Homeowners growing more concerned about natural disasters

More and more Americans are concerned because of the increasing impact of natural disasters. Whether it’s hurricanes, wildfires, or earthquakes, many feel inadequately prepared if any of these events occur, according to a new survey.

Valuepenguin, a financial information resources conducted a survey of nearly 2,200 Americans and found that only 12 percent of respondents say they feel financially secure enough to face a natural disaster. 67 percent of homeowners in hurricane-prone states are unaware whether they have flood insurance or not and less than 15 percent of Californians have earthquake insurance.

The growing concern about such disasters have American home buyers rethinking where they want to live. Nearly half of survey respondents say natural disasters and extreme temperatures play a factor when deciding where to house hunt.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate and Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance or reverse mortgage via aramco.biz, social media (#Aramcoreport), or over the phone at (866) 381–8888 and your question could be featured in an upcoming article.