In this year’s report U.S. News & World Report surveyed 1,800 U.S. homeowners and asked them about their top concerns of owning a home.
The results show a variety of issues homeowners are facing, from dealing with property damage, natural disasters, flooding, break-ins, hurricanes and a big one, the rising cost of insurance premiums.
Those surveyed said house fires were the biggest concern, followed by break-ins and theft. Natural disasters such as tornadoes, flooding, and hurricanes rounded out the list of top concerns.
U.S. News also asked homeowners what they had experienced since purchasing their homes.
20% experienced flooding in their homes. 16% experienced a home break-in or theft. 14% experienced hurricanes. 12% experienced tornadoes, 10% experienced a house fire, 8% said earthquakes and 7% said wildfires.
With states like Florida having hurricanes and California with earthquakes, 35% of the respondents said they considered moving to a state with a lower natural disaster risk.
On a financial concern, homeowners surveyed said increased insurance premiums had impacted their finances, and many noted that their costs have gone up and will go even higher.
68% said their premiums increased, 20% said they remained the same and 12% were unsure.
Of the 68% who said their premiums have jumped, 44% said they struggled to keep up with payments to cover the rising premiums.
27% had no idea how much they paid for their homeowners insurance policy, and 62% said they had tried to get a lower premium.
The survey also asked respondents whether the government should step in to help consumers with their rising insurance costs.
82% said the government (federal or state) needs to assist and cap insurance costs. 18% opposed government intervention.
U.S. News reports another issue is the homeowners market insurance industry undergoing major changes.
“Some providers are going out of business, many have stopped selling new policies in certain states, and some are increasing premiums so much that policies are unaffordable. As a result, it’s more common for homeowners to experience a threat of cancellation or nonrenewal with their current provider,” said the report.
The survey found that 20% of the respondents received a notice from their insurer at some point threatening to drop their home insurance policy unless they resolved a particular issue with their home. 17% of survey respondents said that their homeowners insurance policy was canceled or non-renewed at some point.
