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Home»Real Estate»Most Americans say weather events are increasing the risk to their homes
Real Estate

Most Americans say weather events are increasing the risk to their homes

September 30, 2024No Comments2 Mins Read
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Slightly more than half of Americans believe that weather events are posing an increasing risk to their homes, with nearly one in five facing challenges in obtaining homeowners insurance. This insight comes from a survey conducted by NeighborWorks America, a congressionally chartered community development organization.

The escalated concern demonstrates a growing acknowledgment of climate change and its direct impact on housing security, as per NeighborWorks.

“The results reveal noticeable variations in awareness based on income levels,” the report states. “Households with higher incomes are more likely to perceive increasing climate-related risks, with 61% of households earning over $100,000 and 57% of those earning between $50,000 and $100,000 acknowledging a growing threat. In contrast, 45% of households earning below $50,000 recognize the same level of risk.”

The heightened awareness of climate risks also aligns with the insurance coverage challenges encountered by Americans, which are influenced by income levels, according to the survey.

“The survey findings indicate that 24% of higher-income households and 21% of households earning between $50,000 and $100,000 face difficulties in securing coverage, compared to 16% of lower-income households,” the report explains. “Notably, 18% of renters report struggling to access insurance due to extreme weather risks in their location.”

Marietta Rodriguez, the president and CEO of NeighborWorks America, emphasizes that while Americans recognize the increased risk posed by climate events, many struggle to find adequate insurance protection against them.

“The challenge of accessing sufficient and affordable insurance highlights a significant preparedness gap that needs attention, especially considering that one-third of households admit they are unprepared to handle extreme weather events,” she said.

Approximately 22% of respondents encountered challenges in obtaining “adequate and affordable” insurance coverage, with a higher percentage among homeowners (26%) compared to renters (19%).

Nearly half of the participants (46%) expressed concerns about being compelled to find a new home due to an extreme weather event, with 27% being “very concerned” and 19% being “somewhat concerned.”

The data emerges following the impact of Hurricane Helene, which struck Florida last week. According to ABC News, the death toll reached 120 by Monday.

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