ERIE, Pa., April 26, 2016 /PRNewswire/ -- Experts
including those at HouseLogic say homeowners ideally should set
aside one to three percent of the purchase price of their homes
each year for ongoing maintenance—or whatever they can afford to
set aside per month. That amounts to $2,000-$6,000 a year for a $200,000 home. However, a new survey from Erie
Insurance conducted online by Harris Poll, shows 60 percent of
Americans who own a house don't have a home maintenance fund,
leaving a majority at risk for major financial problems in the
event of needed repairs.
Replacing or repairing a roof, for example, is one of the
biggest expenses a homeowner may have and often comes without
warning. Nationally, the average homeowner spends about
$6,600 to install a new roof but
prices can soar upwards of $20,000
depending on the size of the roof, materials used, labor costs and
more.
Even scarier, nearly one in four homeowners1 (23
percent) admits they never inspect their roof or have it inspected
unless there is a problem. Nearly a third (27 percent) of those who
own a house either mistakenly believe their insurance will pay for
damage that occurs to their roof over time, such as through normal
wear and tear, or they have no idea how their insurance works when
it comes to this type of roof damage.
"Our survey really highlights the need to educate consumers
about the importance of regularly inspecting and maintaining their
roofs," says Joe Vahey, vice
president and product manager, Erie Insurance. "Otherwise they
could face thousands of dollars in unexpected repair expenses
which, unfortunately according to our survey, many homeowners
aren't ready for."
Despite the lack of attention to some maintenance tasks, when
asked to grade themselves on a scale of A (Excellent) to F
(Failure) in terms of their own home maintenance habits, a majority
(62 percent) graded themselves an A or a B. Just over one third (34
percent) said they were average (a C), and only 3 percent gave
themselves a D. Less than 1 percent gave themselves a failing
grade.
Homeowners also admitted to suffering some serious consequences
from not maintaining their homes, with much of the damage related
to water. When asked if their home was damaged due to lack of
maintenance, answers included:
"Yes, damage to walls and roof due to leakage from a roof
that should have been replaced long before"
"Yes, did not fix a dripping leak in the upstairs bathroom,
ended up leaking into first floor"
"Walls in bathroom dampened and falling apart because of
leaky roof"
"Dripping water in crawl space caused mold problem"
"Mold in a wall due to unknown outside leak"
"Water damage from improper plumbing repair"
"Flooding in the basement due to sump pump
malfunction"
The survey also included questions about other common home
maintenance tasks that, if ignored, could end up causing big
headaches and costing big bucks.
Tweetable Highlights
- Fix it or risk it? 60% of homeowners unprepared to pay routine
and unexpected home maintenance costs says new @erie_insurance
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- .@erie_insurance reveals homeowners' worst home maintenance
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Question
|
Maintenance Should
Be Performed...
|
Interesting
Findings
|
Risks
|
How often do you care
for your gutters and downspouts?
|
Variable depending on
region
|
Nearly one out of
four homeowners (24 percent) says they never care for their gutters
and downspouts.
|
Water
Damage:
Clogged gutters can
cause water to flow down the sides of the home and pool around its
foundation, often leading to some major issues like uneven floors,
cracks in walls and interior water damage. This type of claim, also
known as seepage, is a maintenance issue and often is not covered
under your home insurance policy. Home Advisor says homeowners can
expect to pay around $3,830, on average, to repair foundation
issues.
|
How often do you
clean your clothes dryer exhaust duct?
|
Annually
|
One in five (21
percent) admit they never clean their clothes dryer ducts, unless
they have a problem.
|
House
Fires:
Laundry is part of
life's weekly grind. But did you know that dryers cause roughly
15,500 home structure fires, 29 deaths, 400 injuries and $192
million in direct property loss each year? The most common cause of
dryer fires is failure to do a thorough cleaning. Because a lint
trap is not a foolproof method for catching all the fuzzy stuff
from clothes, lint can gradually build up and catch fire in the
heating element or exhaust duct.
|
How often is your
furnace inspected and serviced by a professional?
|
Annually
|
Thirty-six percent of
homeowners have their furnaces inspected and serviced at least once
a year. But, according to survey data, young women (aged 18-34) are
least likely to do this (9 percent) compared to their male
counterparts who are three-and-a-half times more likely to do it
(36 percent).
|
House
Fires:
From 2009-2013, U.S.
fire departments responded to an estimated average of 56,000
structure fires per year in homes that involved heating equipment.
