Nearly Half of Homeowners Are Financially Unprepared for Weather Damage — Are You?
Written by
Dawn Allcot
Edited by
Jenna Klaverweiden
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This fall saw devastating hurricanes, floods and tornadoes across the U.S. As winter approaches, homeowners are bracing for more storm damage. A new study revealed that many homeowners are not financially prepared for weather damage.
According to a report from Leaf Home and Morning Consult, 46% of homeowners surveyed were “only somewhat” or “not at all” prepared to cover the cost of damage.
Meanwhile, 60% paid out of pocket for repairs to their home after weather damage. “Six in 10 of homeowners say their home insurance policy covered only some or none of the extreme weather damage costs they endured during a storm,” said Leaf Home CEO Rocco Mango. “Many homeowners are paying $5,000 or more [for repairs].”
In the case of major home damage over $15,000, insurance covered just 14% of the cost, the report revealed. Meanwhile, insurance costs continue to rise, with one-third of homeowners experiencing recent rate hikes and 62% worried about rising premiums.
Fortunately, homeowners can take steps to reduce the risk of weather damage and insurance claim denial, according to Mango.
Add a Gutter Protection System
Many states’ building codes don’t mandate gutters, but insurance companies can still deny a claim if the home lacks them. “Claims will also be denied if gutters are clogged or not installed correctly,” Mango said.
Gutters are one of the most neglected areas of the home, but they are crucial to protecting a home from rain. “Gutters keep rainwater away from your home’s foundation, roof and walls — protecting against costly storm damage,” Mango said.
Maintain or Upgrade Doors and Windows
Upgrading to storm-resistant or hurricane-grade windows may lead to discounts on home insurance as well as reduced heating and cooling costs. Plus, it can add curb appeal to a home.
“In some areas, insurance companies now require impact-resistant windows to mitigate hurricane and storm damage. Non-compliance can result in increased premiums or denied coverage for wind damage,” Mango explained.
If windows aren’t due for an upgrade, a little maintenance can go a long way.
“Conduct regular inspections to ensure windows and doors are in good condition. Check for signs of damage like cracks, moisture build-up, gaps in the window seals, difficult to open locks or cool drafts,” Mango said. “If you have storm windows, replace weatherstripping if you notice it’s damaged or peeling. Also, an exterior window cleaning twice a year will greatly improve their performance.”
Clear Debris and Trim Trees
Mango pointed out that he was surprised how many homeowners valued aesthetic improvements over practical weatherproofing. Fortunately, some basic weatherproofing steps also improve a home’s appearance.
“The simplest, most cost-effective action a homeowner can take to increase a home’s resiliency is to trim trees, prune limbs around the house and remove dry leaves. It helps prevent damage to the roof during high winds. And for homeowners living in locations susceptible to wildfires, it can reduce fire risk,” Mango said.
Prioritize Safety Over Aesthetics
It’s not that homeowners don’t want to safeguard what is most likely their priciest possession. The survey showed that 51% of homeowners displayed interest in weather-related home improvements, but only one-third took the necessary steps. “High costs, busy schedules and the lack of dependable contractors is part of why extreme weather preparation isn’t a higher priority,” Mango said.
Plus, some homeowners are prioritizing aesthetic upgrades over safety upgrades. “Interior paint jobs and new flooring are the top home improvements planned in the next 24 months,” Mango said.
Homeowners should know that home improvements designed to improve weather resistance can pay off in the short and long term. “In states like Florida, hurricane-grade windows can save you money on your home insurance,” Mango said.
Plus, it’s likely homeowners will recoup some of their investment when they sell. The report revealed that 73% of homebuyers are willing to pay more for weather-proofed homes.
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