Homeowners Say They're Unprepared for Potential Costs of Extreme Weather
Despite severe weather conditions becoming more common, 26% of homeowners say they aren't ready for the associated expenses
Sept. 10, 2024
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Damage caused by extreme weather has become more common, causing homeowners to reevaluate their home insurance policies.
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.
