Fewer than 22 percent of homeowners view changing weather patterns or disasters as an important factor when updating their homeowners insurance policy, according to a new survey from the National Association of Insurance Commissioners (NAIC).
With disasters on the rise, the NAIC urges consumers to consider their insurance risks and understand what is and is not covered in their current policies.
|Impact on home insurance needs
More than 800 emergency or disaster declarations were made in the United States from 2005-2015, resulting in an average of $24 billion in annual insured losses due to natural catastrophes. However, the NAIC survey revealed 56 percent of homeowners have not reviewed their insurance policies in more than a year and 14 percent are unsure when — if ever — they last reviewed their policies.
Research also indicates that nearly half of homeowners (44 percent) have a home inventory. But of those who have an inventory, more than 40 percent have not updated it in more than a year.
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
