Unexpected repair costs of homeowners increased in 2024, with nearly half of survey respondents saying they will revisit their home insurance coverage this year, according to a report released by Hippo, a home insurance group focused on proactive home protection.
According to the company’s third annual Housepower Report, which surveyed more than 2,000 US homeowners, more than 83% of respondent homeowners reported encountering unexpected home repairs in 2024, almost doubling from 46% in the previous year.
Forty-six percent of the respondents said they spent more than $5,000 on unexpected repairs, up from 36% in 2023. The most common home repairs included water damage and/or flooding, roof issues and door or window problems. About 47% of the respondents also indicated that unexpected repairs strained their budgets last year.
“These unexpected issues come as many homeowners grapple with high mortgage rates and living costs, signaling the growing importance of preventative care to help reduce financial stress,” the company said.
Data from the report also showed that 28% of the respondents expressed concern about extreme weather preparedness last year. These concerns included increased flood risk, wildfire risk, strong winds or tornadoes, and hailstorms.
Data from the Housepower Report revealed that 28% of homeowners expressed concern about extreme weather preparedness in 2024, up from 25% in 2023. Of the weather challenges impacting their homes in 2024, homeowners reported heightened flood risk, wildfire risk, strong winds or tornadoes, and hailstorms.
The report also revealed that homeowners are planning to protect their home investments in 2025. About 42% of the respondents said they will be revisiting their home insurance coverage this year, with 31% intending to purchase optional coverage, such as flood insurance.
Nearly half, or 47%, of the respondents are also updating or creating their own emergency plans for the year.
To cut repair costs, 55% of the respondents said they are planning to do more do-it-yourself home maintenance activities. Taking on DIY projects will also give homeowners more flexibility in investing in home upgrades or purchasing additional insurance coverage, Hippo said.
Commenting on the report, Hippo president and chief executive Rick McCathron said: “We understand the importance of preventative care and are here to help homeowners confidently protect their homes, and in turn, their primary financial investment, from offering insurance coverage tailored to their needs to providing personalized maintenance advice in the Hippo Home app all year long.”
