Data shows 60% of homeowners’ home insurance is insufficient for weather-related damages.
New York, NY—September 24, 2024: A new report from Leaf Home and Morning Consult reveals the vulnerability of American homes against extreme weather and the financial strain it places on homeowners. Many find their insurance coverage is insufficient, leaving them financially unprepared for the cost of repairs. The study also shows that while 66% of U.S. homes have experienced weather-related damage, only one-third of homeowners have made improvements to safeguard their properties.
Key insights from the report include:
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 increased their home’s value by making weather-related improvements.
“Homes are more vulnerable than ever to the damaging effects of extreme weather, and the financial consequences can be severe. The increasing unpredictability of weather is a wakeup call for homeowners to protect their homes and wallets,” said Rocco Mango, interim CEO of Leaf Home. “By investing in essential upgrades, homeowners can safeguard their property while increasing home value in the long term.”
The study also examines housing market trends and how regional factors influence homeowner perceptions of extreme weather. To view the full report, please visit: https://www.leafhome.com/2024-extreme-weather-report-homeowner-perceptions-and-the-impact-on-homes/
About the report
Leaf Home™ worked with Morning Consult to survey 2,203 homeowners in the United States between August 1, 2024, and August 9, 2024.
About Leaf Home
Leaf Home ™ is a home improvement products and services company in North America with more than 260 locations, providing gutter protection (LeafFilter), home safety products, water purification, windows and doors, kitchen and bath, and more. With more than 50% of consumers worried about the cost and effort of home maintenance, Leaf Home focuses on enhancing the safety, enjoyment and comfort of homeowners and their families. Trusted by millions of homeowners across U.S. and Canada, Leaf Home and its products have earned numerous awards and recognition from Good Housekeeping, Qualified Remodeler, Angi, Consumer Reports, This Old House and more. Leaf Home has been consistently named one of the fastest growing private companies by Inc 5000 and recognized as a top employer nationally. For more information, visit https://www.leafhome.com
