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.
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%).
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.
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.
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.
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