September 7, 2023 

Homeowners Concerned About Rising Costs of Repairs and Owning Enough Insurance Coverage, According to New Survey from COUNTRY Financial®

BLOOMINGTON, IL. – Amidst a rise in severe weather events and natural disasters, six in 10 homeowners are worried they won’t have enough money to repair their homes if damage occurs, according to a new survey from COUNTRY Financial, an insurance and financial services company that serves approximately one million clients in the U.S. One in eight Americans say they have experienced property damage from severe weather over the last three months (12%), and more than one-third (37%) say they haven’t had damage but are concerned it will happen.

Rising costs of repairs and labor are a concern for 8 in 10 homeowners, and half fear they don’t have enough insurance coverage to cover home repairs. “As we continue to experience more severe weather events and costly repairs, it’s important to set up an annual review with your insurance agent to make sure your planning and protection needs are met, and discuss how to prevent future losses,” said Jesse Kohlbecker, Vice President of Claims and Client Services at COUNTRY Financial.

Concern not leading to action

Even though homeowners report feeling concerned about damage occurring to their homes, few are taking steps to reduce their risk. According to the survey, approximately:

• Nearly four in ten (38%) are performing regular home maintenance tasks.
• One in three (33%) are putting money aside for an emergency fund, which can help to cover insurance deductibles or minor home repairs.
• Two in five Americans have not taken any action to prepare.

“We can’t control the weather, but we can reduce the risk of an unexpected event impacting our finances,” said Kohlbecker. “Insurance can be complex, so it’s important to work with an experienced insurance agent to help with your planning and protection needs. Understanding your coverages and taking steps to prevent future damage can help bring peace of mind.”  

Kohlbecker recommends asking your insurance professional the following questions: 

• What type of home insurance coverage do I have? “You can purchase home insurance to pay Actual Cash Value (ACV) or Replacement Cost Value (RCV), which can have a significant impact on your claims recovery. It’s imperative you work with an insurance professional to understand your policy and what payment you could be entitled to in the event of a loss.”
• What is my deductible? “Most home insurance policies include a deductible which is the amount of the loss you will be responsible for paying. Knowing your deductible is vital so you can build an emergency fund,” says Kohlbecker.
• Have I made any updates to my home since we last talked, and have I taken steps to mitigate losses? “Did you renovate your kitchen, finish a basement, or replace your roof? It’s important to share that information with your insurance agent. Some improvements may even earn you a discount on your home insurance. As you’re making updates to your home, look for opportunities to prevent future damage.”  

Learn more about how to prepare for severe weather or other disasters.

For more information about home insurance, visit COUNTRYFinancial.com.

Media contact

news@countryfinancial.com