Extreme weather is a growing threat to American homes, according to a new report by Leaf Home and Morning Consult. The study reveals a concerning trend: many homeowners are inadequately prepared for the financial burden of severe weather damage, as their insurance coverage often falls short. Despite the increasing frequency and severity of weather-related events, many homeowners have yet to invest in home improvements to safeguard their properties.
The report also examines homeowner attitudes towards extreme weather risks, and the potential financial return on investment of weatherproofing measures.
KEY INSIGHTS
Home insurance falls short, leaving homeowners to cover costs
- 60% of homeowners faced significant out-of-pocket expenses for extreme weather damage, with many paying $5,000 or more.
- 46% of homeowners were only somewhat or not at all prepared to cover the costs of damage.
- Major damage (over $15k) resulted in payouts of just 14%.
- 62% of homeowners fear rising insurance costs due to extreme weather and nearly a third have experienced premium hikes.
Homeowners prioritize appearance over protection against the elements
- While 51% of homeowners have shown increased interest in weather-related home improvements, only one-third have acted.
- Interior paint jobs and flooring updates are homeowners’ top priorities.
- High costs and prioritizing cosmetic updates are the main barriers to weather-proofing homes.
Investing in weather-resistant home upgrades increases resale value
- 73% of homebuyers are willing to pay more for weather-proofed homes.
- 53% of sellers have made weather-related improvements to their home to sell it at a higher price and have seen an increase in value.
Learn more about the impact of extreme weather on homeownership by downloading the full report 2024 Extreme Weather: Homeowner Perceptions and the Impact on Homes and press release.
The 2024 Extreme Weather: Homeowner Perceptions and the Impact on Homes report, conducted by Morning Consult on behalf of Leaf Home in late August 2024, includes responses from more than 2,000 homeowners. The survey aimed to identify trends related to extreme weather and home improvement to aid homeowners in making informed decisions.
