Map Shows Areas With Least Insurable Homes in the Country
Summary
A new report shows that Monroe County, Florida, has the highest home insurance costs in the U.S., making it the least insurable county. High risks from natural disasters like hurricanes and floods in Gulf and South Atlantic coastal counties drive insurance prices up, making it hard and expensive to insure homes in these areas.Key Facts
- Monroe County, Florida, scored 99.5 out of 100 for difficulty in insuring homes and has an average annual home insurance cost of $22,436.
- Homeowners in Monroe County pay an additional $4,697 yearly for flood insurance, over three times the state average.
- Insurance and flood coverage costs in Monroe County consume more than 25% of the average household income there.
- Sixteen percent of homes in Monroe County have no insurance, higher than the 14% national average.
- Counties on the Gulf and South Atlantic coasts dominate the list of least insurable counties due to exposure to hurricanes and flooding.
- Louisiana has four of the top 10 least insurable counties, including Orleans Parish and Plaquemines Parish, with high insurance premiums despite some having lower home values.
- Hurricanes cause more financial damage on average ($23 billion per event) compared to other natural disasters like wildfires.
- Insurance premiums reflect the high risk of hurricanes and flooding, leading to very high annual costs for homeowners in these regions.
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