As extreme weather events become more frequent, many U.S. homeowners say they are financially unprepared for the costs they bring. According to financial services company Bankrate's 2024 Extreme Weather Survey, 26% of homeowners feel unready for these expenses, with 14% being somewhat unprepared and 12% very unprepared. Although 39% have reviewed their insurance coverage, only 9% have taken steps to weather-proof their homes during the last five years.
With some home insurance carriers withdrawing or limiting coverage in some high-risk regions of the country, coverage needs can change over time. The same goes for home preparation needs as extreme weather shifts and intensifies. In the last five years, 9 percent of homeowners invested in weather-proofing strategies, and 7 percent of homeowners moved to an area at lower risk from extreme weather.