The United States saw five hurricane landfalls in 2024. (Credit: Timothy/Adobe Stock)
After an active 2024 storm season, perception of flood risk is increasing among Americans, according to a new survey from Neptune Flood.
The survey found 77% of respondents believe the flood risk for their primary residence is increasing, compared to 63.9% who said the same last year. Younger respondents — those ages 18 to 34 — had the highest levels of concern.
Those worries are leading to an increased willingness to purchase flood insurance, even if costs rise. Among survey respondents, just 2.2% said they wouldn’t pay higher flood insurance premiums, down from 6.6% who said the same last year.
“The year-over-year trends clearly show a growing awareness of flood risks among homeowners,” said Philip J. Trocchia, a professor at the University of South Florida St. Petersburg Customer Experience Lab, which helped field the survey. “This heightened awareness […] presents a unique opportunity to address the gaps in coverage and meet the increasing demand for customized flood protection.”
Floods are becoming costly and common. According to the Center for Disaster Philanthropy, between 1980 and October 2024, there were 44 floods in the United States that caused more than a billion dollars in damage each. In 2024, five of the year’s billion-dollar disasters included flooding. Last year also saw five hurricane landfalls in the United States.
Even as awareness of flood risks and willingness to buy flood insurance increases, 80% of respondents said they’ve opted not to buy certain homes due to the cost of flood insurance. And 70% of those who don’t have flood insurance said they didn’t because they felt their home wasn’t at risk.
For those who do buy coverage, the preference for private versus federal insurance providers seems to vary regionally. In the Midwest, respondents said they preferred private insurers because of their higher coverage limits and greater flexibility. In the Mid-Atlantic region, respondents said they preferred the National Flood Insurance Program due to the program’s stability and trustworthiness.
Respondents also said they were most attracted to policy features like temporary living expense coverage and replacement cost coverage for home contents. Nearly 90% said they’d be willing to purchase policies with these benefits.
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