US Homeowners Fear Hurricane Damage, but Often Lack Critical Protection

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Standard homeowners and renters' policies don't cover flooding, so it's imperative that homeowners assess their risk.

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Provider:

PR Newswire

Retrieved on:

Lunedì, Maggio 1, 2023

Information

Geotags:

INDIANA

Organisation:

NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES

Sommario

Key Points:

Standard homeowners and renters' policies don't cover flooding, so it's imperative that homeowners assess their risk.
"Standard homeowners and renters' policies don't cover flooding, so it's imperative that homeowners assess their risk and understand how to protect their most valuable assets by obtaining flood insurance coverage."
During this hurricane preparedness week, the National Oceanic and Atmospheric Administration is offering advice for homeowners about protecting their property.
NAMIC's national survey of homeowners involved a sampling of 1,102 homeowners.

US Homeowners Fear Hurricane Damage, but Often Lack Critical Protection

INDIANAPOLIS, May 1, 2023 /PRNewswire/ -- As the frequency and intensity of hurricanes continues to increase along the Atlantic and Gulf coasts, American homeowners fear the damage these storms can cause, but aren't taking all the steps they can to protect their property, according to a survey by the National Association of Mutual Insurance Companies.

Standard homeowners and renters' policies don't cover flooding, so it's imperative that homeowners assess their risk.

The national survey, conducted by The Risk Institute at The Ohio State University Max M. Fisher College of Business, found homeowners worry about hurricanes more than almost any other extreme weather event, behind only earthquakes. Though 71 percent of U.S. homeowners have a moderate or greater worry their home will be damaged by extreme weather, only slightly more than half said they have specialized coverage against flooding or earthquakes. Flooding, and specifically high water caused by storm surge, remains among the costliest and most dangerous parts of hurricanes.

"Hurricane season is almost here, which means the homes and livelihoods of the people mutual insurers serve will once again be at risk," said Neil Alldredge, president and CEO of NAMIC. "Standard homeowners and renters' policies don't cover flooding, so it's imperative that homeowners assess their risk and understand how to protect their most valuable assets by obtaining flood insurance coverage."

The 2023 hurricane season runs from June 1 through November 30, with Colorado State University hurricane researchers predicting 13 named storms, including six hurricanes with two expected to reach Category 3 or higher. Sixty-five percent of respondents to the survey perceived hurricanes as a moderate to extreme risk, while 69 percent of participants felt the same about floods. During this hurricane preparedness week, the National Oceanic and Atmospheric Administration is offering advice for homeowners about protecting their property.

NAMIC's national survey of homeowners involved a sampling of 1,102 homeowners. The survey was conducted Through Amazon MTurk using Cloud Research from Aug. 11-17, 2022. Results carried a +/- 3 percent margin of error. Homeowners were in the 20-70 age range, with results split equally between genders.

NAMIC membership reflects many of the country's largest national insurers as well as regional and local mutual insurance companies on main streets across America. NAMIC members write $357 billion in annual premiums and account for 69 percent of homeowners, 56 percent of the automobile, and 31 percent of the business insurance markets.

CONTACT: Lauren Anderson, [email protected], 317-450-3129

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SOURCE National Association of Mutual Insurance Companies