In the past five years, more than half of homeowners have grown more concerned about severe weather-related events impacting their home, according to a recent Freddie Mac survey. Homeowners protect themselves from these adverse events with homeowners and flood insurance, but many also believe its important to consider location before choosing a place to live for the long-term.

Tornados, extreme heat, extreme flood and rain, and hurricanes are top of mind among homeowners, according to a survey of more than 2,200 homeowners. More than 6 in 10 homeowners are extremely or somewhat concerned about such events impacting livelihoods and livability in their community.

That trepidation is forward-looking, as well. According to the survey, 66% of homeowners are extremely or somewhat concerned about severe weather-related events impacting their home in the next five years.

If a severe weather-related event were to occur, these homeowners identified their top concerns as losing their home, insurance not fully covering their damages, losing their belongings, and paying for repairs. Concerns were not mutually exclusive.

Top Concerns if a Severe Weather-Related Event Occurred Within the Next Year

Concern Percent Concerned
Losing my home 45%
Insurance not covering all or part of the damages 40%
Losing possessions/items within my home to damage 40%
Paying for repairs 37%

These concerns underscore the importance of home insurance. According to the Insurance Information Institute, in 2021 about 93% of all homeowners have home insurance. However, homeowners are reporting that insurance costs are increasing:

  • 58% of those with coverage reported that home insurance costs became more expensive in the past five years.
  • 44% of those with coverage reported that flood insurance became more expensive in the past five years.

Certain severe weather-events may occur more frequently in some states compared to others, and the vast majority (82%) of homeowners would consider weather-related events important when choosing a location for their future home.

Despite this, most have never considered moving due to weather-related concerns. However, if severe weather becomes more frequent, more than 2 in 5 homeowners would consider moving, findings consistent with a previous Freddie Mac consumer survey, “Severe Weather May Inspire Many to Move.”

Freddie Mac’s Market Insights team conducted a national poll from June 6-9, 2022. The survey was conducted online, and the data were weighted to approximate a target sample of adults based on gender, educational attainment, age, race and region. The sample comprised 2,223 homeowners.

Interested in more consumer research? Gain insights into the housing market from surveys of homebuyers, homeowners and renters in Freddie Mac Consumer Research.

Opinions, estimates, forecasts, and other views contained in this document are those of Freddie Mac’s economists and other researchers, do not necessarily represent the views of Freddie Mac or its management, and should not be construed as indicating Freddie Mac’s business prospects or expected results. Although the authors attempt to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. ©2024 by Freddie Mac.