Published November 1, 2022
Homeowners Consider Severe Weather Impact
More than
50% of homeowners have growing concerns about severe weather.
A recent Freddie Mac survey of over 2,200 homeowners revealed that more than 6 in 10 find
tornados, extreme heat, flooding/extreme rain, and hurricanes “top of mind” insofar
as how such weather events impact their “livelihoods and livability in their
community.”
In fact, 66%
expressed concern about the effects of severe weather on their home within the
next five years.
Survey results
show consumers’ biggest weather-related concerns surround home loss (45%), not having
enough insurance (40%), loss of personal belongings (40%), and difficulty paying
for repairs (37%).
Homeowners
insurance costs are up, too—58% of survey participants said the cost of
insurance was up in the last five years, and 44% noted an increase in flood
insurance over that same period.
Eighty-two
percent of homeowners said they would take weather into consideration when
deciding on their future home’s location, even though “most have never
considered moving due to weather-related concerns.”
Still, 2 in 5
survey respondents say they’d think about moving should the frequency of severe
weather increase.
Post
authored by Lora Bray.
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