Climate change isn’t affecting owners’ preferences
There’s a disconnect between widespread climate change fears and the actions homeowners are taking to mitigate their property risks, a new study finds. Eighty-one percent of more than 500 consumers recently surveyed say they are worried about climate change, and many are concerned about the impact of changing weather patters on their homes, according to ValuePenguin, a firm that offers consumer financial products.
But those concerns don’t appear to be weighing as heavily on consumers’ financial or housing choices. Only 44% of consumers surveyed say they factor in an area’s disaster history when home shopping. Further, 47% of homeowners say they aren’t fully confident that they have adequate insurance to protect their homes from a natural disaster. Yet 42% say they wouldn’t pay more to insure their homes from climate change risks.
While climate change comes under more scrutiny in the media, most consumers don’t appear to be letting it influence their real estate decisions. While Midwestern buyers are the least likely to be concerned about climate change, nonhomeowners in Texas, Arkansas, Oklahoma, and Louisiana are the most likely to say they consider the potential dangers of climate change when thinking about buying a home, according to the ValuePenguin survey.