Home / Daily Dose / Homeowners Unprepared for Storm Risks
Print This Post Print This Post

Homeowners Unprepared for Storm Risks

hurricane storm surgeHomeowner attitudes in states at high-risk of hurricanes are yet to reflect any disaster preparedness according to a survey by ValuePenguin.

The survey of 1,050 homeowners found that while 77% of respondents in hurricane-prone states said that they felt prepared for the hurricane season, nearly half of the respondents also said that they hadn't actually started making preparations.

"At minimum, these numbers imply that one in four respondents from these high-risk states felt sufficiently prepared while having taken no protective measures," the survey revealed.

Homeowners are also underestimating the cost of damage due to a storm or a hurricane, the survey found. More than half of the respondents guessed that an average home would require less than $10,000 in storm damage repairs. This underestimates the actual cost of repairs which averaged $91,735 for hurricane-related claims in 2017, according to the National Flood Insurance Program.

Homeowners also believed that weather professionals exaggerated "the risk level of incoming hurricanes." Almost four in ten homeowners believed this to be true, with two-thirds of respondents underestimating the number of hurricanes that would hit the country this year.

The survey said that the National Oceanic and Atmospheric Administration has projected between five and nine hurricanes (defined by winds of at least 74 mph) hitting the U.S. between now and November 30.

One of the reasons the survey cited for homeowners underestimating the losses from storm-related damages was the fact that many residents in these high-risk states didn't know how much insurance cover would be needed to protect themselves from these damages. The survey found that in the 19 high-risk states 45% of respondents were unsure about the amount of insurance coverage they would need.

According to ValuePenguin data, the average claims after Hurricane Michael in 2018 stood at $57,754 while those after Hurricane Florence averaged $47,138. The highest claims payments in recent years were made after Hurricane Harvey in 2017, where insurance claims averaged $116,823.

About Author: Radhika Ojha

Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.

Check Also

Federal Reserve Holds Rates Steady Moving Into the New Year

The Federal Reserve’s Federal Open Market Committee again chose that no action is better than changing rates as the economy begins to stabilize.