Preparing for 2021 Hurricane Season Survey

A recent ValuePenguin survey found that homeowners living in hurricane prone areas are less prepared for the hurricane season then they claim. A whopping 84 percent of survey respondents claimed that they were prepared for the season, but 34 percent admitted that they haven’t even started getting supplies or prepping for the season at all.

Another 31 percent admitted they were not financially prepared for the season and may not have the finances to purchase supplies for the season, evacuate if necessary, or repair damage if their home is damaged by a storm. 

In addition, it appears that a significant proportion of the population that lives in hurricane prone areas is unaware that a standard homeowners policy doesn’t cover flood damage. According to the survey, a shocking 45 percent thought that homeowners insurance covered flood damage. This lack of knowledge can be expensive, the survey also found that 41 percent of respondents had gone into debt due to hurricane damage. 

Storm Debt Can Add Up

Statistics show that homeowners are more likely to go into debt due to a storm than renters. According to the data, 48 percent of homeowners have gone into debt compared to 29 percent of renters. The study also found that storm related debt can be significant. 

The survey found that respondents that did go into debt due to storm damage, 65 percent of them ended up $1,000 or more in debt. Homeowners are more likely to hit the $1,000 mark with 69 percent of homeowners owning at least $1,000 compared to 49 percent of renters who hit the mark. 

Consumers Not as Prepared as They Claim

The survey found that consumers still claim to be more prepared for storm season then they actually are, and the numbers are even worse this year. 

While 88% of people living in hurricane-prone areas have claimed that they are prepared for this storm season, only 66 percent have actually begun making preparations, leaving over a third not ready for storms. 

The number went up this year, compared to ValuePenguin surveys in the past. In 2019, roughly 77 percent of consumers claimed to be prepared with only 48 percent actually taking steps to be prepared. In 2020, 86 percent claimed to be ready with 68 percent acting. 

Not Understanding Insurance Coverage Can Be Costly

Roughly half of the respondents in hurricane prone areas don’t understand that homeowners insurance excluded flood damage which can lead to high out of pocket expenses. Only 30% of respondents knew that flood damage is covered by flood insurance, not a homeowners or renters policy

While a homeowners insurance policy provides protection against some damage from hurricanes such as wind, falling objects and rain damage, it doesn’t offer protection against flood waters or storm surges that flood your home.

Flood or storm surge related damage would be covered by a flood insurance policy. If you live in an area that is prone to hurricanes and severe storms, you should consider a separate flood insurance policy to make sure your home is fully protected. 

Flood damage can be very costly and if you are not carrying flood insurance, you will be on the hook for repair or rebuilding costs. According to the Federal Emergency Management Agency (FEMA), the average flood insurance claim was $52,000 in 2019. 

For Free Flood Insurance Quotes Now, please call us at 888-620-1954!