Millennials — those born between 1981 and 1996— are nearly three times more likely to have purchased flood insurance than their older Baby Boomer counterparts born between 1944 and 1964, a new survey finds.
Overall, less than half of Americans who agree that having flood insurance is important have purchased flood insurance, according to a national survey from the National Association of Insurance Commissioners (NAIC).
The survey of 1,000 American adults conducted in May reveals that Millennials are not only nearly three times more likely to have purchased flood insurance than their Baby Boomers but they are also more likely than Gen Xers born between 1965 and 1980 to purchase flood insurance (25% vs. 16%).
Overall, Millennials are more likely to agree/strongly agree that purchasing a flood policy is a good idea (57% vs. 41% for Gen X vs. 24% for Baby Boomers).
Recent floods in the Midwest and South where recovery efforts will continue for years bring home the disconnect between intention and action on flood coverage. According to the survey, 41% of respondents agree or strongly agree that flood insurance is a “good idea” but only 17% say they have purchased flood insurance, and even that response may be based on a misunderstanding. The Federal Emergency Management Agency (FEMA) estimates that only about 3% of homeowners have flood insurance.
“This disparity perhaps reflects the common, though incorrect, assumption that homeowners insurance covers flooding,” said Eric Cioppa, NAIC president and Superintendent of the Maine Bureau of Insurance…