Yet homeowners are increasingly unprepared financially for repairs

HomeServe’s latest State of the Home Survey – now in its 15^th edition – dealt up a double dose of bad news: The highest percentage ever of Americans (75%) reported having a home repair emergency over the past year while, at the same time, the highest percent since Fall 2018 – one in five Americans – said they had no savings at all set aside to handle the financial hit these repairs take on their wallets.

Most homeowners are familiar with the trials and tribulations that go along with owning a home, including the inevitability that a home repair emergency will happen at some point. This reality is supported by the findings of HomeServe’s latest State of the Home survey, showing that home repair emergencies are happening more frequently than ever.

• Since 2015 and across 15 survey editions, HomeServe has asked Americans whether they have had a home repair emergency in the past 12 months. This year’s edition found that nearly 75% of homeowners have had one or more home repair emergencies in this time frame, the highest percentage ever recorded by HomeServe and five percentage points higher than the 2023 survey.
• The most common home emergency repairs homeowners experienced in the past 12 months relate to a home’s heating, ventilation and air conditioning (HVAC) system or a home’s plumbing. Specifically, 26% of respondents faced an HVAC repair or replacement and nearly 20% had to deal with a blocked or overflowing toilet.
• While home repair emergencies may be on the rise, the unfortunate reality is that homeowners are increasingly unprepared to financially shoulder the related hit to the wallet. Over one-third (41%) of the respondents said they have less than $500 – or nothing at all – set aside for a home repair. And 20% reported having absolutely nothing in savings for a home emergency. Both these percentages are higher than what was seen in the 2023 survey, and the 20% with nothing set aside is the highest this figure has been since Fall 2018.

DIYing Home Emergency Repairs?

The survey also explored which home emergency repairs respondents say they’d hire a professional to take care of and which they would tackle themselves.

• When it comes to DIYing household repairs, most respondents prefer to get a professional’s help. This is especially the case when it comes to home emergency repairs related to a home’s air conditioning or heating system or water supply line. 86% of the respondents prefer to have professionals handle a heating or air conditioning repair and over three-quarters (76%) prefer to have professionals replace a water supply line.
• The trend continues with water heaters and electrical wires. 72% of homeowners shared that they’d prefer a professional to install a water heater and 65% of homeowners would rather a professional check their electrical wiring.

This last statistic isn’t surprising since electrical work can be very dangerous. According to This Old House, home repairs involving electrical work are some of the most dangerous types of home repairs.

Preparing for Seasonal Temps – Highs and Lows

As summer comes to an end, we asked Americans what they are doing to prepare their homes for colder temperatures ahead.

• About 20% said they aren’t taking any measures to prepare their homes for Winter.
• If homeowners are taking steps to prepare for the cooler months ahead, they are filling gaps around their windows and doors (39%) and tuning up their heating system (32%).
• Americans fear their heat going out most in the winter, even more so than power outages, freezing pipes and being sick.

We also wondered what Americans did over the summer to keep their homes cool and comfortable in the midst of record high temperatures.

• 48% said they avoided heat-generating activities during the hottest part of the day, including cooking. Similarly, 46% turned off their electronics when they weren’t being used and 44% got an air conditioning tune-up or changed their filter.
• The greatest fear during the summer is the possibility that a home’s air conditioning will go out, a fear that topped losing power or experiencing severe weather.

Methodology

This survey was conducted on August 15-16, 2024, by HomeServe, using SurveyMonkey Audience. HomeServe’s survey received 2,353 responses from adults in the U.S. age 18 and older, of which 2,102 (89%) were homeowners. The sample of respondents was balanced by gender and region. For more on the SurveyMonkey Audience panel, please visit: https://www.surveymonkey.com/market-research/data-quality/.

About HomeServe

HomeServe USA Corp. (HomeServe), a leading residential infrastructure home repair solutions company with nearly 5 million customers across North America, offers protection plans that help protect homeowners against the expense and inconvenience of plumbing, electrical, HVAC and other home repair emergencies. HomeServe empowers its over 1,300 leading municipal and utility partners to educate and advocate for their customers who are faced with home repair emergencies.

HomeServe has an exceptional customer satisfaction rating, is accredited by the Better Business Bureau and is endorsed by the National League of Cities. For more information about HomeServe and to get the latest home repair advice and customer stories, please go to www.homeserve.com. Connect with HomeServe on Facebook and Twitter @HomeServeUSA, Instagram @HomeServe_USA and on LinkedIn @HomeServe-USA. For company news, follow on Twitter @HomeServeUSNews.

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