These fires resulted in annual losses of 470 civilian deaths, 1,490
civilian injuries, and $1.0 billion in direct property
damage.
|
How often do you
clean (sweep) your fireplace chimney?
|
Annually
|
Nearly half (46
percent) of people who own a home with a fireplace never have their
chimney cleaned (swept), unless they have a problem.
|
House Fires &
Carbon Monoxide:
Unclean chimneys are
a leading cause of structure fires, according to the National Fire
Protection Association, which recommends an annual chimney
inspection. The NFPA research shows the leading factor
contributing to home heating fires (30 percent) was failure to
clean, principally from solid-fueled heating equipment, primarily
chimneys. In the 2009-2013 period chimneys resulted in $25 million
in direct property damage each year. Improper cleaning can also
lead to other serious issues including potential for carbon
monoxide, fumes and possibly soot to enter the living spaces of
your home.
|
How often do you
clean your sump pump and pit?
|
Annually
|
44 percent of those
who own a sump pump admit to never cleaning it or the pit, unless
they have a problem.
|
Water
Damage:
Sump pumps are used
to remove excess water from homes that would otherwise cause
property damage. One survey respondent experienced flooding in his
basement due to a sump pump malfunction, specifically. Water damage
due to sewage and drain backups generally requires additional
insurance coverage beyond a standard policy. Without that coverage,
it could end up costing you, on average, $2,156, according to Home
Advisor.
|
Lessons Learned?
Some homeowners said the survey got
them thinking about ways to improve their home maintenance habits.
When asked to complete the sentence: "The one thing about my
home that I know I should do a better job of maintaining but don't
is…" sample answers included: "A lot, apparently" and
"All this survey just mentioned."
Methodology
This survey was conducted online within
the United States by Harris Poll
on behalf of Erie Insurance from March 11-15, 2016 among 2,023 adults ages 18 and
older among whom 1,077 own a house and are the primary/joint
decision maker and 1,151 own a house. This online survey is not
based on a probability sample and therefore no estimate of
theoretical sampling error can be calculated. For complete survey
methodology, including weighting variables, please contact
Leah Knapp at
leah.knapp@erieinsurance.com.
About The Harris Poll
Over the last 5 decades, Harris
Polls have become media staples. With comprehensive
experience and precise technique in public opinion polling, along
with a proven track record of uncovering consumers' motivations and
behaviors, The Harris Poll has gained strong brand recognition
around the world. The Harris Poll offers a diverse portfolio of
proprietary client solutions to transform relevant insights into
actionable foresight for a wide range of industries including
health care, technology, public affairs, energy,
telecommunications, financial services, insurance, media, retail,
restaurant, and consumer packaged goods. Contact us for more
information.
About Erie Insurance
According to A.M. Best Company,
Erie Insurance Group, based in Erie,
Pennsylvania, is the 10th largest homeowners insurer and
12th largest automobile insurer in the
United States based on direct premiums written and the 15th
largest property/casualty insurer in the
United States based on total lines net premium written. The
Group, rated A+ (Superior) by A.M. Best Company, has more than 5
million policies in force and operates in 12 states and the
District of Columbia. Erie
Insurance Group is a FORTUNE 500 company, a Barron's 500 company
and has been recognized by Forbes as one of America's 50 Most
Trustworthy Financial Companies.
News releases and more information about Erie Insurance Group
are available at www.erieinsurance.com.
(ERIE-G)
1U.S. adults who own a house and are a primary/joint
decision maker of home maintenance, referred to throughout this
release as "homeowners"
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SOURCE Erie Insurance