PALO ALTO, Calif., Dec. 19, 2023 /PRNewswire/ — Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, today announced findings from its 2023 Hippo Housepower Report, a national survey of over 2,245 U.S. homeowners revealing that current financial and economic conditions haven’t stopped homeowners from completing home maintenance and repairs to protect their homes. In fact, completing DIY tasks is now the most popular way to stay ahead of managing responsibilities as home budgets remain tight in 2024, according to the survey.
“This past year’s low housing inventory and high interest rates have homeowners being cautious about the costs of homeownership, leading them to prioritize budgets and find new ways to prevent small problems from becoming big issues,” said Rick McCathron, Hippo President and CEO. “Looking ahead, nearly one-third of homeowners who participated in our survey said they would advise their peers to prioritize scheduling and budgeting for regular, proactive home maintenance and emergencies in 2024.”
Hippo offers homeowners DIY tools and guidance from certified home experts to build their confidence and take a more active role in their property’s year-around protection. In the Hippo Home mobile app, homeowners can complete home health assessments, receive personalized checklists of preventive maintenance tasks, and receive ongoing access to home experts for advice on how to address issues.
Key takeaways from the report include:
Homeowners are staying put instead of moving: Compared to results from the 2022 Housepower Report, responding homeowners to Hippo’s 2023 survey weren’t as interested in selling their current property (14% vs. 26%) or buying a second property (13% vs. 26%). Instead, homeowner priorities have shifted to home upgrades (39%), home security and safety (32%), home monitoring and other services to help prevent issues (23%). This could be a result of homeowners’ biggest concerns in the past 12 months being:
- Rising inflation rates (38%)
- The impact of climate change and/or extreme weather events on their home (25%)
Homeowners are cutting back on discretionary spending: Homeowners ranked budgeting and financing (39%) as the most difficult aspect of home improvements in the past 12 months. To help manage homeownership expenses and responsibilities, respondents said they cut back on discretionary spending (32%) and made energy-efficient upgrades (27%). In the new year, increasing costs remain top of mind for many homeowners who cite their top worries for 2024 as:
- Home repair expenses (38%)
- Home insurance premiums (26%)
- Protecting their property from damage (26%)
Homeowners are addressing repairs on a tight budget: 33% of responding homeowners said they budgeted $1,000 or less for unexpected or planned repairs in the past year. To keep up with the expenses and demands of homeownership, 36% of responding homeowners said they are tackling DIY home maintenance and repairs. Yet, 27% of homeowners said they still struggle with deciding when to hire a professional over completing a task on their own.
Breaking down the most common repair issues: In the past 12 months, 46% of responding homeowners said they had something unexpected go wrong in their home. The most common home issues homeowners faced were appliance break-downs (31%), water damage (23%), and roof damage (20%). The most common home systems to break down were:
- HVAC unit (24%)
- Plumbing (21%)
- Water heater (18%)
- Refrigerator (18%)
Finding the joy in homeownership: Even when issues come up, homeowners reported feeling a sense of pride in homeownership when completing home maintenance and repair tasks (47%) and learning skills to care for their home (38%). Homeownership continues to be worthwhile because it gives them:
- Control over their living environment (43%)
- Personal pride and fulfillment (38%)
- A stable living environment for their family to create lasting memories (37%)
For help preventing maintenance issues, homeowners can download the free Hippo Home mobile app in the Apple App Store and Google Play Store. For more tips on how homeowners can take action around the home before small issues turn into bigger problems, download the Hippo Housepower Guide on the Hippo blog.
Methodology
The survey was conducted by SurveyMonkey Audience for Hippo Insurance Services. The survey was fielded between October 6, 2023, and October 7, 2023. The results are based on 2,245 completed surveys. In order to qualify, respondents were screened to be residents of the United States, over 18 years of age, and own a home. Data is unweighted, and the margin of error is approximately +/-2% for the overall sample with a 95% confidence level.
About Hippo
Hippo is protecting the joy of homeownership, helping to safeguard customers’ most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection.
Hippo Holdings Inc. operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, including licensing details, visit http://www.hippo.com.
Press Contact:
Courtney Klosterman
Communications Director
[email protected]
SOURCE Hippo Holdings Inc.
