Wed, 24 March 2021 | pandemic housing
A new survey from Hippo, a home insurance company, finds a drastic shift in homeowner behavior during the pandemic. Hippo’s findings signal a new era of homeownership in which homeowners take on a more active role in investing in their homes, driven by an increased desire for added comfort and an inherent need to protect what has become most Americans’ largest financial asset. In the past year, twice as many homeowners spent $10,000 or more on their home than in the previous year. Even as pandemic-fueled social restrictions decline and people begin to return to work and school, 71% of homeowners said they will continue to invest in their home with the same level of interest in proactive improvements.
Hippo’s Survey Findings Include:
Homeowners are making more home improvements, upgrades and repairs
The pandemic has paved the way for increased investments made inside and outside of the home.
Homeowners still have dreaded to-do list tasks that are neglected
While home maintenance can be a tedious task, being proactive led to less repair work and strain on homeowners in the long run. Every dollar spent on maintenance can prevent up to $100 of repair costs.
Homeowners are becoming more proactive with their home care responsibilities
Americans are completing approximately 511 million home maintenance jobs each year. Nationally, homeowners are completing about 16 jobs per second.
Smart Home products continue to grow in popularity
In 2010, people owned 12.5 billion connected devices; by 2025, the number of connected devices is estimated to reach 50 billion. Increased comfort with Internet-enabled wireless devices, sleek design, and ease of use are increasing consumer adoption of smart home.
Millennials took the lead in upgrading and prioritizing their work-from-home setup, compared to other generations
With millennials being the largest generation in the U.S. labor force, the majority of remote workers are from this age group.
“The past year’s shift in how we live in our spaces has fundamentally changed the way we take care of our homes, with long-term effects,” said Rick McCathron, President of Hippo. “Our homes are no longer places where we spend minimal time —with our households becoming the primary haven where we work, socialize and rest, we’ve discovered that more people are becoming proactive in taking care of their homes. This increase in time at home is leading to a larger amount of home improvements, and at Hippo, we’re always underscoring the importance of maintaining your home while ensuring that homeowners are getting the best possible protection when home upgrades are made.”
Hippo is playing an active role in helping homeowners maintain their homes. Hippo customers have access to Hippo Home Care, a virtual home concierge service that provides proactive home care and maintenance services. Homeowners can receive annual remote home checkups by certified Home Pros that work with customers to guide them through an inspection of certain systems around the home. Hippo Home Care has delivered thousands of home checkups and its Home Pros have performed over 11,000 preventive actions. Hippo has the most widely adopted smart home program in the U.S. homeowners insurance sector,** providing homeowners with smart devices that equip them with the information to better protect their homes and access premium discounts on their home insurance policies.
Methodology
Survey insights were collected by Hippo among 1,000 homeowners in the U.S. ages 18-65+ through AYTM (Ask Your Target Market) from February 12-17, 2021.
*According to Statista 2020 U.S. household data https://www.statista.com/statistics/183635/number-of-households-in-the-us/#:~:text=How%20many%20households%20are%20in,households%20in%20the%20United%20States.
**Statement attributed to Matteo Carbone, founder of the IoT Insurance Observatory
Source: Hippo.com