The University of South Florida, in collaboration with Neptune Flood, the largest private flood insurance provider in the U.S., has unveiled the results of the 2024 Neptune Consumer Survey of Flood Awareness. This annual survey provides valuable insights into national perceptions of flood risks and insurance coverage.

Led by Philip Trocchia, a marketing professor at the USF Muma College of Business, St. Petersburg campus, the 2024 survey delves into the shifting flood insurance landscape in the U.S., revealing homeowners’ perspectives and significant changes in risk perception, insurance adoption barriers, and consumer preferences.

This year’s survey reveals heightened flood risk awareness following an unprecedented Atlantic hurricane season that resulted in widespread flooding across the country. Specifically, three named storms—Hurricanes Debby, Helene, and Milton—severely impacted the Tampa Bay area, underscoring the importance of adequate flood insurance coverage.

As extreme weather events become more frequent, homeowners are increasingly aware of their vulnerability, recognizing flood insurance as a crucial aspect of homeownership.

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

Key insights from the 2024 survey include:

• 77% of respondents reported an increased perception of flood risk, a notable rise from 2023’s 63.9%.
• Younger homeowners (ages 18-34) exhibited the highest concern levels, indicating a generational shift in climate resilience and insurance adoption attitudes.
• Willingness to invest in flood insurance increased, with only 2.2% of respondents unwilling to pay higher premiums, compared to 6.6% the previous year.

Neptune Flood is addressing coverage gaps through customized insurance solutions. “These findings highlight both the opportunities and responsibilities we have as leaders in the flood insurance industry,” 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 evolving risks.”

Conducted in November 2024 at the USF St. Petersburg Customer Experience Lab within the Center for Marketing and Sales Innovation, the survey gathered 881 qualified responses from homeowners across 18 states. For a full analysis of the survey, click here: 2024 Consumer Survey Results.

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