%, but along the coastal southeastern U.S., even more households have chosen to forego coverage.
Ten of the twenty-five most expensive homeowners insurance markets are located in the Southeast, and nine of those ten markets are in Florida. Miami has both the highest median insurance premiums at $2,000 per month and the lowest percentage of insured homes nationwide at 78%. As residents in Florida, Georgia and the Carolinas deal with the aftermath of Hurricane Matthew, many may be facing uninsured losses.
Ultimately, short-term savings from canceling homeowners insurance can have long-term consequences. And regions that have suffered the worst Mother Nature can throw are willing to pay a premium to keep their investment safe. In the New Orleans metro, where Hurricane Katrina struck in 2005, 90% of households are insured, despite a 30% spike in the cost of insurance between 2006 and 2014.