NEW YORK, Aug. 26, 2020 /PRNewswire/ -- Hurricane
Laura is barreling towards the U.S. Gulf Coast as a category 4
hurricane, but many homeowners in its path say they are
ready. Although Texas and Louisiana will see the brunt of the storm,
other states may be affected by hurricane damage. Do homeowners
know how much coverage they need to survive hurricane season?
With the season only beginning, ValuePenguin conducted a survey
on hurricane preparedness and found that 86% of homeowners in
hurricane-prone areas say they are prepared.
Key findings:
- While 86% of homeowners in high-risk states feel prepared for
hurricane season, one in three hasn't actually made any
preparations.
- Forty-five percent of homeowners in hurricane-prone states have
no idea how much hurricane-related insurance coverage they need to
be fully protected, and many severely underestimate the costs of a
hurricane- or flood-related repairs.
- While many homeowners in high-risk areas believe they'll face
flooding from hurricanes this year, just over a third falsely
believe they're covered under their homeowner's insurance policy.
Similarly, 29% of renters in such areas also believe their renters
insurance policy protects them from flooding.
- Nearly half of all Americans said the coronavirus pandemic has
introduced new worries this hurricane season, especially covering
the cost of repairs amid lost income, how potential damage would
impact their stay-at-home situation, and maintaining social
distance at a hurricane shelter.
- Of the people who have already experienced a hurricane this
year, 73% have had wages affected by COVID-19, either through
layoffs, furloughs or reduced pay.
View full report: Hurricane Preparedness Survey
About ValuePenguin.com: ValuePenguin.com, part of
LendingTree (NASDAQ: TREE), is a personal finance website that
conducts in-depth research and provides objective analysis to help
guide consumers to the best financial decisions. ValuePenguin
focuses on value, assessing whether the return of a particular
decision is worth the cost or risk of that option, and how this
stacks up with the other possible choices they may have. For more
information, please visit www.valuepenguin.com, like our Facebook
page, or follow us on Twitter @ValuePenguin.
Media Contact:
Nadia
Gonzalez (Mrs.)
Nadia@LendingTreeNews.com
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SOURCE ValuePenguin.com