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
press@hippo.com
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SOURCE Hippo Holdings Inc.