According to recent data, almost all American homeowners have some type of insurance covering their property. This is an important fact to ponder, considering the average American household’s largest investment is typically their home. Here are some interesting key points to consider regarding the topic:
According to the Census Bureau, the 2021 homeownership rate in the United States is 65.5%, up from the 2020 rate of 64.2%.
While it is not required by law to have homeowners’ insurance in the United States, most mortgage lenders require it.
Although the percentage of homeowners who have insurance is high, the type of coverage and percentage of their property that they choose to insure varies greatly.
Homeowners insurance can cover damages from natural disasters, theft, fire, and other perils, depending on the policy selected.
Furthermore, many insurance policies also include coverage for personal liability should a visitor be injured on the property.
In conclusion, the vast majority of Americans who own their homes also have insurance coverage. While the percentage may seem high, it is important for homeowners to carefully review their policies and ensure that they have the appropriate type and amount of coverage for their unique circumstances.