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USA Today
10-07-2025
- Business
- USA Today
Delay repairs or DIY? Homeowners who can't afford repairs worry their homes are less safe
In today's housing market, just buying a home can feel like crossing a finish line, but homeowners know it's only the beginning of a long, expensive, and complicated journey. Once homeowners are in the door, the down payment is spent, and focus shifts toward mortgage payments, it's not uncommon for repairs or upgrades to fall to the wayside. Between rising labor costs, material prices, and inflation, it's no secret home maintenance is expensive. This year, 71% of homeowners postponed renovations due to economic uncertainty, according to a survey by Guardian Service, which helps consumers shop insurance policies. That's usually where home insurance comes in. However, nearly 1 in 4 homeowners admit they've skipped filing a home insurance claim because they worried their home would not pass inspection. It's an even more common fear among young homeowners, with 1 in 3 Gen Z reporting they've been afraid to file. Close to a third of homeowners said they may wait a year or two before committing to major upgrades, and 15% said they're putting them off indefinitely. But the decision to live with a leaky ceiling or make peace with other problems in your home can have long-term consequences. Jon Ruggiero, Guardian Service's vice president of sales, compared home repairs to going to the doctor for a checkup, getting your car's oil changed, or its tires rotated. Without proper maintenance, homeowners could face more costly problems down the line. "Your home really is no different. It is the biggest investment you're ever going to make in your life. You want to make sure you're regularly checking in,' Ruggiero said. 'If you don't, you're more likely to put yourself in a situation where you have one of those extreme costs creep up.' Beyond risking rising premiums or getting dropped by insurers, nearly half of homeowners said they are concerned delaying maintenance in 2025 has made their house less safe. What repairs are homeowners postponing? It's little surprise homeowners prioritize necessary upgrades, with 69% saying they're most likely to invest in safety or structural improvements first. But home improvement budgets fell by an average of 42% this year, and two-thirds of homeowners said they eliminated theirs entirely, the survey found. Aesthetic upgrades, like repainting or installing new flooring, are the first to go, with 48% saying they're postponing those projects. Homeowners most often delay bathroom and kitchen remodels next. Less than a quarter of homeowners said they are also postponing window upgrades, electrical or plumbing repairs, and roof replacements this year. Even with summer heat waves and unusually high temperatures, 14% of homeowners said they're delaying an HVAC replacement. Delay or DIY? Homeowners are holding out for a time when making upgrades would be cheaper. At 69%, most say they are waiting for inflation to decline. Some are delaying in hopes of lower material and labor costs. Some are watching to see if potential tax credits or reduced tariffs will make their projects less expensive in the future. Others aren't willing to wait. While they may not have money to hire a contractor, 62% of homeowners surveyed are tackling critical repairs themselves. Young people are most inclined to DIY, with about 2 in 3 Gen Z and Millennial homeowners skipping professional help to save money. 'Gen Z has grown up in a world where they can go online and YouTube fixes,' Ruggiero said. 'They're more prone to trying to make themselves the expert and try to DIY a fix.' Anthony Scheirer, a public insurance adjuster known as the @insuranceclaimguy online, reminded homeowners that if they make any significant improvements, they need to let their insurance company know. Otherwise, those upgrades won't be covered and the homeowner would be left with gaps in their insurance policy. That often means it's on the homeowner to pay the entire cost of rebuilding an undisclosed addition if it's lost in a fire, for example. Some projects, like installing a wood stove, may increase liability or risk. If an insurer is kept in the dark about them until the next time a homeowner files a claim, especially if the wood stove caused a fire for instance, it could affect the overall payout. 'If you have a situation where you didn't tell them of the improvement, you could literally lose hundreds of thousands of dollars because you didn't make them aware,' Scheirer said. Tips to lower home insurance premiums Some home improvement projects can actually lower the owner's insurance premiums. While nearly half of homeowners say they would complete a delayed upgrade if that was the case, 71% said their insurer has not educated them about which upgrades could lower their monthly payment. Some common projects to lower premiums include storm-resistant windows, a new roof, and fireproofing, according to Guardian Service. Ruggiero told USA TODAY that installing a smart thermostat or central security system are some of the easiest upgrades homeowners can make that may bring their insurance costs down. But every policy is different. Ruggiero and Scheirer recommend reviewing yours with a qualified professional to see what changes could bring down your premiums. Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_
