What Would Homeowners Do If They Could Do It Over Again?
Philipsburg, PA – If you’ve ever bought a home, you know the choices and tradeoffs can be overwhelming. Balancing what you want against what you can afford and what’s available, it’s hard to look back without a few regrets.
A national survey commissioned by Erie Insurance shows that while more than half of U.S. homeowners (53%) are happy with the features they chose for their homes, the rest (47%) regret one or more of them. Overall, homeowners are much more likely to regret not getting certain features than getting them.
For example, in terms of what they wanted and got but wouldn’t choose again, the biggest percentage (9%) say they wouldn’t get hardwood floors again. But, when asked a separate question about features they didn’t get but wish they had, a much larger percentage (16%) say they wished they had gotten hardwood floors. Granite countertops were second on the list of features homeowners wanted and got but wouldn’t choose again, with 8% saying that. But, more than twice as many homeowners (18%) regret that they did not get granite countertops.
Regardless of how they feel about their homes’ features, the survey found an overwhelming number of people are fond of their homes, with 95% saying they like or love them. The survey also asked some questions about homeowners insurance.
“We were pleased to see that the vast majority of people have very positive feelings about their homes, but we also learned that there are some knowledge gaps when it comes to how to best protect those homes if something goes wrong,” said Tina Burns, Hrenko Insurance Agency, Inc..
“For example, we recommend homeowners have what’s called ‘guaranteed replacement cost’ coverage, which would pay to replace a home regardless of what it would cost in today’s dollars. But the survey found that more than four in 10 homeowners don’t know whether their policy has this coverage or not.” “It’s important for homeowners to understand their policy and how it works with a covered claim. We get to know our customers so we can help them choose the coverages they need ” said Burns.
“Guaranteed Replacement Cost is a coverage that a lot of our customers really appreciate. We work with them, so they keep us up-to-date on home improvements over $5,000—a requirement for Guaranteed Replacement Cost.”
When asked why they would not get certain features again, reasons ranged from feeling the feature was not worth the money, to being tired of it, to feeling that the feature is outdated now. In terms of features homeowners regret not getting, a walk-in pantry topped the list.
Below are the top 5 features homeowners wanted and got but would not choose again:
Feature Percentage who would not choose it again 1. Hardwood flooring 9.2% 2. Granite countertops 7.8% 3. Stainless steel appliances 7.6% 4. Fireplace 7.4% 5. Deck 7.2%
Below are the top 5 features homeowners didn’t get but wish they had:
Feature Percentage who now wish they had it 1. Walk-in pantry 30.2% 2. Granite countertops 17.8% 3. Kitchen island 16.8% 4. Tankless water heater 16.4% 5. Finished basement 16.2%
For more information please contact:
Hrenko Insurance Agency, Inc. Tina Burns, 962 Tyrone Pike Philipsburg, PA 16866-9312 814-342-5204 www.hrenko.com
This content was originally published here.