Most Homeowners Feel Ready for Severe Weather Despite Rising Risks (Insurance Research Council)

Most Homeowners Feel Ready for Severe Weather Despite Rising Risks

Tuesday, January 14th, 2025 Catastrophe Litigation Property Risk Management

A new report from the Insurance Research Council (IRC) sheds light on homeowners’ perceptions and preparedness for severe weather events across the U.S. The survey of over 1,500 respondents found that 65% believe their homes are at risk of damage from thunderstorms, with 80% expressing confidence in their preparedness. Despite this confidence, only 30% are aware of premium discounts for implementing mitigation measures. However, 83% of homeowners said they would adopt mitigation strategies if such measures reduced their insurance costs.

The findings also highlight significant challenges related to post-storm recovery. Nearly half of surveyed homeowners reported property damage after severe weather, with 34% filing insurance claims and 64% experiencing contractor solicitations. Additionally, the use of Assignment of Benefits (AOB) agreements and attorney involvement often led to higher claim costs and longer resolution times, underscoring the need for greater awareness and regulatory safeguards.

The report emphasizes collaboration between homeowners, insurers, and policymakers to enhance resilience against rising weather-related risks. It calls attention to the increasing frequency and cost of severe storms, which caused $45 billion in losses in just the first half of 2024. Legal system abuse, including inflated claims and prolonged settlements, is also identified as a growing threat to insurance affordability and availability. The IRC urges all stakeholders to take proactive measures to address these challenges and improve disaster preparedness.


External References & Further Reading
https://insurance-research.org/research-publications/catastrophic-weather-events-and-mitigation-survey-homeowners
SOS Ladder AssistMid-America Catastrophe ServicesAspen Claims ServiceNationwide OverspraySupportive Insurance Services

  Recent Claims News

Fraud Insurance Industry Legislation & Regulation
Fraud Insurance Industry Legislation & Regulation

  Recent Provider Listings

Serving San Luis Obispo County
California Cleaning Services Construction Management Janitorial Services
Serving California & Hawaii Statewide
California Hawaii Cause & Origin Fire Investigations
Texas Bathroom Remodeling Fence Contractors Fire & Water Damage Restoration