U.S. Homeowners are Worried About Climate Change

Claims Journal reported today on a survey conducted by LendingTree, that found 51% of 2,000 homeowners surveyed are worried climate change will impact their homes (physical risks) or affect their insurance rates and property values.

With respect to physical risks, respondents were most concerned with severe storms (24%), followed by hurricanes (14%), flooding (14%), rising temperatures (10%), heat waves (10%), wildfires (10%), drought (8%) and rising sea levels (3%).

With respect to insurance costs, 70% think climate change will drive up their rates.

One quarter of surveyed homeowners believe that climate risks will impact their property values in the next 10 years. That increases to 50 percent if allowing for more than 10 years for climate risks to manifest in property valuation. Demographically, 74% of concern over property values is from younger Americans (millennials and those with children younger than 18).

Home buyers continue to be drawn to sustainable properties with 68% saying it influences their purchase decision. With respect to climate resilience, 57% of homeowners say they would pay a premium for a home that is hardened or located in a low risk area - and 17% say climate risks have already influenced their decision not to purchase a particular property.

Source: https://www.claimsjournal.com/news/national/2024/03/28/322718.htm