Most homeowners also don't realize the
amount of damage that only three inches of water can
cause; and they reveal which items they'd be
most worried about losing in a flood.
ERIE,
Pa., March 14, 2023 /PRNewswire/ -- Erie
Insurance asked U.S. homeowners to name the most common and
expensive natural disaster in the U.S. and only 14% got the right
answer: flooding.* A plurality (37%) thought it was
hurricanes. The survey on a wide range of flood-related topics was
designed to raise awareness of flood damage risk and what
homeowners can do to mitigate it. Erie Insurance (ERIE) commissioned the survey to coincide with
the recent launch of its new Extended Water insurance coverage.
Realizing that typical homeowners policies don't cover flood
damage, ERIE expanded its coverage
to help fill in the gaps.
The survey also questioned homeowners about how high floodwater
would have to get to make it likely they'd need to replace drywall
and baseboards. Many think it would have to be a foot or more, but
actually it's a mere three inches,* which only 7%
guessed correctly.
When asked what they would be most concerned about losing to
flood damage, a large majority of survey participants (77%) said
important documents like personal papers, titles and IDs. Next were
family photos, with a third of homeowners (34%) concerned about
losing them – women were much more worried about this than men (44%
vs. 24%, respectively). That was followed by expensive electronic
equipment (25%), antiques (8%) and wedding albums (7%).
"Our survey shows that many homeowners underestimate not only
the risk of flooding but also the significant amount of damage that
a relatively small amount of water can cause," said Michelle Tennant, vice president of Product
Management, Erie Insurance. "There are several things homeowners
can do to prevent water damage, like redirecting water away from
their homes, sealing roofs and making sure plumbing systems are
well maintained. But they should also talk with their insurance
agent to make sure they're covered in the unfortunate event that
damage does occur."
ERIE's Extended Water covers
damage not only caused by natural disasters but also by sewer and
drain backups.** It covers the home and its foundation;
electrical and plumbing systems; HVAC equipment; appliances; and
personal possessions such as furniture and clothing. It also
provides up to $10,000 in flood
avoidance reimbursement for certain equipment or material to help
protect the home before flooding occurs.
Below are links to additional information including:
- An infographic with additional survey results
- A video on how water can damage a home
- 6 ways to prevent home water damage
- Details on ERIE's Extended
Water coverage
Find out more at erieinsurance.com/extended-water.
*Source: FEMA
**Extended Water is not yet available in New York and North
Carolina; soon to be available in D.C.
About the survey
The survey was conducted online within the United States by The Harris Poll on behalf
of Erie Insurance from November 21 - 23,
2022 among 1,454 U.S. adult homeowners ages 18 and older.
The sampling precision of Harris
online polls is measured by using a Bayesian credible interval. For
this study, the sample data is accurate to within +/- 2.8
percentage points using a 95% confidence level.
About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in
Erie, Pennsylvania, is the 11th
largest homeowners insurer, 13th largest automobile insurer and
13th largest commercial lines insurer in the United States based on direct premiums
written. Founded in 1925, Erie Insurance is a Fortune 500 company
and the 19th largest property/casualty insurer in the United States based on total lines net
premium written. Rated A+ (Superior) by A.M. Best, ERIE has more than 6 million policies in force
and operates in 12 states and the District of Columbia. News releases and more
information are available on ERIE's website at www.erieinsurance.com.
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SOURCE Erie Insurance Group