Chubb Survey Finds Homeowners Not Taking the Right Steps When It Comes to Home Protection
Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8341451-chubb-water-risk-survey/
According to Chubb's 2018
Homeowners fare no better when protecting their home from weather-related flood risks. Although 2017 was one of the worst years on record for weather-related property damage, including two of the top three costliest
"We don't realize how much water is constantly in motion in and around our home, from the sources we can see to the pipes hidden behind the walls, not to mention the ebb and flow of weather patterns," said
What can homeowners do to protect their homes from water damage of all kinds? The first step is understanding how homeowners' seasonal behaviors shape their exposure to water.
1. Staying Dry Year-Round
Despite the known connection between weather and water damage, the study found that 45% of homeowners believe weather reporting is "regularly" or "frequently" exaggerated, and another third (36%) think it is "sometimes" exaggerated. If homeowners don't believe the weather reporting, they are unlikely to take the necessary home protection steps. With storms becoming stronger, homeowners are putting their property and finances at risk.
2. "Soaking Up"
The study found that the warm, dry summer months lead to two water-related home risks stemming from travel and renovations.
According to the study, homeowners are unlikely to leave relevant information with care takers while away from their home during summer, a popular time for vacations. Specifically, less than one-third (30%) of homeowners report leaving appropriate water leak information, and only 17% leave information about what to do in the event of a weather-related flood
Regarding renovations, the study found that the majority (58%) of homeowners will "definitely" or "probably" undergo a renovation this year, with many looking to renovations to improve home value—the number one home concern identified by homeowners. With an abundance of water-connected devices in the home and a vast network of pipes hiding behind interior walls, carrying out a DIY project without the technical expertise or hiring an unqualified candidate carry equal water risks for homeowners.
3. Falling into Water Traps
Autumn's cooler months provide a pleasant opportunity for homeowners to work on their gardens, yards and outdoor areas, as 30% of homeowners believe improvements to their home's exterior features best impact its resale value. Yet, common garden improvement projects, from sprinkler system installation to adding an outdoor kitchen, can easily let water into all the wrong places
4. Winterizing Your Home
Homeowners are 40% more likely to experience a water loss during the cold winter months, according to Chubb data. Despite this, only 21% of homeowners report installing pipe insulation, even though it is one of the surest ways to protect one's home in cold weather.
5. Spring into Preventative Action
Spring inspires many homeowners to spruce up their homes' indoor and outdoor features. But by the time spring has sprung, homeowners have often waited too long. A leaky faucet, for instance, can spill up to 3,000 gallons a year, at a rate of just one drip per second. Yet, this urgency isn't resonating with homeowners, as close to 30% take more than a week to fix an issue in their home.
Tips and resources to help homeowners keep their property dry year round are available at Chubb's
About the Survey:
The 2018
About Chubb:
Chubb is the world's largest publicly traded property and casualty insurance company, and the largest commercial insurer in
View original content:http://www.prnewswire.com/news-releases/chubb-survey-finds-homeowners-not-taking-the-right-steps-when-it-comes-to-home-protection-300693462.html
SOURCE Chubb
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