More Than Half of Homeowners Fear Climate Change, Most Worry About Rising Home Insurance Costs

March 28, 2024

Homeowners are increasingly worried about hazards and rising insurance costs as temperatures rise in the U.S.

A survey of nearly 2,000 U.S consumers shows 51% of homeowners are worried climate change-related hazards will affect their homes, while others polled worry about property values and insurance prices as the climate starts to change at a rapid pace.

The survey conducted by LendingTree shows severe storms (24%) are what homeowners are most concerned about, followed by hurricanes (14%), flooding (14%), rising temperatures (10%), heat waves (10%), wildfires (10%), drought (8%) and rising sea levels (3%).

Insurance is a particular pain point for homeowners — and one that most expect to worsen as climate risks grow. Across all homeowners, 70% think insurance will become more expensive due to climate change risks, the survey shows.

One-fourth of those polled worry climate change will impact their property values in the next 10 years. That’s especially true among millennials (38%), those with children younger than 18 (36%) and men (32%). Another 25% think it will take longer than 10 years for their property values to feel the impact.

As homeowners everywhere begin preparing for increased climate risks, 57% say they would be willing to pay extra for a home less at risk of climate change — whether through upgrades or moving to an area with lower climate risks. In fact, 17% of homeowners say these risks have kept them from a purchase in the past, according to the survey.

Homeowners aren’t only trying to mitigate their climate risks; they’re attempting to lessen their environmental impact. Nearly one-in-seven (68%) say environmental sustainability is at least somewhat important in their decision-making process when buying a home.

Was this article valuable?

Here are more articles you may enjoy.