As climate change continues to have devastating effects on the environment, many homeowners report that they think extreme weather will impact their properties.
According to the Policygenius 2022 Climate Change Survey, 45% of homeowners expect their homes to be damaged by weather related to climate change over the next 30 years. Younger homeowners (aged 18 through 34) are very concerned about potential damage, with 72% predicting it will be a problem for them over the next three decades. More than three in 10 homeowners said their home has been damaged by extreme weather, including 56% of homeowners under 34 years old. Nearly half (48%) said they know someone whose house was damaged by extreme weather, with 60% of homeowners under 34 reporting they know someone. The majority (67%) of respondents said they have enough insurance to afford a complete rebuild of their home; however, that leaves 33% who cannot afford it or do not know if they can. Additionally, only 79% of homeowners reported having a separate flood insurance policy.
Extreme weather is having an affect on homeowners’ future plans too. Twenty-seven percent of all homeowners think they will have to move over the next 30 years due to extreme weather. However, the younger generation is the one who is feeling the most impact. More than 60% of homeowners under 35 predict they will have to move due to climate change, especially those with children (77%).
In the Northwest, respondents were more likely to know someone whose home was impacted by extreme weather (47%). Only 33% reported having home damage themselves, but 41% expect their homes to be damaged in the next three decades and 28% expect to move due to it.