American homeowners are uneasy with the current state of the country, and it seems the effects of that uneasiness—namely staying in and executing daily life operations from home—may persist even after the worst of the pandemic has passed, according to a recent survey from Hippo Insurance and home security provider SimpliSafe. Still, time inside has lead to more homeowners wanting to update and renovate their living space.
After polling approximately 1,000 US homeowners, researchers from Hippo and SimpliSafe found that 42% of respondents plan to stay home more than they did last year even when their respective local economy reopens. They're staying home more because living in a pandemic environment, even if case and mortality rates are trending down (or flat), is scary. Nearly 80% of respondents say the coronavirus puts them "on edge." Their home is now more than ever a haven.
Improving the Haven
“The home is taking on a greater role in helping Americans establish a particular place of comfort, safety and stability during a time when feelings of insecurity are grander in all aspects of people’s lives,” said Yuval Harry, VP of Partnerships at Hippo. “What was historically a place where we eat and sleep, the home is becoming so much more and therefore requires modern services ... to keep it protected: from the policies that insure it, to home maintenance that helps with general upkeep, to fast-acting alerts from smart devices that identify potential risks early.”
Forty-Two percent of respondents plan to stay home more than they did last year even when their respective local economy reopens
While the pandemic has hit a lot of people financially—the US's unemployment rate, which peaked at 14.7% in April, is the highest it's been in at least 20 years—the level of those worried about their bank accounts (39%) is less than those worried about protecting the financial value of their home. Fifty-five percent of respondents says protecting their home's value is more important now than when they first purchased it. As a result, nearly two-thirds of the homeowners polled (58%) say they're planning to make "long-term investments" for their home once the pandemic ends.
The lesson for remodelers: Be ready for work.