A study reveals that a significant portion of Los Angeles and California homeowners lack insurance, highlighting affordability and wildfire risks as key factors.
Roughly one out of every 10 Los Angeles homeowners lacks insurance – a share on par with statewide trends, according to one estimate. Analysts at the loan-referral service looked at the Census Bureau’s housing cost data and assumed owners spending less than $100 in a year on insurance meant no coverage. 9.8% of homeowners were uninsured, by this math – 154,100 out of 1.57 million homes.out of 7.66 million residences. That’s 10.5% of all homeowners.
Statewide, the share of uninsured runs above 19% in three counties – Lake, Kings and Humboldt. Meanwhile, another trio is below 7%: Marin, El Dorado and San Luis Obispo. “The high wildfire risk in California has led to insurance companies withdrawing from underwriting policies in some parts of the state or limiting coverage for perils like wildfire, making it even harder for homeowners to find affordable policies that provide them with the protection they need,” says Divya Sangameshwar, a LendingTree home insurance analyst. According to LendingTree. Location. Location. Location. At the county level, uninsured homes tend to be concentrated in less-populated parts of the state. The 14 counties with the highest uninsured levels rates have a combined 752,000 homes, 15% of which are not covered. The 14 counties where no insurance is the least frequent, there are 3.78 million homes with 9% lacking coverage.The typical house price in low-coverage counties was $436,000 vs. $1.06 million where insurance was most common. Orange:Riverside: 11.2% uninsured – 47,900 of 428,500 homes. 12.1% uninsured – 41,700 of 345,000 homes. 8.8% uninsured – 25,200 of 285,300 homes. Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached a
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