Homeowners Opt to Perform Their Own Maintenance to Save Money

Being a homeowner has gotten more expensive in 2023.

Homeowners have seen an increase in utility costs (41%) and repair costs (27%) in the past year, according to a new survey from Hippo home insurance group. Twenty-six percent of respondents reported not having enough savings to cover the replacement cost of a broken-down critical appliance in their home.

A majority (70%) of those responding to the survey live in a single-family detached home, 17% in a single-family townhouse and 6% in a mobile home, vehicle or other mobile unit.

Most homeowners are opting to self-perform (74%) home maintenance projects this summer over using a local professional (26%), with the primary objective of saving money by avoiding unexpected repairs and costs (59%).

“Our survey revealed that most homeowners say they will perform home maintenance projects this summer rather than hire a local professional. We empower customers with the know-how to tackle many home maintenance projects like cleaning gutters and replacing weather strips. However, some tasks like HVAC maintenance, electrical work and plumbing should likely be left to the pros,” said Mark Olssen, home insights expert at Hippo.

The top home maintenance tasks homeowners reported: 54% said checking and replacing the batteries in smoke and Carbon monoxide detectors, 42% said securing loose objects in the yard, 41% said clearing out debris from gutters, 32% said inspecting fire extinguishers, 25% said ensuring no exposed wood on, near or attached to the home, 21% said performing a home inventory of items that could be damaged and 20% said checking and modifying home insurance policy.

Homeowners reported they have similar anxiety about extreme weather (58%) compared to last year, with 20% experiencing more anxiety about extreme weather.