The Hartford commits $1 million to AARP Foundation to develop
tools to help homeowners prioritize and plan for home maintenance
needs
When it comes to maintaining a home, many homeowners age 50+ are
putting off repairs, according to new research from The Hartford
and the MIT AgeLab. About half of all mature homeowners surveyed
(49 percent) said they have home maintenance tasks that could or
should be done. Interestingly, 60 percent of homeowners age 50-69
reported that they have work that needs to be completed compared to
only 37 percent of homeowners age 70 and older.
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The survey also found that home maintenance has become more
difficult over time for homeowners 50+, especially among those age
70 and older. Fifty-two percent of those age 70 and older say that
their health makes it hard for them to do home maintenance or
repairs.
“Taking care of preventative home maintenance can be challenging
at any age, especially during mid-life when homeowners may have
competing demands for their time and money, and in later life as we
may experience physical changes,” said Jodi Olshevski,
gerontologist and executive director of The Hartford Center for
Mature Market Excellence®. “Understanding what needs to be done and
preparing ahead of time can help prevent bigger problems down the
road that may result in significant damage and stress for
homeowners and their families.”
The top reasons for having incomplete home maintenance tasks
include:
Reasons Overall
Age 50-69 Age 70+ They aren’t much of a
problem right now 43 percent 41 percent
47 percent I can’t afford to do them right now
18 percent 21 percent 14 percent
I don’t have time to fix them myself right now 11
percent 16 percent 3 percent
Experience with Home Damage – Fire, Water, Weather and
Pests
Many mature homeowners (59 percent) believe the consequences of
a home fire would be extremely serious, but fire is not the only
damaging risk to a family’s home. Water, weather and pests can also
cause significant harm. Water damage from plumbing, heating and air
conditioning is actually the most common cause for an insurance
claim, according to an analysis of claims data from the AARP®
Homeowners Insurance Program from The Hartford.* Wind damage, which
includes fallen trees and damage to siding, gutters, awnings, and
fences, for example, is the second most common cause for a
claim.
A notable percentage of those surveyed already know what it’s
like to have damage to their own home, including:
- Water leak from a roof (27
percent)
- Water leak from a hot water heater or
pipes in their home (21 percent)
- Weather or natural events (17
percent)
- Insect, rodent or pest damage (11
percent)
Despite the fact that many homeowners have personally
experienced a water leak, only 16 percent of homeowners 50+
surveyed think the consequences of a water leak would be extremely
serious.
“Technologies that make the home smarter overall are becoming
more available, less expensive and ever easier to use,” said Dr.
Joseph Coughlin, director of the MIT AgeLab. “Homeowners of all
ages may benefit from technologies that alert them to home
maintenance problems at the stage where the solution is a quick
trip to the hardware store or appointment for a service call, and
not at the stage where extensive damage has already been done.”
Only 1 percent of homeowners surveyed owned a smart water shut
off valve and only 3 percent owned a water and/or mold monitoring
system. However, when asked which technologies would be most
beneficial for home maintenance, smart water shut off valves and
water and/or mold monitoring systems topped the list.
“We know we should plan for college tuition, retirement and
healthcare as we move into mid- and later life, but it is equally
important to take steps to maintain our homes. A small drip may
seem minor but it could ultimately result in bigger water or mold
problems,” Olshevski said. “This new research reinforces the need
for more education and support for homeowners, which is why we are
producing home maintenance resources, and developing a new program
with the AARP Foundation.”
AARP Foundation Sponsorship
To help older homeowners safely remain in their homes for their
lifetime, The Hartford is expanding its longstanding collaboration
with AARP Foundation with a $1 million commitment over three years.
Together, The Hartford and AARP Foundation will develop an
innovative program to address key home maintenance elements that
are crucial to ensuring safe living environments delivering peace
of mind for mature homeowners and their families regardless of
income or financial ability. This program will stress the
importance of home maintenance and provide tools to help older
homeowners financially plan for and complete the work that is
needed on their homes.
