With Hurricane Helene, the eighth named storm of the season, having made landfall as a Category 4 hurricane in Florida’s Big Bend region last Friday, cleanup from this devastating storm is underway, as people piece their lives back together after Mother Nature wreaked havoc throughout the Southeastern U.S.
The death toll currently stands at 140-plus from Hurricane Helene, and CoreLogic announced initial residential and commercial storm surge and wind loss estimates for Hurricane Helene for insured residential and commercial properties in Florida and Georgia are expected to be between $3 and $5 billion.
In light of the damage caused by Helene, a new report from Leaf Home and Morning Consult reveals the vulnerability of American homes against extreme weather and the financial strain placed upon homeowners. Many find their insurance coverage is insufficient, leaving them financially unprepared for the cost of repairs, and that while 66% of U.S. homes have experienced weather-related damage, only one-third of homeowners have made improvements to safeguard their properties.
Key Report Highlights
“Homes are more vulnerable than ever to the damaging effects of extreme weather, and the financial consequences can be severe. The increasing unpredictability of weather is a wakeup call for homeowners to protect their homes and wallets,” said Rocco Mango, Interim CEO of Leaf Home. “By investing in essential upgrades, homeowners can safeguard their property while increasing home value in the long term.”
Key findings of the study, “2024 Extreme Weather Report: Homeowner Perceptions and the Impact on Homes,” include:
- 60% of homeowners faced significant out-of-pocket expenses for extreme weather damage, with many paying $5,000 or more.
- 46% of homeowners were only somewhat or not at all prepared to cover the costs of damage.
- Major damage (over $15k) resulted in payouts of just 14%.
- 62% of homeowners fear rising insurance costs due to extreme weather and nearly a third have experienced premium hikes.
- While 51% of homeowners have shown increased interest in weather-related home improvements, only one-third have acted.
- Interior paint jobs and flooring updates are homeowners’ top priorities.
- High costs and prioritizing cosmetic updates are the main barriers to weather-proofing homes.
- 73% of homebuyers are willing to pay more for weather-proofed homes.
- 53% of sellers increased their home’s value by making weather-related improvements.
For “2024 Extreme Weather Report: Homeowner Perceptions and the Impact on Homes,” Leaf Home worked with Morning Consult to survey 2,203 homeowners in the U.S. between August 1, 2024, and August 9, 2024. Leaf Home is a home improvement products and services company with more than 260 locations, providing gutter protection (LeafFilter), home safety products, water purification, windows and doors, kitchen and bath, and more.
