Examining the homeowners' insurance risk curve
Since quarantining, roughly 20% of homeowners have experienced some form of water damage, representing 25 million U.S. households, Chubb pointed out.
A third of U.S. homeowners have put off home maintenance because of COVID-19, and 45% reported a reduction in contractors’ abilities to address maintenance needs, according to Chubb‘s latest homeowners risk survey. Further, slightly more than a quarter of respondents report reliance on their own DIY skills to tackle these projects.
More troubling, 12% of homeowners reported spotting an issue but were too concerned about potential virus exposure to bring a contractor in to make repairs, according to the survey that was conducted August 4-11 and polled 1,000 homeowners across the country.
Delaying maintenance can allow a small issue to develop into a costly oversight. Despite this, Chubb reported no more than a third of homeowners take the easiest steps to protect their homes, such as inspecting appliance hoses, checking the heating system or conducting water heater maintenance.
Overlooking water risks
On top of this, Chubb noted that while homeowners have a growing awareness of the risk of weather-related water damage, a majority might be overlooking interior water leaks. Internal water damage accounts for 45% of all interior property damage, meaning it occurs more frequently than fire or burglary.
Since quarantining, roughly 20% of homeowners have experienced some form of water damage, representing 25 million U.S. households, Chubb pointed out. A single leak can cost $65,000 in damage, on average.
When it comes to concerns, 60% of homeowners reported day-to-day upkeep of their dwellings as the most significant, followed by maintaining the home’s value (45%) and watching for weather-related water damages (38%). However, when compared to the 2019 survey, these concerns show a significant decline, according to Chubb, which explained pressures from COVID-19 might have caused “quieter home risks” to take a back burner.
The survey also found that 32% of homeowners in urban areas nationwide are considering relocating out of their city, with people under 45 years of age showing particular interest in moving.
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