Homeowners’ Insurance Knowledge Gap

first_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. in Daily Dose, Featured, Loss Mitigation, News Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: FHFA Increases Conforming Home Loan Limits Next: Better Predicting Mortgage Default Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Insurance Natural Disasters Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago A survey by Simple Dollar found that while environmental changes are increasing the severity and frequency of natural disasters, just 47% of Americans have home insurance and 31% don’t know if they are insured. The survey, which polled more than 2,700 Americans, also revealed that 15% of Americans do not insure their homes and 32% are not afraid of their property being damaged.Simple Dollar found that 55% of Gen Z homebuyers, those between the ages of 18 and 24, do not know if they have insurance. Also, one in three homebuyers up to the age of 44 don’t know if they are insured. More than 30% of homeowners between the ages of 45 of 54 do not have insurance. The South was found to have the most homeowners with insurance at nearly 60%. One in three homeowners in the Midwest reported not knowing if they have insurance and nearly 20% of homeowners in the Northeast not having insurance—the highest in the nation. Analysis from ValuePenguin found that around 81% of people say they worry about environmental changes, and two-thirds of people don’t think enough is being done to combat its effects. While more than half of the respondents who worry about environmental change are homeowners, up to 47% of all homeowners in the survey weren’t confident they have enough insurance to protect their property from climate-induced natural disasters. Also, almost 42% of homeowners wouldn’t pay more to insure their homes due to climate change. Just 18% would pay $500 or more annually to insure their homes against natural disasters.A report by Zillow in August reveals half of the residents in major U.S. metro areas believe environmental changes will impact their homes or communities.  The Zillow Housing Housing Aspirations Report reveals that young adults and people who live in coastal metros are the most likely to anticipate their lives will be impacted by climate change.The report states that around 62% of people ages 18 to 34 say their homes or communities will be affected either “somewhat” or “a great deal” in their lifetimes, compared with 51% of people ages 35 to 54, and only 39% of those 55 and older. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post December 2, 2019 1,598 Views Homeowners’ Insurance Knowledge Gap Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Insurance Natural Disasters 2019-12-02 Mike Albanese Share Save Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Home / Daily Dose / Homeowners’ Insurance Knowledge Gaplast_img

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