“About 90 percent of people over 65 would prefer to stay in
their own homes as they get older,” said Lisa Marsh Ryerson,
president of AARP Foundation. “This expansion of our collaboration
with The Hartford will enable us to develop solutions that help
older homeowners safely remain in their homes, and in their
communities, for as long as possible.”
Tips for Home Maintenance
When tackling home maintenance, The Hartford recommends that
mature homeowners:
- Download “Keeping Your Home At Its
Best: A Guide to Home Maintenance for A Lifetime,” which offers
homeowners tips and information about staying on top of home
maintenance tasks, working with service providers and which smart
home technologies to consider.
- Take a tour of a virtual home to learn
about common home maintenance issues and tips to prevent
damage.
As the exclusive national provider of auto and home insurance
for AARP members since 1984, The Hartford is committed to research
and programs that help protect Americans age 50 and older. This
recent study builds on many years of research by The Hartford
Center for Mature Market Excellence focused on empowering 50+
homeowners to maintain their safety, independence and
well-being.
Methodology
The Hartford and the MIT AgeLab conducted focus groups with
sixty homeowners age 50+ in Phoenix, Arizona, and Boston,
Massachusetts, during June 2017. The MIT AgeLab also fielded a
consumer survey with 1,022 homeowners age 50+ between September 11
and 18, 2017, using Qualtrics. Using a 95 percent level of
confidence, the margin of error is +/- 5 percent. Additionally,
nine homeowners over the age of 50 were interviewed in September
and October 2017.
About The Hartford
The Hartford is a leader in property and casualty insurance,
group benefits and mutual funds. With more than 200 years of
expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com. Follow us on Twitter
at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG)
operates through its subsidiaries under the brand name, The
Hartford, and is headquartered in Hartford, Conn. For additional
details, please read The Hartford’s legal notice.
About The Hartford Center for Mature Market
Excellence
The Hartford Center for Mature Market Excellence creates
innovative business solutions for the mature market. Staffed by
gerontologists, the center is uniquely positioned to apply
knowledge of aging to develop one-of-a-kind products and services
for The Hartford's customers, and specialized training for The
Hartford's employees. The center conducts original research in
partnership with academic institutions and produces public
education programs on safety, mobility and independence. The
Hartford has had this in-house expertise since 1984, guiding The
Hartford to unparalleled success in understanding and serving the
mature market. Follow us on Twitter at
www.twitter.com/TheHartfordCMME.
About the MIT AgeLab
The MIT AgeLab is a multidisciplinary research program that
works with business, government, and NGOs to improve the quality of
life of older people and those who care for them. The AgeLab
applies consumer-centered systems thinking to understand the
challenges and opportunities of longevity and emerging generational
lifestyles to catalyze innovation. For more information go to
agelab.mit.edu, or follow the AgeLab on Twitter
@JosephCoughlin.
About the AARP FoundationAARP Foundation works to end
senior poverty by helping vulnerable older adults build economic
opportunity and social connectedness. As AARP’s charitable
affiliate, we serve AARP members and nonmembers alike. Bolstered by
vigorous legal advocacy, we spark bold, innovative solutions that
foster resilience, strengthen communities and restore hope.
HIG-P
* Based on an analysis of claims data from the AARP® Homeowners
Insurance Program from The Hartford, excluding catastrophes,
between 2015 and 2017.
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors
should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and
uncertainties include those discussed in our 2017 Annual Report on
Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission.
We assume no obligation to update this release, which speaks as of
the date issued.
From time to time, The Hartford may use its website to
disseminate material company information. Financial and other
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AARP and its affiliates are not insurers. Paid endorsement. The
Hartford pays royalty fees to AARP for the use of its intellectual
property. These fees are used for the general purposes of AARP.
AARP membership is required for Program eligibility in most
states.
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The HartfordMichelle Symington,
860-547-5385michelle.symington@thehartford.com
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