Fifth annual survey of respondents identifies risks in home purchasing, financial investment, and renovation choices
Whitehouse Station, NJ (Apr. 28, 2022) – A new Chubb survey explores the attitudes, behaviors, and purchasing decisions of U.S. and Canadian homeowners and renters on their current and future residences and has found that unintentional damage—especially water risk—continues to be an overlooked risk.
According to the fifth annual survey, 44% of U.S. homeowners experienced water damage in their home in the past two years, compared to only 27% in 2020. Non-weather-related water losses continue to be the number one source of property damage as 48% of all interior property damage is caused by water, according to Chubb’s internal claims data.
“Water continues to be an overlooked risk, and homeowners and renters should always be prepared for the unexpected as water can accumulate and cause severe damage,” said Ana Robic, Division President of Chubb North America Personal Risk Services. “To minimize costly damage, homeowners should consider preemptively installing a flow-based water leak detection device, and for renters and condo owners, water leak sensors to protect their residences before it’s too late.”
Additional key findings include:
- 53% of U.S. and Canadian homeowners and renters experienced a loss or unintended damage to their home during recent renovations.
- 25.3% of U.S. and Canadian homeowners and renters have purchased a home sight unseen; 20.3% considered purchasing a home sight unseen within the past two years.
- 64.8% of U.S and Canadian homeowners and renters who purchased in the past two years found areas of concern in the home after purchase.
- 50.9% of U.S. and Canadian homeowners surveyed have purchased a home within the past two years, with more than half (54.7%) of those significantly influenced by mortgage/interest rates in the home purchasing decisions.
- 35.2% of U.S. and Canadian homeowners purchased a secondary/vacation home in the past two years, with 77% purchasing for personal pleasure and 21.5% purchasing as an investment vehicle.
- Homeowners and renters in the Southern U.S. (24.3%) and Western U.S. (20%) said the frequency/severity of tornadoes contributed to their decision to sell primary or secondary residence(s). Similarly, 15% of homeowners and renters who lived in the Southern U.S. would consider selling their primary or secondary residence(s) due to the frequency and severity of tropical storms/hurricanes.
“Water damage, along with natural catastrophes and a competitive residential marketplace with constrained availability of homes and supply chain issues, are just a few concerns facing homeowners and renters today,” added Robic. “Individuals should work with a knowledgeable agent or broker and carrier to help them prepare and protect their residences.”
For more information, download the Chubb 2021 Homeowners Risk Report – Trends in Home Renovations and Water Damage, the Chubb 2021 Homeowners Risk Report – Trends in Purchasing Behavior, and the Chubb 2021 Homeowners Risk Report – Impact of Weather on Property Decisions.
About the Survey
This is the fifth survey by Chubb measuring U.S. and Canadian homeowners’ and renters’ attitudes and behaviors toward property protection, with a focus on water damage, weather, renovation behaviors, and financial decisions.
Conducted by Dynata, a leading global provider of first-party consumer and professional data, the survey was fielded in the U.S. from 11/4/21-11/19/21 and in Canada from 11/24/21 -12/10/21. The results are based on 1,200 completed interviews in the U.S. and 300 competed interviews in Canada.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 31,000 people worldwide. Additional information can be found at chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.
Source: ChubbTags: Chubb, flood, storm surge damage, survey, water damage, water leak exposure