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.