Most homeowners that had weather damage in the past expect it to happen again
Just 2% of policyholders that have faced extreme weather think their homes will never see weather damages again.
Among the 32% of homeowners that had weather-related damages in the past five years, almost all (92%) expect their dwellings to suffer further damages from weather in the coming decade, according to a survey from the Insurance Information Institute (Triple-I) and Munich Reinsurance America, Inc. Just 2% believe their homes will never see weather damages again.
Across all homeowners surveyed, including those that didn’t see weather damage in recent years, 59% think they will be impacted by weather risks in the coming decade. Around a quarter believe they’ll never have weather-related damage to their homes.
Nationwide, thunderstorms are the top weather concern for more than half of homeowners. This aligns with data showing that thunderstorms are the most common and damaging natural catastrophe in the U.S., according to Triple-I, which noted thunderstorms are often accompanied by flooding, lightning and tornadoes.
When asked which other natural disaster events they think will cause severe damage to their homes, 15% of respondents said hurricanes, while earthquakes and snowstorms were cited by 9% of homeowners. Just 3% think they’ll have damage from wildfires.
Triple-I reported that 64% of homeowners aren’t worried about flooding, while 14% are uncertain if their home faces flood risks. Among homeowners that do believe they are at risk of flooding, 78% purchased flood insurance with 43% of those policies being written by the National Flood Insurance Program.
When it comes to taking actions to protect their homes from severe weather, 60% of homeowners said they don’t do anything at all, Triple-I reported. This group is likely highly represented among the 14% of homeowners that said they are unwilling to spend any money to improve or upgrade their homes. Around 63% said they would spend up to $5,000 to enhance their property’s resiliency.
Among the 40% that do preventative work, the most common steps taken are using modern building techniques to fortify roof, windows, doors and walls, and installing sensors and cameras to monitor for damages.
“The most immediate danger that Americans face from increasing climate risk is the worsening of extreme weather, including hurricanes and floods,” Sean Kevelighan, Triple-I CEO, said in a release. “The insurance industry needs to partner with communities and businesses at every level to promote a broad resilience mindset focused on pre-emptive mitigation and rapid recovery.”
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