Travelers Survey Shows Renewed Focus on Home Improvements During Pandemic
September 17 2020 - 9:06AM
Business Wire
The Travelers Companies, Inc. (NYSE: TRV) today announced
findings from its consumer pulse survey that measures perceptions
about homeownership during the COVID-19 pandemic. The results
indicate that consumers have been doing more projects around their
homes since March, when the World Health Organization officially
declared the pandemic.
As many families have transitioned to working from home and
remote learning, the study shows that 41% of respondents appreciate
their homes now more than ever. The survey indicates that nearly 1
in 5 consumers are in the market for a new home, while a large
majority of respondents (75%) are making improvements to their
current home, including:
- Painting rooms (44%)
- Starting a garden (41%)
- Updating flooring (31%)
- Painting the exterior (27%)
- Building an outdoor play area (19%)
- Undertaking a major renovation/remodel (10%)
The findings also reveal that consumers are focused on
optimizing their home’s function. More than a quarter of
respondents (26%) are interested in incorporating smart home
technology, and 22% are interested in home security systems.
“People are placing a higher value on their homes, and the
projects, repairs and remodels they are undertaking can have
implications on their insurance,” said Michael Klein, Executive
Vice President and President of Personal Insurance at Travelers.
“Our representatives and network of independent agents can review
coverage needs with homeowners to help ensure they have the right
protection for one of their biggest financial investments.”
The following are steps consumers can take to help keep their
homes safe and properly insured:
- Contacting their agent or carrier before any major upgrades are
made, to ensure the property has the appropriate insurance coverage
and limits.
- Asking about discounts that may be available for any new smart
home technology or security systems that have been installed.
- Visiting Travelers Home Central for articles and videos on
updating, buying or selling a home.
For more information on home insurance, visit
www.travelers.com.
Methodology
Travelers conducted a proprietary, national online survey of
consumers ages 18 to 64, fielded monthly. Data shown was a survey
of 503 consumers collected Aug. 25-Sept. 1, 2020.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $32 billion in 2019. For more information, visit
www.travelers.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200917005531/en/
Sperry Mylott, 860.277.5075 smylott@travelers.com
The Travelers Companies (NYSE:TRV)
Historical Stock Chart
From Apr 2024 to May 2024
The Travelers Companies (NYSE:TRV)
Historical Stock Chart
From May 2023 to May 2024