Most young homeowners expect damage from extreme weather

Almost three-quarters of young homeowners (aged 18-34)  expect their homes to be damaged by climate change-related extreme weather in the next 30 years, according to a survey by Policygenius, which reported that 45% of all adult homeowners believe the same.

The survey also found that 31% of home policyholders have already experienced damage from a hurricane, tornado, wildfire, flood or other extreme weather events.

On top of this, one-third of homeowners don’t think or aren’t sure they’ll have enough insurance to fully rebuild their dwelling should it be damaged by extreme weather, Policygenius reported. For example, just 21% of homeowners have flood insurance, even though flood damage isn’t covered by most home insurance policies.

“As natural disasters continue to worsen due to climate change, it’s understandable if younger homeowners are wary of the future. In 2021, there were 20 climate disasters in the U.S. that each caused over $1 billion in damage. This included the unprecedented cold wave in Texas that left many homes without power and Colorado’s Marshall Fire which destroyed an entire community,” Pat Howard, a licensed property and casualty insurance expert at Policygenius, said in a release.

Home insurance policyholders in the South are more likely to have already experienced damage to their homes from extreme weather, according to Policygenius. Further, nearly 60% of survey respondents know someone whose home was damaged during a weather event.

Although 52% of home policyholders in the South expect their homes to be damaged by extreme weather at some point in the next 30 years. However, a majority said they’re unlikely to move due to climate change-related extreme weather.

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