Chubb Launches New Report Examining Impact of COVID-19 on Homeowners and Property Risk
Chubb recently released its Fourth Annual Homeowners' Risk Report, highlighting the effects of COVID-19 on home safety and risk behaviors. Conducted in August 2020, the survey reveals homeowners' concerns about upkeep (60%), maintaining home value (45%), and weather-related water damage (38%). Alarmingly, a third of homeowners delayed maintenance due to the pandemic, increasing potential repair costs. Notably, 32% of urban dwellers are considering relocating to suburbs. The report aims to raise awareness on property protection needs during these challenging times.
- Launch of the Fourth Annual Homeowners' Risk Report to guide homeowners on risk mitigation.
- Increased awareness of home maintenance and safety due to the pandemic.
- A third of homeowners have delayed home maintenance, risking higher future costs.
- 45% of homeowners reported reduced contractor availability for maintenance needs.
WHITEHOUSE STATION, N.J., Dec. 2, 2020 /PRNewswire/ -- Chubb has released the results of its Fourth Annual Homeowners' Risk Report, which examines the impact of COVID-19 on home safety, protection, and whether homeowners are implementing sufficient risk mitigation behaviors.
Fielded in August 2020, in the midst of the global COVID-19 pandemic, the survey looks at how home risk has evolved, the top property threats facing homeowners, renovation and property maintenance activity, and the trend of homeowners from urban areas actually relocating to the suburbs at an unprecedented rate.
"As millions of Americans contend with the physical and emotional toll of COVID-19, property protection can easily—and understandably—get lost in the mix. But, while COVID-19 has upended just about everything else, it hasn't stopped leaky faucets from dripping or home repair projects from going wrong," said Fran O'Brien, Senior Vice President, Chubb Group and Division President, North America Personal Risk Services. "Now is the perfect time for homeowners to address home maintenance needs before small issues grow into big problems. Our hope is that by sharing these results, along with some simple tips, homeowners will be able to quickly spot and remedy an issue, so they can get back to what matters most: focusing on the health and safety of themselves and their families."
A copy of the Fourth Annual Homeowners' Risk Report Executive Summary is available here.
Key findings from this report include:
- When it comes to their home, even during a pandemic, homeowners are most concerned about the day-to-day upkeep of their home (
60% ), maintaining home value (45% ), and weather-related water damage (38% ). Unfortunately, this suggests that a majority of homeowners may be overlooking the most common and costliest form of property damage—interior water leaks. - A third of all homeowners have put off home maintenance because of COVID-19, and
45% say that COVID-19 has reduced contractors' ability to address maintenance needs. This is particularly concerning given that delaying maintenance can increase repair and subsequent clean-up costs if a loss does occur. - Prolonged time indoors at home has taken a toll on city-dwellers, with
32% of homeowners from urban areas considering relocating out of their city, on a permanent basis, in pursuit of more space. - For those who are looking for a temporary escape, Americans renting vacation properties during COVID-19 are most concerned about whether the property has been properly cleaned and sanitized before their stay (
74% ) and who the previous guests were in contact with prior to arrival (54% ).
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide. Additional information can be found at: www.chubb.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/chubb-launches-new-report-examining-impact-of-covid-19-on-homeowners-and-property-risk-301183794.html
SOURCE Chubb
FAQ
What are the key findings from Chubb's Fourth Annual Homeowners' Risk Report?
How has COVID-19 affected homeowners' maintenance behaviors according to Chubb's report?
What trends regarding urban homeowners does the report highlight?
Where can I find the Executive Summary of Chubb's Homeowners' Risk Report?
What is the purpose of Chubb's Homeowners' Risk Report?
