Hippo 2022 Homeowner Preparedness Report

Inflation and Supply Chain Shortages May Be Holding Homeowners Back From Critical Home Maintenance - Seite 2

Although eager to stay on top of home maintenance, one in three homeowners (31%) put off repairs or upgrades, mainly due to limited knowledge and time.

• Nearly all of homeowners (94%) say they would rather take action on smaller repairs now to save big on costs later—especially first-time homeowners
• However, one-third of homeowners (31%) wait until something breaks in their home, and of those homeowners, 28% say they wait because of a lack of knowledge around home maintenance, while 27% say they don’t have time to regularly check that things are working
• Three in five homeowners (60%) have paid an average of nearly $4,000 in unexpected repairs in the past year
  • Among homeowners, just 20% say they have a budget or regularly set aside money for home maintenance

External pressures bring about new challenges for homeowners when it comes to responsible home care and maintenance

For first-time and recent homeowners alike, inflation and supply chain issues could be getting in the way of their home care, while all homeowners face climate-related pressures.

• Two in five homeowners (43%) have not moved forward with or planned home maintenance or improvement projects due to inflation
  • More than half of first-time homeowners (51%) say inflation and price increases have kept them from doing planned home maintenance or improvements over the past few months
• More than one-third of homeowners (39%) say supply chain issues and shortages have hindered their planned home maintenance projects
  • Nearly half of new homeowners (47%), those who purchased their home post-pandemic (after 2020), cite supply chain issues and shortages hindering their home project plans
• One in three homeowners (31%) have experienced damage to their home caused by severe weather or climate-related issues

Owning a home has long been part of the American dream and as seen through the report results, continues to be today for many aspiring and current homeowners. As homeowners face new challenges in proactively protecting their homes, having a partner in their home’s protection is essential. Hippo takes a proactive approach to homeownership by offering services and tools focused on preventative care that help customers reduce risks, including smart home devices and preventive home maintenance support, along with seasonal home care tips and advice. Hippo provides a level of support and care that helps homeowners to live their best lives in their homes.