Insurance companies are increasingly unwilling to cover properties in high-risk weather zones. This trend, combined with banks denying mortgages, is creating a divided housing market.
An estimated $1.6 trillion in property value of uninsured homes was at risk three years ago, with 6.1 million homeowners uninsured, highlighting a growing crisis.
Despite the risks, uninsurable homes continue to be sold on the market, often requiring all-cash transactions at steep discounts, further marginalizing low-income households.
States like California and Florida are struggling with insurance crises as insurers limit policy numbers, leaving many homeowners without access to necessary coverage.
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