Credit: WONG SZE FEI/Adobe Stock;

Many homeowners are taking on improvement projects this holiday season without updating their insurance plans, according to a Nationwide survey.

Within the past two years, 51% of homeowners completed a major home renovation project, the data showed, with 53% taking on projects typically reserved for experts, like kitchen remodels or even home additions.

At the same time, 48% of homeowners doing the work themselves rely on social media for project tips, while 55% completing major renovations have not adjusted their insurance policies, leaving themselves at risk of being underinsured.

Top do-it-yourself projects, according to Nationwide:

  • Basement renovations and front door replacements comprise 43% and 41% of the surveyed homeowners, respectively.
  • Bathroom remodels account for 39% of surveyed responses, while kitchen redo’s make up 38%.
  • Thirty-six percent of surveyed homeowners said a full-home remodel or "gut" renovation.
  • Thirty-five percent of surveyed homeowners said additions like extra rooms and separate garages.
“A complex housing market has many homeowners reconsidering plans to sell. For empty nesters, that means upgrading their current homes to meet their needs in the next life stage, rather than relocating,” said Casey Kempton, Nationwide’s president of P&C Personal Lines. “Unfortunately, our research shows that homeowners often overlook necessary policy adjustments after significant renovations, potentially leaving them underinsured in the event of a catastrophe. Every homeowner should review their home insurance coverage with their independent insurance agent regularly to avoid potential gaps.”

Comparison of renovation spending by project type, according to Nationwide:

  • Kitchen remodels for U.S. Homeowners — $9,702 average; Empty Nesters — $18,672 average.
  • Full home renovations for U.S. Homeowners — $36,900 average; Empty Nesters — $90,000 average.
  • Window replacements for U.S. Homeowners — $4,917 average; Empty Nesters — $15,375 average.
See also:

NOT FOR REPRINT

© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.