Few Homeowners Prepare for Weather Risks

Many homeowners lack even the most basic preventative measures, unaware of the risks they face, according to a new survey by Triple-I.

Road In Between Grass Field Under Grey Sky

The 2023 Atlantic hurricane season officially started June 1 and is forecast to be a busy one, which is why homeowners need to prepare. Yet many 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 new report, Homeowners Perception of Weather Risks, provides insights into trends, behavior and how experiencing a weather event affects consumer perceptions of future events. 

In the first half of 2023, Triple-I, in coordination with Munich Re, asked homeowners across the U.S. about their experiences with weather-related risks.  Among the key findings:

  • Twenty-five percent of respondents don’t expect to be affected by weather risks.
  • Thirty-two percent report that they have been affected by weather in the last five years.
  • Two primary ways to prepare for weather risk are: creating a home inventory and preparing an evacuation plan in case of emergency. Yet only 47% of respondents have a home inventory and just 52% have an evacuation plan.
  • Thunderstorms are reported as the chief weather concern, with 54% citing it nationally. This concern includes flooding and tornados and varies by geographic region. The Midwest leads the area of highest reported thunderstorm risk, with 75% citing it, and the West reports the lowest proportion of concern, at 33%.

The survey suggests awareness and education around flood risk are the greatest opportunity for getting homeowners to take the necessary steps to protect their property. For example, while just 22% of respondents reported understanding their flood risk, 78% of those respondents said they had purchased flood insurance. 

You can find the full Triple-I report here.

The Insurance Information Institute

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The Insurance Information Institute

Since 1960, the Insurance Information Institute has been the trusted source of unique, data-driven insights on insurance to inform and empower customers. Triple-I, which became affiliated with The Institutes in 2020, serves customers, media and professionals seeking insurance information.


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