Homeowners putting off home upkeep, risking damage

The latest Nationwide Agency Forward survey on U.S. homeowners reveals Many US homeowners are not taking preventative steps with necessary maintenance in the home before it becomes a major issue, finds a survey by Nationwide Agency Forward. Additionally, a quarter of homeowners (26%) are unaware that delaying necessary home maintenance can have implications for their homeowner's policy. 

Within the past year, 44% of homeowners said they have delayed performing routine maintenance tasks and 31% are delaying necessary renovations and repairs – with 78% of these individuals saying they have deferred necessary maintenance because of inflation and rising prices. 

Among these individuals, the most common types of home maintenance or renovations that are being delayed are roof repair/replacement and kitchen/bathroom remodeling. Baby Boomers (38%) are less likely than Gen X (50%) and Millennial (52%) homeowners to have delayed home maintenance needs. 

In addition, 71% of insurance agents say customers are reducing their homeowner's coverage to save money. The most common homeowners claim seen by agents stem from weather-related damage and fire damage – with most agents reporting an increase in these types of claims over the past year. No one plans to file a home insurance claim, yet the survey shows that 43% of homeowners have filed a claim. More than half (56%) were related to weather, 37% for water damage, and 13% for fire damage.