The increased time spent at home during the pandemic has resulted in many people deciding to tackle home renovation projects. From creating a new office space or virtual learning area, to larger projects like bathroom renovations, many homeowners are rolling up their sleeves to do the improvements themselves. And the trend doesn’t seem to be slowing down.
In fact, the Leading Indicator of Remodeling Activity (LIRA) projects the remodeling industry will be even stronger in 2021, up 3.8% compared to 2020. During the pandemic, homeowners have fixed up or added on decks, updated landscaping and installed new roofs, among other projects. According to HomeAdvisor’s latest annual State of Home Spending report, the number one completed project was interior painting – 35% of households painted in 2020, making a visual impact with a low investment.
What’s on your to-do list? If you’re considering an upgrade but not sure where to start, check out the results of a national survey by Erie Insurance, conducted prior to the pandemic, which revealed what homeowners don’t have, but wish they did. Here are the top five:
1. Walk-in pantry: This topped the list with just under a third of respondents (30%) saying they wish they had one. Kitchen renovations are typically on wish lists, and Houzz reported that demand for kitchen remodelers was up 40% in June 2020 compared to the year prior.
2. Granite countertops: 17.8%
3. Kitchen island: 16.8%
4. Tankless water heater: 16.4%
5. Finished basement: 16.2%
Regardless of the new features or upgrades you choose, it’s important to let your insurance agent know so you can make sure you have enough homeowners insurance coverage. “We understand how important the home is; that’s why we provide coverage to suit every home and budget,” says Bob Buckel, vice president and product manager at Erie Insurance. “Our variety of optional endorsements helps you customize your policy without breaking the bank.” Consider expanding your coverage beyond the standard homeowners policy with endorsements – like equipment breakdown to cover that new tankless water heater.
They can also cover stolen or misplaced jewelry, sewer or drain backups, cyber-crimes, identity theft and underground service lines.
Adding these extra coverages to your home policy can provide you with the comfort knowing all the extra work you put into sprucing up your home will be protected. To make sure you have what you need for your home and everything in it, talk to an insurance agent or visit ErieInsurance.com.
Making home updates can be as big or small an endeavor as you like. If you do take the plunge, be sure you protect your investment.
StatePoint • Contributed
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