No, fortunately I don’t know anyone who lives on such a low income that they couldn’t afford to cover their home. But I assume there are elderly folks who live in homes that have been paid off for years who can’t afford high insurance rates. I feel certain there are older ladies in Houston who live in flood zones who can’t afford flood insurance. We don’t have outrageous rates here because we don’t get hail like they do in North Texas or North from there, but comparing the rates I paid in Pennsylvania to Texas, I pay three times for my homeowners insurance here due to the risks of roof and window damage from storms here. I would guess Oklahoma and Kansas, Missouri, etc are higher than what we pay.
I was talking to loan officer at our bank about insurance, etc. She said a lot of elderly people are underinsured. They don’t realize it until they have a fire, etc., and home is destroyed. Paid off house many years ago and didn’t increase insurance coverage to what it would cost to repair or rebuild home. She said it can cost $100K just to clear off the lot after a home is destroyed. You can get current rebuilding/repair costs from your local insurance agents.