Most Americans believe severely damaging weather is becoming more frequent in the U.S. today, but may overestimate their preparedness to deal with the damage, shows a study surveying the public on what it perceives as their most relevant risks.
“Nearly two out of every three American homes (59 percent) are underinsured as homeowners and, on average, have only enough insurance to pay for 78 percent of costs to replace or rebuild their homes,” says Pat Gee, senior vice president of catastrophe response at Travelers, citing Marshall & Swift/Boeckh LLC, a leading provider of building replacement cost data.
In a survey of 806 adults polled by Travelers, 70 percent of respondents believe severely damaging weather is becoming more frequent across the U.S., and 30 percent say this is causing a greater likelihood of damage to property in their area.
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