New data reveals homeowners lack risk mitigation knowledge in the face of historic weather and loss trends.
WORCESTER, Mass., June 20, 2024 /PRNewswire/ -- According to the 2024 Home Maintenance Report released today by The Hanover Insurance Group, Inc. (NYSE: THG), many homeowners don't know how to properly upkeep and maintain their homes to help avoid significant and costly damage. The report highlights opportunities for improving risk mitigation efforts related to areas susceptible to common losses.
The Hanover commissioned The Harris Poll to survey American homeowners (defined as those who own a house) to better understand their actions to protect their biggest asset and their understanding of high-risk areas in and around their homes. Key results from the study include:
- Homeowners are not focused on the risk of loss from vulnerable areas of the home – Only 38% of homeowners have examined the integrity of their roofs in the past year, and only 39% have checked the condition of their water heaters. Only 40% of homeowners cleaned their gutters. These areas may lead to costly home damage, and should be monitored regularly.
- Newer homeowners have an opportunity to learn about proper home maintenance – The study found new homeowners who resided in their homes for less than five years are less likely to know where their water shut-off valve is than those who have been in their homes for several years.
- Large home renovation and replacement projects are on the rise - While some homeowners have invested in replacements in the last five years, such as water heaters (38%), HVAC systems (33%) roofs (30%), windows (20%) and electrical systems (19%), about one-third of homes are due for large project updates including replacing roofs and windows to help protect them from Mother Nature.
- Maintenance varies by location - There are regional differences in the maintenance done in the past year by homeowners. Homeowners should consult with their agents to understand the most vulnerable areas of a home based on their location.
- Midwest homeowners, are more likely to have cleaned out their gutters in the past year than those in the South and West.
- Southern and Midwestern house owners are more likely than Northeastern house owners to have checked HVAC systems in the past year (64% each vs. 48%).
- Northeast house owners are the most likely to have changed smoke detector batteries (71% vs. 55% South, 59% Midwest and 60% West) and are more likely than those in the South and Midwest to have checked their water heaters.
"As weather becomes more severe and risks evolve, homeowners play a key part in helping to protect their most precious investment," said Dan Halsey, president of personal lines at The Hanover. "Homeowners don't want to experience the stress and disruption from a loss. Taking care of their property gives them more control over the impact unpredictable weather can have on their homes. Together with a knowledgeable independent insurance agent to guide them, consumers can ensure they have the right insurance protection and the right maintenance routine to help preserve their homes for years to come."
While the 2024 Home Maintenance Report found homeowners are actively taking care of their homes, the data did shed light on the opportunities to spend more time on key work that can help consumers better protect their homes. By discussing helpful risk mitigation strategies with homeowners, independent agents can provide additional value. These conversations can lead to better monitoring and maintaining of specific areas of the home, including roofs, gutters, and hot water heaters, which ultimately reduce the chance of non-weather water insurance claims.
To view the full results of the 2024 Home Maintenance Report, please click here.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
Survey Method
This survey was conducted online within the United States by The Harris Poll on behalf of The Hanover from February 22 - 26, 2024 among 2,060 adults ages 18 and older, among whom 1,126 own a house. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level.
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-hanover-study-finds-homeowners-need-guidance-and-support-to-properly-maintain-their-homes-302176913.html
SOURCE The Hanover Insurance Group, Inc.
