For many people, their home is their largest asset and as natural disasters become more frequent, safety and preservation becomes an increasing concern. According to a recent survey by Realtor.com, 78% of recent homebuyers took natural disasters into account when choosing the location of their new home.
Another survey by HarrisX, encompassing 3,026 consumers, found that 62% of homeowners are concerned about the threat of natural disasters, and that number is even higher for recent homebuyers (75%) and millennials (72%).
"Natural disasters can have enormous impacts on communities and homeowners, and with increased frequency and intensity of weather-related events, National Preparedness Month is a good reminder of how important it is to be prepared," said Realtor.com chief marketing officer Mickey Neuberger. "Our mission is to help bring people home, but it's also about helping people when their home is damaged or lost after disaster strikes, which is why Realtor.com recently made a $200,000 commitment to help aid in disaster response efforts."
The most concerning types of natural disasters for consumers are tornadoes (39%), severe cold or winter storms (38%), floods (35%), hurricanes (29%), earthquakes (21%), wildfires (17%), droughts (11%) and sinkholes (8%). Homeowners in rural and suburban areas were most concerned about tornadoes and severe winter storms, while homeowners in urban areas were more concerned about flooding.
Nearly half (47%) of consumers are more concerned about the threat of natural disasters to homeownership compared to five years ago. Meanwhile 44% reported their level of concern was unchanged and 9% had less concern.
Additionally, the survey found that one-third (34%) of respondents would consider selling their home or moving to avoid natural disaster, while 66% said they would not consider either.
To help homebuyers with their decisions and increase awareness about home flood risk, Realtor.com’s listing portal implemented flood risk information on for-sale and off-market properties. Over the past year, site users have viewed flood information on Realtor.com more than 150 million times.
Although being prepared can’t help prevent disaster, it can help homeowners recover faster. When asked how prepared they were for a natural disaster specific to their area, two thirds (68%) of surveyed consumers said they were very or somewhat prepared, and less than one third (32%) said they were only somewhat or very unprepared.
