Billion-dollar weather events continue to occur. While you can’t stop them, you can help your clients prepare for them. The frequency and severity of these natural disasters and weather events come with a higher price tag for the cost of repairs. A significant number of homeowners aren’t undertaking upkeep and maintenance that can help them avoid costly damage to their homes.
The recent 2024 Home Maintenance Report reveals that homeowners lack risk mitigation knowledge, especially concerning recent storms and loss trends. The report highlights opportunities to improve risk mitigation efforts in areas susceptible to common losses. It draws attention to regional variations in maintenance practices. While presenting a national overview, the report breaks down these findings into regional specifics, underlining the typical lifespan of a roof in each region.
The Hanover commissioned The Harris Poll to conduct a nationwide survey of homeowners (defined as those who own a house) to better understand their actions to protect their biggest asset. The survey assessed the frequency with which homeowners undertake important safety measures in their homes and their understanding of high-risk areas. Key results from the 2024 Home Maintenance Report include:
- Homeowners are not focused on the risk of loss from vulnerable areas of the home: Only 38% of homeowners have examined the integrity of their roofs in the past year, and only 39% have checked the condition of their water heaters. Additionally, only 40% of homeowners have cleaned their gutters. These areas can lead to costly home damage and should be monitored regularly.
- Newer homeowners have an opportunity to learn about proper home maintenance: The study found that new homeowners who have lived in their homes for less than five years are less likely to know where their water shut-off valve is compared to those who have been in their homes for several years.
- Large home renovation and replacement projects are on the rise: While some homeowners have invested in replacements in the last five years—such as water heaters (38%), HVAC systems (33%), roofs (30%), windows (20%), and electrical systems (19%)—about one-third of homes are due for significant updates, including replacing roofs and windows to help protect them from natural disasters.
- Maintenance varies by location: There are regional differences in the maintenance performed by homeowners in the past year. Homeowners should consult with their agents to understand the most vulnerable areas of their homes based on their location.
-
-
- Midwest homeowners are more likely to have cleaned out their gutters in the past year than those in the South and West.
-
-
-
- Southern and Midwestern homeowners are more likely than Northeastern homeowners to have checked HVAC systems in the past year (64% each vs. 48%).
-
-
-
- Northeastern homeowners are the most likely to have changed smoke detector batteries (71% vs. 55% in the South, 59% in the Midwest, and 60% in the West) and are more likely than those in the South and Midwest to have checked their water heaters.
-
Insurance agents have a unique opportunity to support their clients by emphasizing the importance of strengthening and maintaining their properties, along with any discounts or credits the carrier may offer. Roofs are often the first line of defense against the elements. Neglecting proper roof maintenance can lead to leaks, ice dams, and structural damage.
Nonetheless, the report found that only 38% of homeowners have inspected their roofs in the past year. The Insurance Institute for Business & Home Safety (IBHS) found that roof-related damage accounts for an estimated 70%–90% of total insured residential catastrophic losses.
Insurance Institute for Business & Home Safety – Fortified: A Program of IBHS
IBHS focuses on identifying and promoting effective methods for strengthening homes and businesses against various hazards, such as hurricanes, tornadoes, wildfires, and hailstorms. The organization is a non-profit that researches and promotes effective methods for fortifying properties against natural hazards.
Founded to minimize property losses and enhance public safety, IBHS conducts scientific research and testing to develop practical solutions that can withstand extreme weather conditions. These solutions, developed through their state-of-the-art Research Center in South Carolina, simulate real-world weather events, providing invaluable data and insights into building performance under stress. This practical approach ensures that the methods and standards promoted by IBHS are not just theoretical but can be implemented in real-world construction projects, assuring their effectiveness and feasibility.
As a strong advocate for more robust, science-based building codes that reflect the latest research on hazard mitigation, IBHS plays a crucial role in shaping regulations that protect lives and property. Their comprehensive approach ensures that homes and businesses are safeguarded from the devastating impacts of extreme weather, providing long-term safety and security.
A key focus of IBHS is developing and disseminating building standards and best practices that can significantly reduce the vulnerability of structures. Through initiatives like the FORTIFIED Home™ and FORTIFIED Commercial™ programs, IBHS provides a set of performance-based standards designed to make buildings more resilient. These programs offer specific guidelines for new constructions and retrofitting existing buildings, ensuring that homes and businesses can better endure the forces of nature and withstand severe weather.
Some insurance companies may offer discounts on premiums for homes and businesses that meet the FORTIFIED standards. These discounts can vary depending on the insurer and the level of FORTIFIED designation achieved (Roof, Silver, or Gold). The process typically involves having your property evaluated and certified by a FORTIFIED Evaluator, who confirms that the building meets the necessary standards to withstand extreme weather conditions like high winds, hail, and severe storms.
In conclusion, insurance agents have an opportunity to support their clients by emphasizing the importance of strengthening and maintaining their property, using an annual maintenance checklist, and reviewing any discounts or credits a carrier may offer. Investing in high-quality, durable materials for various aspects of home and business construction is essential for enhancing resilience and longevity. Proper installation, regular maintenance, and adherence to recommended care practices ensure materials provide optimal protection against natural disasters and environmental wear.
By understanding these materials’ average lifespan and maintenance needs, homeowners and business owners can make informed decisions that contribute to their properties’ long-term safety and value. This knowledge empowers them to take control of their property, safeguarding their physical assets and financial stability in the face of potential hazards.
Legal Disclaimer: This material is intended to provide you with general background and insight. The material does not constitute, and should not be regarded as, legal advice regarding any particular facts, circumstances, or issues. This material is not intended to serve as a substitute for legal counsel, and we advise you to contact legal counsel for specific analysis, drafting and advice.
More Information: Seek your trusted advisors Attorney, Banker, and CPA that your legal and financial interests are adequately protected. The information provided in this publication is not intended to be a substitute for legal advice. You should consult your legal counsel and make certain that you are in compliance with state law.
Cited Resources
Why Home Maintenance Can Help Customers Take Back Control Against Weather Loss Trends
July 22, 2024 Sponsored by THE HANOVER INSURANCE GROUP
Hanover 2024 Home Maintenance Report
Protection Through Prevention: The Evolving Role of the Independent Agent
July 15, 2024 Sponsored by THE HANOVER INSURANCE GROUP
FORTIFIED: Program of IBHS
Insurance Institute of Business and Home Safety IBHS