Flood survey reveals increased consumer awareness

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The University of South Florida, in partnership with Neptune Flood, the largest provider of private flood insurance in the U.S., has released the results of the 2024 Neptune Consumer Survey of Flood Awareness. The annual survey provides insight into national perceptions toward flood risk and insurance coverage.

The 2024 survey was led by Philip Trocchia, a marketing professor at the USF Muma College of Business on the St. Petersburg campus.

The survey offers vital insights into the evolving flood insurance landscape in the U.S., capturing homeowners’ viewpoints and highlighting significant shifts in risk perception, barriers to insurance adoption, and consumer preferences.

The 2024 results showed an increased awareness of flood risk. This increase followed a record-breaking Atlantic hurricane season that caused widespread flooding throughout the U.S.

Locally, three named storms hit the Tampa Bay area – Hurricanes Debby, Helene, and Milton. These storms caused severe flooding in many counties in the region, reinforcing the need for adequate flood insurance coverage.

As extreme weather events become more frequent, homeowners are increasingly recognizing their vulnerability and consumers are finding more value from flood insurance as a necessary component of homeownership.

“The year-over-year trends clearly show a growing awareness of flood risks among homeowners,” Trocchia said. “This heightened awareness, coupled with Neptune’s innovative approach to insurance, presents a unique opportunity to address coverage gaps and meet increasing demand for flood protection.”

Other key insights collected through the survey were:

77% of respondents reported an increased perception of flood risk, which is a significant rise from 2023’s 63.9%.

Younger homeowners, primarily those between the ages of 18 and 34, showed the highest levels of concern, signaling a generational shift in attitudes toward climate resilience and insurance adoption.

Willingness to invest in flood insurance grew, with only 2.2% of respondents unwilling to pay higher premiums, compared to 6.6% in the previous year.

Neptune Flood is working to bridge coverage gaps through tailored insurance solutions.

“These findings highlight both the opportunities and the responsibilities we have as flood insurance industry leaders,” said Neptune Flood CEO Trevor Burgess. “By leveraging data-driven insights, Neptune can continue to innovate and deliver policies that empower homeowners to protect their properties and families against an evolving risk landscape.”

The survey was conducted in November 2024 at the USF St. Petersburg Customer Experience Lab within the Center for Marketing and Sales Innovation. It compiled 881 qualified responses from homeowners across 18 states. For a full analysis of the survey, click here.

Maria Amorim is a student at the University of South Florida, studying Integrated Public Relations and Advertising.