Survey Shows More People Aware of Flood Risk Thanks to Hurricane Season

More people are aware of flood risk on the heels of a historic Atlantic hurricane season, a new survey shows.

An annual survey conducted by the Neptune Flood in collaboration with the University of South Florida St. Petersburg Customer Experience Lab sought to convey the perspectives of homeowners on the growing concerns with climate change, flood risks and the importance of prioritizing flood insurance solutions.

The survey used a sample of flood-prone states such as the Western, Mid-Atlantic, and Midwest as well as the South Gulf.

The survey shows that 77% of respondents assessed their flood risk as increasing, compared with 63.9% in 2023. More importantly, only 2.2% of respondents indicated they would be unwilling to pay higher flood insurance premiums, down from 6.6% in 2023.

One barrier to insurance adoption is the ability to afford the protection, which also seems to be a barrier to home ownership. Most respondents (80.7%) reported that the cost of flood insurance had deterred a home purchase, and 67.2% of non-policyholders cited a lack of perceived risk as the primary reason for from buying.

The survey reveals a growing concern for flood risk. Younger respondents, ages 18 to 34, revealed significant levels of concern, echoing daunting predictions of the impact of climate change and the extreme weather it promises to bring.

Regional differences in insurer preference were noticeable in the responses. Midwestern residents had a 50.3% preference for private insurers due to higher coverage limits and flexible policies, while 64.3% of respondents from the Mid-Atlantic region favored the National Flood Insurance Program (NFIP) for perceived stability and trust.

“This regional variation indicates the importance of geographically tailored marketing strategies that address local concerns and preferences,” authors of the survey stated.