Newsweek
02-07-2025
- Climate
- Newsweek
Millions of US Homeowners Issued Insurance Warning
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Millions of U.S. homeowners are unprepared for extreme weather, a new survey by Guardian Service suggests, with insurers warnings of the costly impact of complacency. The U.S. experienced a near-record number of climate-related disasters in 2024, at an average of nearly one every four days, according to a study by the International Institute for Environment and Development (IIED). Despite the billions of dollars in damages caused by natural disasters annually, the Guardian Service survey suggests many homeowners still tend to underestimate or avoid the challenge they are facing. Forty percent of homeowners interviewed by the insurance agency said they are "well" or "extremely" prepared for an extreme weather event—but as many as 33 percent have taken no action whatsoever to protect their home, not even reviewing their coverage. Brittany Wooden and her family look on at the neighborhood her grandmother lives in, Allen Circle, where homes are underwater after excessive rains caused flooding on August 7, 2024, in Statesboro, Georgia. Brittany Wooden and her family look on at the neighborhood her grandmother lives in, Allen Circle, where homes are underwater after excessive rains caused flooding on August 7, 2024, in Statesboro, Georgia.A majority of homeowners don't have enough funds to weather a storm should their insurer not cover the damage incurred to their properties. 61 percent said they would rely on credit cards, loans, or family support to pay for weather-related home damage, while more than one-third (36 percent) currently have less than $1,000 saved for home emergencies. Many showed crucial gaps in their knowledge of how home insurance works. Forty-one percent mistakenly think flood damage is covered under a standard policy, and 68 percent don't know what a "named storm" deductible is. The survey was conducted among 2,000 U.S. homeowners on June 6—just days into this year's hurricane season, which forecasters said is very likely to be above average. While the survey is just a snapshot of the nation, it implies millions of Americans are taking considerable financial risk. Confidence Without Readiness The findings haven't surprised experts. Instead, they confirmed a pattern they have observed before of "confidence without readiness," as Kara Credle, a licensed insurance agent at Guardian Service, called it. Many homeowners believe they are prepared, but they haven't taken action to steady their homes ahead of a natural disaster. "People often underestimate their risk, especially if they haven't personally experienced a major disaster," Credle told Newsweek. "There's a widespread belief that 'it won't happen to me,' which leads to complacency." Additionally, Credle said, many homeowners don't really know what steps are needed to be truly prepared for their homes being struck by an extreme weather event. "Emergency planning, structural reinforcements, and policy reviews aren't part of everyday conversations, so people tend to delay or ignore them. In some cases, the information is available, but it's confusing or too technical, making it hard to act on," Credle explained. An 'Outdated' Sense Of Safety The survey found that nearly half of all homeowners (46 percent) who had not taken any protective steps believed their homes were not at risk because they lived in a safe area of the country. But with the climate crisis changing the traditional rules of the game, this assumption is "increasingly dangerous and outdated," Credle said. "The weather no longer sticks to predictable zones. Relying on old assumptions leaves homeowners vulnerable. Skipping insurance reviews or home upgrades because 'it probably won't happen here' can turn into a very costly mistake," she added. "Today, being prepared means taking action ahead of time. It's not about whether something will happen anymore; it's about when." Dr. Shane Crawford of the University of Alabama said that, "although some areas are more at risk for certain types of natural hazard, there is no area in the country with zero risk." The West Lags Behind Across the U.S., most homeowners feel least prepared to face earthquakes (44 percent), tornadoes (37 percent) and wildfires (35 percent). The least prepared homeowners in the entire nation are concentrated in the West, according to the Guardian Service survey, despite the fact that they face some of the most serious natural disaster threats in the