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.
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.
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.
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