Source: Poverty Solutions
About 38% of Detroit homeowners without mortgages report being uninsured, nearly twice as high as the national average of 19.5%, a new University of Michigan survey shows.
Cost was the most frequently cited reason for Detroit homeowners to forgo homeowners insurance, according to a representative survey conducted by U-M’s Detroit Metro Area Communities Study and funded by Rocket Community Fund. The average Detroit homeowner spends $2,327 annually on homeowners insurance, while the average Michigan homeowner spends $1,422 annually.
“Understanding who owns homes, how they purchased their homes, and what access they have to insurance is key to improving and expanding efforts to support homeownership in the city,” said Amanda Nothaft, director of data and analysis at U-M’s Poverty Solutions, who co-authored an issue brief on the survey findings.
