Risk Reset
Americans reassessing extreme weather protections
Extreme weather and economic strain are prompting Americans to reassess how well they’re protected, according to Church Mutual’s "Risk Radar Report—Insurance Pulse Check," which found that nearly two-thirds (63%) of U.S. adults have reviewed their property insurance coverage within the past six months.
Meanwhile, risk awareness is rising across generations. While baby boomers were most likely to say they understand their policies "extremely well" (55%), millennials and Generation X weren’t far behind at 53% and 52%, respectively. And Generation Z is getting in the game too, with 63% saying they’re proactively seeking information to protect their property.
Meanwhile, 50% of respondents believe they live in areas that are vulnerable to severe weather and 1 in 3 worry that intensifying storms could make insurance unaffordable in the future.
While many consumers are more mindful of risk, their actions remain reactive. If dropped by a provider, 77% say they would seek other coverage, and 56% would look for ways to prevent property loss.
60%
OF U.S. ADULTS SAY THEY FEEL ADEQUATELY COVERED BY THEIR CURRENT INSURANCE POLICIES.
SOURCE: CHURCH MUTUAL
