Almost one-quarter of respondents overall expect insurance premiums in their area to increase after the storm
(NASDAQ: RDFN) —Nearly one-third (32%) of U.S. residents aged 18-34 say they’re reconsidering where they want to move in the future after seeing or hearing about the damage caused by Hurricane Helene, according to a new survey commissioned by Redfin (redfin.com), the technology-powered real estate brokerage. That compares with 15% of respondents aged 35 and older.
Redfin’s report is based on a commissioned survey conducted by Ipsos on Oct. 2-3, 2024. The nationally representative survey was fielded to 1,005 U.S. adults. Redfin’s report focuses on responses to the following question: “Which of the following apply to you after seeing/hearing about the damage caused by Hurricane Helene?” Respondents were asked to consider nine situations.
After making landfall in Florida in late September, Hurricane Helene wreaked havoc across Appalachia, becoming the deadliest storm to hit mainland America in almost two decades. In North Carolina, the death toll has surpassed 100 and the city of Asheville has been devastated.
“Scores of Americans flocked to the Sun Belt during the pandemic because remote work allowed them to take advantage of the region’s relatively low cost of living. Some thought Appalachia was insulated from hurricane risk, not realizing that the area is prone to flooding and that hurricanes can sometimes cause flash flooding far away from the ocean,” said Redfin Chief Economist Daryl Fairweather. “Americans are beginning to realize that nowhere is truly immune to the impacts of climate change, and we’re starting to see that impact where people want to live—even people who haven’t experienced a catastrophic weather event firsthand.”
It’s worth noting that many people say the storm hasn’t changed their perspective on where to live; 45% of overall respondents (and 40% of respondents in the South) said the news of Hurricane Helene hasn’t impacted how they think about their housing situation.
Nearly One-Quarter of Respondents Think Insurance Costs Will Rise in Their Area After Hurricane Helene
Almost one-quarter (23%) of respondents overall expect insurance premiums in their area to increase after Hurricane Helene. The share was highest among respondents in the South (32%).
Nearly 1 in 7 (13%) respondents overall said they think it will be harder to get insurance for homes in their area after the storm. That share was also highest among respondents in the South (20%).
Many U.S. homeowners have already seen their premiums skyrocket or lost coverage as insurers grapple with skyrocketing claims due to intensifying natural disasters.
|
Overall |
18-34 |
35-54 |
55+ |
Northeast |
Midwest |
South |
West |
||||||||
The news hasn’t impacted the way I think about my housing situation |
45% |
35% |
46% |
51% |
44% |
49% |
40% |
49% |
||||||||
I think it means insurance premiums will increase in my area |
23% |
18% |
22% |
28% |
23% |
18% |
32% |
15% |
||||||||
It has made me reconsider where I want to move in the future |
20% |
32% |
15% |
15% |
26% |
22% |
20% |
13% |
||||||||
I think house values in my area will increase given climate disasters are a lower risk here |
13% |
20% |
13% |
8% |
14% |
13% |
10% |
16% |
||||||||
I think it will be harder to get insurance for homes in my area |
13% |
11% |
15% |
12% |
6% |
8% |
20% |
10% |
||||||||
It makes me feel like renting is a better option for me than buying property |
9% |
14% |
13% |
4% |
9% |
8% |
9% |
12% |
||||||||
It has made me reconsider where I live now |
8% |
11% |
10% |
3% |
7% |
6% |
11% |
5% |
||||||||
I think it means house values in my area will fall |
5% |
9% |
4% |
4% |
7% |
6% |
4% |
4% |
||||||||
Another issue |
3% |
3% |
2% |
3% |
1% |
1% |
2% |
6% |
To view the full report, please visit: https://www.redfin.com/news/hurricane-helene-impacting-relocation-survey
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241007507296/en/
Contacts
Contact Redfin
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com