Younger Owners May Worry Most About Climate Change
ORLANDO, Fla. – There appears to be growing concern about climate change-related extreme weather, especially among young homeowners, according to a recent survey from Policygenius.
The survey found that nearly three quarters (72%) of young insured homeowners (age 18 to 34) expect their homes (describing it as very or somewhat likely) to be damaged by extreme weather in the next 30 years, compared to nearly half (45%) of all adult homeowners. Nearly two in three (64%) young owners believe it likely they will choose or be forced to move in the next 30 years, compared to 27% of all homeowners.
This disparity increases for young parents: 77% of young homeowners with children under 18 expect to move in the next 30 years due to climate change, compared to 25% of all non-parents and 15% of total parents with children older than 18.
“In 2021, there were 20 climate disasters in the U.S. that each caused over $1 billion in damage,” including an “unprecedented cold wave in Texas that left many homes without power, and Colorado’s Marshall Fire which destroyed an entire community,” says Pat Howard, a licensed property and casualty insurance expert at Policygenius. The company is focused on technology for insurance.
About 31% of insured homeowners have already sustained home damage from a hurricane, tornado, wildfire, flood or other extreme weather event; 48% know another homeowner who has.
About 33% of homeowners either don’t believe they have enough insurance for a full rebuild of their homes or aren’t sure if they do.
About 21% of homeowners have purchased flood insurance, even though flood damage isn’t covered by most home insurance policies.
In the South, about 37% of homeowners have suffered damage to their home due to extreme weather, versus 31% of all homeowners; 54% of Southern homeowners know someone whose home has been damaged by extreme weather, versus 48% of all homeowners.
However, homeowners in the South aren’t more likely to move: While 52% think it likely their homes will be damaged by climate change-related extreme weather over the next 30 years, only 31% said they’re likely to move because of it. In the West, it’s 32%, and in the Northeast it’s 28%.
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