More homeowners are dropping their insurance [Video]

The number of American homeowners rolling the dice and going without insurance is growing.

More than 6 million U.S. homeowners are uninsured, according to a report by the Consumer Federation of America.

The research indicates that uninsured properties represent 7.4% of all properties nationwide — or 1 in 13 — leaving an estimated $1.6 trillion in property value “dangerously unprotected from natural disasters and other significant damage.”

“Many consumers are struggling to afford rising premiums and must go without homeowners insurance,” Sharon Cornelissen, CFA’s Director of Housing and co-author of the report, said in a statement. “That puts them at risk of losing everything. One storm or wildfire means they have to go into deep financial debt to repair their home, live with unsafe and inadequate housing, or even become homeless.”

According to the report, homeowners making under $50,000 a year are twice as likely as the general population to be uninsured. Homeowners of …