2017 Natural Disasters Research: Are homeowners protecting their property?

Clearsurance's natural disaster report: Are homeowners protecting their property?
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There has been a significant amount of news coverage regarding the severity and frequency of the 2017 natural disasters. While the total number of claims and dollars lost from these natural disasters are still unknown, professional risk assessors are starting to produce estimates, and the results are staggering. According to RMS, a risk modeling and analytics firm, Hurricane Harvey is estimated to cost $70-$90 billion due to wind, storm surge, and inland flooding. Add on the costs of Hurricane Irma and Maria, and the wildfires in California, 2017 is likely to go down in the record books as the costliest year for natural disasters.

Perhaps as troubling are the statistics emerging on how many homeowners and renters impacted by these storms were not covered by insurance. According to CoreLogic, a leading source for flood and disaster risk data, approximately 70 percent of the flood damage from Hurricane Harvey was uninsured.

With these facts in mind, Clearsurance conducted research with consumers to better understand what, if any, steps have been taken in the last six months to uncover possible insurance gaps. This report summarizes the results of this research and is based on 1,000 participants, 18+ years of age, who own a home and have homeowners insurance. Weighting was used to ensure equal representation of gender and age groups. When possible, the results have been segmented by these categories and by the four U.S. Census Bureau Regions.

To read our report, click here.

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