nation—wildfires, earthquakes, floods, and even mudslides. Forty percent of them feel they are unprepared for earthquakes, 39 percent said they are not ready to face tornadoes, 29 percent said they are not ready for wildfires and 28 percent are unprepared for hurricanes. "One big reason is that disaster risks out West are complex and often overlapping, which can make it overwhelming to know where to start," Credle said. Another challenge, she added, is that earthquake insurance is not normally included in standard home policies, forcing homeowners to either add an endorsement to cover earthquake damage—which would likely raise their premium—or buy an entire earthquake policy separately. "Many homeowners either don't realize this or assume it's too expensive to be worth it," Credle said. "Insurance availability is also shrinking in high-risk parts of the West, especially areas prone to wildfires." Several major insurers have pulled out of the California market over the past five years, or raised their premiums, according to data from regulators, leaving homeowners scrambling for coverage or forcing them into much more expensive options. Homeowners in the Midwest feel least prepared for earthquakes (42 percent), hurricanes (40 percent), wildfires (38 percent), tornadoes (36 percent) and flooding (20 percent). Those in the Northeast feel least prepared for earthquakes (51 percent), tornadoes (46 percent), wildfires (35 percent), hurricanes (27 percent) and flooding (24 percent). Homeowners in the South feel least prepared for earthquakes (42 percent), wildfires (36 percent), tornadoes (31 percent), hurricanes (29 percent), flooding (24 percent) and winter storms and blizzards (24 percent). What Risks Do Unprepared Homeowners Face? Being unprepared for extreme weather can be financially tough, forcing homeowners to take out money they don't have for repairs—especially if they find out their insurance won't cover all their losses. "Many people don't realize that standard policies often don't cover flood damage, and some deductibles are based on a percentage of your home's value—meaning you could be on the hook for thousands before coverage even kicks in," Credle said. "And it's not just about money. The stress of losing your home, dealing with insurance delays, or being displaced for weeks or months takes a serious emotional toll." According to a recent study by the Insurance Information Institute and reinsurance company Munich Re, about 88 percent of U.S. homeowners have property insurance, but only about 6 percent have flood coverage. A majority of those who have flood insurance are concentrated in the most at-risk coastal areas, but experts said that the threat of flooding is hardly limited to these parts of the country. "Lack of flood coverage is the biggest insurance gap across the country," Mark Friedlander of the Insurance Information Institute previously told Newsweek. "As we saw last year with Hurricane Helene, inland flooding can be catastrophic from a landfalling hurricane. Ninety percent of U.S. catastrophes involve flooding," he said. "This is why flood insurance is essential for all residents, not just in coastal communities." Tom Larsen, AVP of product marketing for insurance at Cotality, previously told Newsweek that this hurricane season the U.S. is facing the threat of "wind damage from hurricane-force winds threatening tens of millions of properties" and storm-surge flooding "that could inundate more than six million homes," as well as washed-out roads, disabled municipal water systems and overwhelmed power and wastewater networks in affected states.
Yahoo
17-06-2025
- Business
- Yahoo
More Than One-Third of Americans Have Canceled or Delayed Big Purchases in 2025: Here's Why and What It Could Mean for the Economy
The U.S. economy has been a mixed bag so far in 2025, with stock market volatility and tariff anxiety largely overshadowing positive employment and inflation data. One central theme is that uncertainty has made many consumers wary of spending money on big-ticket items like homes and cars. Learn More: Read Next: More than one-third (35%) of Americans have delayed or canceled plans for a big purchase this year, according to a new survey of 1,000 U.S. adults from Guardian Service, a Raleigh, North Carolina-based insurance agency. Nearly one-quarter (22%) said they would delay or cancel buying a home. Another 8% said a car, while 5% said both. More than half of respondents (63%) cited economic uncertainty as the main reason. Many also cited high interest rates (57%) and high prices (55%). If these trends continue, they'll likely have a negative impact on the overall economy, experts say. GOBankingRates explore these financial trends more and break down that that means for the economic landscape. 'Across the country, Americans are second-guessing big purchases, dialing back on long-term dreams and even downgrading essential protections like insurance,' Guardian Service noted in a Jun. 3 report. 