From 2015 to 2017, disaster-related home improvement spending increased 22%.
Natural disasters are growing in frequency. Where in the 1970s the world was experiencing around 100 disasters a year, now it’s closer to 400; and the U.S. is getting hit more than most: According to the U.N.’s disaster-monitoring system, only China and India experience as many natural disasters as the U.S.
In a way, the news is good for remodelers. Harvard’s recent “Improving America’s Housing 2019” report showed that since 1995, improvement spending as a result of natural disasters has increased 66%.
Some say the answer is better, and possibly mandated, insurance coverage. Experts in a recent Zillow survey, however, say preemptive measures are the best step.
The majority of the respondents, described as real estate economists and “experts,” defined those measures as public investment in defensive infrastructure; destroying and totally rebuilding some repeatedly damaged homes; and, the top option, enacting stricter building codes and requiring older homes to be brought up to modern resilience standards. Doing so would not only be good for homeowners long-term, but would inject even more demand into the already ballooning remodeling market.