Neptune Flood Announces Results of the 2023 Neptune Consumer Survey of Flood Awareness
Largest private flood insurance company partners with the University of South Florida Customer Experience Lab – St. Petersburg for fourth consecutive year to gather consumer perceptions and attitudes towards flood insurance
ST. PETERSBURG, Fla., Nov. 14, 2023 /PRNewswire/ -- Neptune Flood, the largest provider of private flood insurance in the United States, today announced the results of its fourth annual Neptune Consumer Survey of Flood Awareness, conducted in partnership with the University of South Florida St. Petersburg Customer Experience Lab. Now in its fourth year, the survey utilizes a base set of questions to view trends in consumer views.
Key findings include:
Nearly 3/4 (73.2%) of survey respondents believe they had flood insurance on their primary living residence.
Nearly 2/3 (63.9%) feel the risk of flooding is higher than it was in past years. Only 8% feel the risk is lower.
40.5% of respondents feel they're at moderate risk of flooding in the next five years. Only about 1 in 9 feel they're at high risk (11.3%). 10.7% of respondent feel they are at no risk at all.
Younger people (18-34) see a higher risk of their residence flooding than either of their older counterparts. For instance, only 6% of adults 34 and under see no risk at all of their residence flooding, where 12.5% of individuals 50 and over see no risk at all. Further, when combining moderate and high risk categories, young people see 63.2% likelihood of flooding, compared with only 47.6% for those 50 and over.
Individuals who are 50 and over are more than twice as likely to view flooding as not being a significant risk for their homes than individuals who are under 35.
These and other findings highlight the continued need for education about flood risk and flood insurance, which in the United States is generally not included as part of a homeowners insurance policy and must be purchased separately either from the NFIP or from a private provider such as Neptune.
University of South Florida Professor Dr. Philip Trocchia, who designed and conducted the 2023 Neptune/USF study of flood risk awareness said, "The consumer data indicate that individuals recognize the risk of flooding and revealed that the overwhelming majority (nearly 87%) of consumers characterize flood risk to be an important factor in their home purchase decisions. Further, nearly 2/3 of respondents felt that their homes are at greater risk of incurring flood damage in coming years than they had in the past. One interesting finding was that people 35 and under are more than twice as likely to believe that their residence will flood in the next five years than those respondents who were under 35."
"Our survey continues to provide valuable insights on how the consumer perceives the risk of flood and their actions to mitigate damage," said Trevor Burgess, CEO of Neptune Flood. "This year, we saw two interesting facts – one, the younger generation, growing up in the era of visible climate change, believe they are at a higher risk of flooding than the older generation, and two, a majority of people would rebuild in the same location if their home were destroyed by a flood. They see an increased risk of flooding yet would continue to build in at-risk zones where repetitive destruction could occur. We thank Dr. Trocchia and the University of South Florida for their continued involvement."
The survey was designed and conducted by the University of South Florida St. Petersburg Customer Experience Lab. Utilizing Qualtrics to construct the questionnaire, Amazon MTurk as the survey tool, and IBM SPSS analytics for evaluation of the results, the survey comprises qualified responses from 881 respondents across 18 US states.
For the full survey results, click here.
About Neptune Flood
Neptune Flood is an innovative insurance company specializing in providing flood insurance solutions for residential and commercial properties. By leveraging advanced technology, data analytics, and user-friendly online tools, Neptune Flood offers consumers and businesses a fast and efficient way to obtain flood insurance policies tailored to their needs. The company aims to simplify the insurance-buying process while offering competitive rates and comprehensive coverage options. Neptune Flood is backed by top-rated insurance carriers, ensuring that their customers receive reliable financial protection in the event of a flood. Their dedication to superior customer service, along with their cutting-edge approach to flood insurance, makes Neptune Flood a trusted and pioneering force in the industry. For more information, visit the Neptune website: www.neptuneflood.com.
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SOURCE Neptune Flood
