Extreme weather damage is leaving homeowners with long-term household debt, Hippo report finds
Key Highlights
- ➤22% of homeowners paying out of pocket still carry weather-damage debt
- ➤71% of indebted homeowners have carried weather-damage debt for at least two years
- ➤Nearly 80% lack financial preparedness for an unexpected weather-related repair
- ➤39% cite cost as a top barrier to protective home upgrades
- ➤39% mistakenly believed weather damage was covered by insurance
Expert Statements
Rick McCathron, President and CEO of Hippo
“Protecting a home means protecting the financial future of the people inside it”
Rick McCathron, President and CEO of Hippo
“When a single weather event can push homeowners into years of debt, the damage extends far beyond the property. The insurance industry must move upstream like we've been doing at Hippo since inception, helping homeowners understand their coverage, prevent avoidable damage, and prepare before severe weather hits.”
Rick McCathron, President and CEO of Hippo
“Preparedness shouldn't start the day a storm is forecasted”
Rick McCathron, President and CEO of Hippo
“Homeowners and insurers both have a role to play before severe weather hits — homeowners in taking preventive steps to protect their properties, and insurers in proactively reaching out to their customers before damage occurs. That's the shift our industry needs to make, and it's one we're committed to leading at Hippo.”
Extreme weather damage is leaving homeowners with long-term household debt, Hippo report finds PR Newswire
* Third annual report shows that half of U.S. homeowners paid out of pocket for weather damage in the past three years and only 22% feel very financially prepared for an unexpected weather repair * Nearly 80% of homeowners are not financially prepared for an unexpected weather-related repair, lacking either the savings to cover the cost or the ability to complete the work themselves SAN JOSE, Calif., Oct. 6, 2026 /PRNewswire/ -- Hippo Holdings (NYSE: HIPO) today released its third annual Extreme Weather Report , revealing the lasting financial consequences of weather-related home damage. Based on a survey of 1,047 homeowners across the United States, the report found that nearly a quarter of homeowners who paid out of pocket for weather damage are still carrying debt from it. Among those carrying debt, 71% have carried it for at least two years.
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