Weather Risks: Are Homeowners Truly Prepared for the Storms Ahead?

Ignorance of Weather Risks Among Homeowners

The 2023 Atlantic hurricane season, which officially started on June 1, is expected to be a busy one. Despite this, many homeowners lack even the most basic preventative measures, unaware of the risks they face, according to a new survey by Triple-I, in coordination with Munich Re. The report, Homeowners Perception of Weather Risks, provides insights into trends, behavior, and how experiencing a weather event impacts consumer perceptions of future events.

Preparation Gaps and Regional Variations

Among the key findings, 25% of respondents don't expect to be impacted by weather risks in the future, and 32% report that they have been impacted by weather in the last five years. The primary ways to prepare for weather risk include creating a home inventory and an evacuation plan in case of emergency. Yet, only 47% of respondents have a home inventory, and slightly more (52%) have an evacuation plan. Thunderstorms are reported as the chief weather concern, at 54% nationally, with the Midwest leading the area of highest reported thunderstorm risk at 75%, and the West region reporting the lowest proportion of concern at 33%.

Flood Risk Awareness and Insurance

The survey suggests that awareness and education around flood risk are the greatest opportunity for getting homeowners to take the necessary steps to protect their property. For example, among the 22% of respondents who reported understanding their flood risk, 78% said they had purchased flood insurance. This highlights a significant gap in awareness and preparedness, especially considering the increasing frequency and severity of weather events globally.

To better prepare for weather-related risks, homeowners should consider the following steps: regularly update their home inventory, create and practice an evacuation plan, understand their flood risk, and consider purchasing flood insurance. By taking these proactive measures, homeowners can better protect their property and ensure their safety in the face of increasingly unpredictable weather patterns.