Of the findings in Triple-I̵
7;s latest report on consumer perceptions of weather risk, the Weather Channel’s experts were most struck by the fact that 60 percent of homeowners said they hadn’t taken any steps to prepare — so they asked Triple-I Chief Insurance Officer Dale Porfilio for his perspective.In the end, Porfilio said, it comes down to perceptions.
“Two-thirds of respondents said they do not expect to be affected by weather hazards in the next five years,” Porfilio told the Weather Channel. “If you don’t think you’re going to be affected, why would you prepare with a home evacuation plan or a home inventory?”
Of course, anyone exposed to the weather is exposed to weather-related risks, and it’s important for homeowners to understand and address the most relevant risks to protect their investments and their family.
Porfilio also raised an issue regarding the availability of flood insurance, explaining that coverage is generally available through the Federal Emergency Management Agency’s National Flood Insurance Program, as well as a growing number of private insurers, but “can be perceived as too expensive.”
However, it is possible that some insurance companies may not be willing to offer coverage in areas that have experienced repeated flooding.
Awareness and preparation are key. The Triple-I survey found that among the 22 percent of respondents who reported understanding their level of flood risk, 78 percent said they had purchased flood insurance.
Read more:
The survey suggests that few homeowners are preparing for weather-related risks
Climate risk is not just about climate: population, land use, incentives need to be addressed
Stemming a Rising Tide: How Insurers Can Close the Flood Protection Gap
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