In fact, 1 in 13 American homeowners is currently uninsured, according to a recent Consumer Federation of America study.
Considering that the average annual cost of homeowners insurance for a $300,000 mortgage has increased 23% to $2,230 in the last year, it makes sense why some homeowners are foregoing insurance or letting their policies lapse to save money.
"The question isn't, 'Can I afford homeowners insurance?'
Why you should always have home insuranceNot paying for homeowners insurance "is definitely a huge mistake," says Alaina Hixson, director of sales and operations at insurance provider The Churchill Agency.
"While home insurance is often not cheap, the investment can save thousands and even hundreds of thousands in some cases."
Persons:
Cathleen Tobin, Alaina Hixson, Hixson, they're
Organizations:
Consumer Federation of America, Churchill Agency, Oceanic, Atmospheric Administration
Locations:
New York