Fifth annual survey of respondents identifies risks in home purchasing, financial investment, and renovation choices
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, 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.”said Ana Robic, Division President of Chubb North America Personal Risk Services.
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.”
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.