Over 50% of Americans Worry About the Financial Implications of a Natural Disaster
Thursday, September 30th, 2021
Natural disasters have Americans more than worried about just climate change. Some fear a natural disaster or emergency could financially devastate them. Especially as emergencies and natural continue to pile up.
According to a survey conducted by ValuePenguin, over 50% of consumers fear that an emergency or natural disaster would be too expensive for them to afford.
Key findings:
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More than half of consumers worry about the financial implications of a natural disaster. 54% of respondents don't think they could afford the costs of such emergencies, especially millennials (60%).
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67% of homeowners in hurricane-prone states don't have or don't know whether they have a flood insurance policy, even though flooding isn't covered under a standard homeowners insurance policy. Likewise, 66% of homeowners at risk of earthquakes don't have a separate policy.
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52% of consumers who experienced a natural disaster say they weren't as prepared as they could have been. Americans 55 and younger are most likely to regret their lack of preparation.
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Americans are least prepared for earthquakes and wildfires. On the other hand, extreme heat and winter storms are the disasters for which consumers feel most confident about their preparedness.
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Consumers aren't prepared for emergency evacuations. 6 in 10 Americans either don't have an emergency evacuation kit (50%) or don't know if they have one (10%). And 53% of pet owners don't have a fleshed-out plan for their pet should they need to evacuate.
View full report: https://www.valuepenguin.com/how-prepared-are-americans-for-emergencies