Emergency Preparedness For Homeowners – Our 2022 Homeowner Readiness Report found that nearly three-quarters of responding homeowners paid for improvement and renovation projects as a result of a lack of planning. However, we learned from that report that inflation and price increases kept nearly half of the homeowners surveyed from making planned repairs or improvements.
With the continued effects of inflation and the increased impact of severe weather, we wanted to see how homeowners are approaching preparation in 2023. Being prepared and proactive can range from making home improvements to protect against extreme weather to completing routine maintenance to deal with major issues. on the way.
Emergency Preparedness For Homeowners
For our 2023 Homeowner Readiness Pulse report, we surveyed U.S. homeowners to get a fresh look at homeowners’ barriers, motivations, and actions homeowners are taking. “hosts” below refers to hosts who responded to our survey.
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HVAC leak. Clogged gutters. Broken windows. Unexpected problems can come in many shapes and forms for homeowners — and now more often, according to survey results.
According to our 2023 Readiness Pulse Report, nearly 8 in 10 homeowners have paid for unexpected repairs. This high number is potentially why 78% are also concerned about doing routine home maintenance (compared to 52% in the 2022 Readiness Report).
Fortunately, homeowners have the power to prevent problems with aging or old parts of the home.
Although we cannot directly control severe weather, homeowners can install storm shutters or create a defensible space around their home. Going through a home maintenance checklist for each season can ensure that small problems don’t lead to major repairs.
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Most homeowners also admit this. In this year’s report, 45% of homeowners said they had damage to their home that they could have prevented, compared to 19% of homeowners in the 2022 Preparedness Report.
Harvard University’s Center for Joint Housing Studies found that spending on home improvements and repairs has declined since the fourth quarter of 2022 and is projected to continue to decline through 2024.
Although costs have come down, we’ve seen homeowners still do everything they can to protect their homes. According to our 2023 Homeowner Readiness Pulse Report, 62% of homeowners are most willing to work on maintenance and repairs to fix anything that breaks or needs to be replaced. This motivation trumps other areas such as improving the value of their home (45%) and improving the security of their home (38%).
To manage costs this year, 41% of homeowners are primarily turning to doing some or all repairs, renovations and maintenance on their own to manage costs. Other strategies include (note that survey respondents may choose more than one answer):
Storm And Hurricane Preparedness For Homeowners
Despite our preference for DIY to save money, we’ve found that home professionals still play an important role in helping homeowners tackle renovations.
42% of homeowners reported moderate confidence in identifying and solving common household problems and solving simple tasks. 54% said they would hire a professional if they lacked the necessary skills, and 54% said they would hire a professional if the task was too complex. Homeowners are potentially calling electricians for support, as only 27% feel confident in solving electrical problems.
We also saw more homeowners saving in 2023 than in 2022. Increasing home improvement budgets can help homeowners keep up with rising prices due to inflation, supply chain issues, climate change, and other external factors that can affect home improvement costs.
The Consumer Price Index (CPI) in June 2022 (when we published the Readiness to 2022 report) was 9.1%, and the CPI in June 2023 was 3%. In 2022, the largest increase in consumer prices in the last 40 years was recorded.
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This increase, along with continued price increases in 2023, could potentially impact a homeowner’s ability to keep their home. We’ve seen inflation and supply chain issues impact homeowners.
In our 2023 Preparedness Pulse Report, 74% of homeowners said inflation and price increases were preventing their planned projects, compared to 43% in the 2022 Preparedness Report. Additionally, 59% of homeowners in our 2023 Report said supply chain issues and shortages prevented them from executing planned projects, compared to 39% in the 2022 Report.
When comparing the reasons for project delays, significantly more homeowners cited the impact of rising costs due to inflation (48%) compared to other reasons such as labor shortages (11%) or time constraints (11%).
This year, 50% of homeowners estimated they paid more than $3,000 in repairs last year. When asked to predict repair costs for the next year, 50% also predicted they would pay more than $3,000.
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Inflation alone adds complexity to home ownership. On the other hand, a problem like climate change can bring a separate set of factors to manage.
Homeowner attitudes toward severe weather, including recent extreme weather events like Hurricane Hilary, may also be influencing the shift we see toward resilience.
More than 6 in 10 homeowners in our 2023 Preparedness Pulse Report said they worry about severe weather or climate hazards damaging their homes, compared to more than 4 in 10 homeowners in the 2022 Preparedness Report.
When asked about actual damage in the 2023 Report, 56% of homeowners said they had damage to their home due to severe weather or climate-related issues, compared to 31% in the 2022 Report.
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We also found that 25% of homeowners are willing to work on home maintenance or repairs to do something more environmentally friendly.
Given that inflation is already a concern for many homeowners, the upfront cost of more expensive upgrades (such as solar panels) can seem like a potentially unaffordable expense.
Many homeowners may delay certain improvements and tasks to prioritize others. We found that nearly 4 in 10 homeowners surveyed prioritize important projects to manage costs, and more than 3 in 10 delay projects until they can afford them.
However, working within your existing resources can potentially make a difference. It can be as simple as picking up a few supplies for an emergency kit at the grocery store or cleaning the filters regularly to maintain your HVAC system. Opting for climate-resistant materials during planned renovations is another way you can help strengthen a home without starting an entirely new project.
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Start by identifying the most pressing issues for the upcoming season. For example, in the fall, homeowners can look at renovations that will make a difference in the winter. This may include sealing doors and windows or cleaning gutters.
Whether it’s with a renovation or an emergency repair fund, starting small can help homeowners get their homes in better shape over time. We have seen that homeowners are particularly focused on saving and budgeting this year. Taking care of daily home maintenance each season is another way to help keep costs down.
Obstacles to homeowners are evolving, but homeowners are also taking steps to avoid major problems. can help support your home ownership journey with personalized DIY guides and a personalized task list to improve your property’s Home Health.
Check out the Home app for free on the App Store and Google Play to find out how we can support your home ownership journey.
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The survey was conducted by SurveyMonkey Audience for Insurance Services. The survey was conducted on August 22, 2023. Results are based on 1,213 completed surveys. Respondents were screened for eligibility if they were residents of the United States over the age of 18 and had a home. The data is unweighted and the margin of error for the total sample with a 95% confidence level is approximately +/-3%.
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The following is the methodology for the 2022 report. You can read more about the original report here: 2022 Homeowner Readiness Report
This Ipsos poll was conducted on behalf of Insurance Services between April 29 and May 1, 2022, using the probabilistic KnowledgePanel®. This initial sample for this survey is a nationally representative probability sample of 2,104 adults aged 18 or older. To participate in the survey, respondents must own or rent their home (n=1, 915).
The study was conducted in English. It was information