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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