Clearsurance Survey Finds High Concern but Low Action Around Protection for Natural Disasters
87 percent of participants worry but 42 percent haven’t assessed insurance coverage
However, data from CoreLogic stating that 70 percent of flood damage from Hurricane Harvey was uninsured underscores the concern that an overwhelming majority of victims were not adequately covered.
“We conducted this survey following a string of devastating events across the country and the findings highlight a clear problem: consumers’ lack of knowledge about their own homeowners policies and what is and is not covered,” said Clearsurance Co-Founder and Chief Revenue Officer
Other findings include:
- The most frequently noted natural disaster claim filed was wind damage at 28 percent, followed closely by flood at 25 percent
- Wind and flood were followed by ice (15 percent) and earthquake (12 percent)
- The least commonly filed claim was wildfire at 10 percent nationally, though it was notably higher for respondents from the West at 25 percent
- 82 percent of participants are expecting a rate increase for their policies following the 2017 storm season
- 35 percent of those expecting a rate increase think it will be 10 percent or more and 47 percent expect it to be between 1 and 9 percent
To download a survey summary, please go to: http://bit.ly/NaturalDisasterReport. To learn more about Clearsurance or one of more than 370 personal lines insurance companies currently reviewed on the site, please visit www.clearsurance.com.
About Clearsurance
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View source version on businesswire.com: http://www.businesswire.com/news/home/20171116006127/en/
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Source: Clearsurance
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