September 7, 2023
BLOOMINGTON, IL. – Amidst a rise in severe weather events and natural disasters, six in 10 homeowners are worried they won’t have enough money to repair their homes if damage occurs, according to a new survey from COUNTRY Financial, an insurance and financial services company that serves approximately one million clients in the U.S. One in eight Americans say they have experienced property damage from severe weather over the last three months (12%), and more than one-third (37%) say they haven’t had damage but are concerned it will happen.
Rising costs of repairs and labor are a concern for 8 in 10 homeowners, and half fear they don’t have enough insurance coverage to cover home repairs. “As we continue to experience more severe weather events and costly repairs, it’s important to set up an annual review with your insurance agent to make sure your planning and protection needs are met, and discuss how to prevent future losses,” said Jesse Kohlbecker, Vice President of Claims and Client Services at COUNTRY Financial.
Even though homeowners report feeling concerned about damage occurring to their homes, few are taking steps to reduce their risk. According to the survey, approximately:
“We can’t control the weather, but we can reduce the risk of an unexpected event impacting our finances,” said Kohlbecker. “Insurance can be complex, so it’s important to work with an experienced insurance agent to help with your planning and protection needs. Understanding your coverages and taking steps to prevent future damage can help bring peace of mind.”
Kohlbecker recommends asking your insurance professional the following questions:
Learn more about how to prepare for severe weather or other disasters.
For more information about home insurance, visit www.countryfinancial.com.
COUNTRY Financial® is the marketing name for the COUNTRY Financial family of affiliated companies (collectively, COUNTRY), which include COUNTRY Life Insurance Company®, COUNTRY Mutual Insurance Company®, and their respective subsidiaries, located in Bloomington, Illinois.
About the COUNTRY Financial Security Index®
Since 2007, the COUNTRY Financial Security Index has measured Americans' sentiments of their personal financial security. The Index also delves deeper into individual personal finance topics to better inform Americans about the issues impacting their finances.
The COUNTRY Financial Security Index was created by COUNTRY Financial and is compiled by Ipsos an independent research firm. Surveys were conducted using Ipsos' KnowledgePanel®, a national, probability-based panel designed to be representative of the general population and includes responses from approximately 1,026 U.S. adults for national surveys. The margin of sampling error for a survey based on this many interviews is approximately +/- 3.3 percentage points at the 95% confidence level.
About COUNTRY Financial®
The COUNTRY Financial® group (www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a wide range of financial products and services from auto, home, business and life insurance to retirement planning services, investment management and annuities.
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