August 6, 2021
Home renovations have been surging during the pandemic, and homeowners aren’t shying away from major redos either. More than half—55%—of more than 2,000 U.S. homeowners recently surveyed reported making substantial improvements to their homes that they believe will boost their home’s value, according to a July survey commissioned by Selective Insurance and conducted by The Harris Poll. That marks a 25% increase in large-scale home improvement projects reported by homeowners compared to its December 2020 survey results.
The South leads the nation in home improvement projects, the survey found.
Respondents reported the following three “major” home improvement projects since the beginning of the pandemic:
36% are renovating a room/basement/attic
12% are adding a new room
17% are adding a pool/hot tub
The survey found that many homeowners are updating their insurance as they upgrade their homes. Among homeowners who improved their homes during the pandemic, only 23% said they hadn’t updated their insurance coverage; another 10% were unsure.
“Every home renovation project is unique, but every homeowner needs to protect their investment from future loss,” said Allen Anderson, senior vice president of personal lines at Selective. He urged homeowners to evaluate their coverage needs—particularly after a renovation—and update their insurance to reflect their renovated home’s full replacement value.
Source: Selective Insurance/Harris Poll