Slightly more than 7% of U.S. homeowners are opting to forego insurance, leaving an estimated $1.6 trillion in property value unprotected from floods, hurricanes, wildfires and just-as-calamitous secondary perils, according to the Consumer Federation of America (CFA). This news comes on the heels of reports that 34% of Americans are finding it more difficult to afford home insurance today. In total, around 6 million homeowners are "going bare," or going without property coverage, the federation noted, adding this problem is likely to get worse in the coming years. "When millions of American families simply cannot find or cannot afford insurance coverage for their home, we are all exposed," Douglas Heller, director of insurance for the CFA, said in a release. "Not only are uninsured families unprotected, but the economic fabric of entire communities is also at risk if significant portions of residents cannot rebuild after a disaster." Only 2% of homeowners with a mortgage are uninsured, while 14% of homeowners without mortgages said they forego coverage. Further, owners of manufactured homes are more likely to go uninsured when compared with people in single- and multi-family houses, CFA reported. More than one-third of owners of manufactured homes are uninsured, compared with 5% of people living in single-family homes. The above slideshow reviews the states where 10% or more of the homeowners are uninsured, according to the CFA. The data used for the report came from the Census Bureau's American Community Survey. Related: |

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