'The rising cost of living and fears of a looming recession are making many feel like they're walking a financial tightrope.' That tightrope is partly the product of President Donald Trump's tariff plans, which have roiled the stock markets and led to fears of trade wars and inflation. Trump has dialed back or delayed his tariff plans on several occasions, temporarily calming the nerves of both investors and economists. Consider This: But there's still a lot of uncertainty surrounding tariffs. Until the picture is clearer, many Americans have reined in their spending plans. An April report from Real Estate News noted that economic uncertainty and rising mortgage rates have caused many potential homebuyers to put on the brakes. 'A lot of buyers, especially first-timers, are backing off because they're nervous about a potential recession,' Redfin Premier agent Venus Martinez said a weekly report. In the Guardian Service survey, 12% of respondents said they've downsized their idea of a 'dream home.' Younger Americans have also raised the ages at which they expect to afford their first home. Meanwhile, a recent report from S&P Global indicated that May might be the last month of the year when auto sales increase on a yearly and monthly basis. 'Given the swirling tariff, consumer and auto inventory conditions, the expected May 2025 auto sales result will likely be the last period this year to post positive growth in year-ago and month-prior comparisons,' said Chris Hopson, principal analyst at S&P Global Mobility. 'Shifting tariff policies have automakers scrambling to produce vehicles while they can, but uncertainty abounds in the immediate term, and upcoming monthly sales levels are expected to decelerate further.' A slowdown in home and auto sales would have a negative impact on the U.S. economy simply because consumer spending plays such a big role in economic growth. 'Consumer resilience helps keep the economy on track,' U.S. Bank noted in a May 28 report, adding that during the 2025 first quarter, Personal Consumption Expenditures accounted for more than two-thirds of the nation's gross domestic product. How current U.S. policy and economic trends will play out is uncertain, but Americans can lean on sound financial advice and robust money habits to protect their wallet in the mean time. More From GOBankingRates 10 Genius Things Warren Buffett Says To Do With Your Money This article originally appeared on More Than One-Third of Americans Have Canceled or Delayed Big Purchases in 2025: Here's Why and What It Could Mean for the Economy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
14-05-2025
- Automotive
- Forbes
Nearly Half Of All Tesla Owners Surveyed Report Their Rides Being Vandalized
A while back we reported that Tesla owners were more frequently becoming the victims of road rage, being heckled, flipped off, cut off and even blocked from using public charging stations. At the time owners said were harassed most often by pickup truck drivers harboring anti-electric-car attitudes as part of the country's ongoing culture wars, though some felt they were being treated rudely on the road due to ill will directed toward the company's increasingly right-leaning CE0 Elon Musk. Flash forward to today, and the anti-Tesla sentiment has not only escalated, the contempt has switched sides, so to speak, in the cultural conflict. This due in no small part to Musk's ersatz insertion into federal politics via the Trump administration's jobs and services slashing Department of Government Efficiency (DOGE). But what began as protests at Tesla dealerships nationwide have turned especially ugly. A just-released survey of 508 Tesla owners conducted by the online insurer Guardian Service indicates that nearly half reported that their vehicles have been intentionally damaged, presumably at the hands of Musk/Tesla-bashers. What's more, around three-quarters of respondents fear being targeted moving forward as adverse sentiments toward the automaker continue to foment. On top of that, and likely as a result, the report states that 61% of Tesla owners say their insurance rates have been hiked by an average of $340 annually, regardless of whether or not their vehicles have been vandalized. And 53% expect their premiums to take another hit by year's end. In terms of hard numbers, 44% of Tesla owners surveyed report their vehicles being has been keyed, slashed, or otherwise damaged. The Guardian Service report notes that 46% of those vandalized reside in southern states, 22% in the Northeast, 21% in western states and 11% in the Midwest. Disturbingly, 25% of those surveyed have physically encountered someone in the process of damaging their Teslas. At 61% Gen Z owners reported the highest frequency of Tesla rage, which Guardian Service says is nearly twice the rate reported by older drivers. They also paid more than their senior counterparts for repairs at an average $2,113, versus $1,730. Overall, a whopping 72% of current owners worry they're more likely to be the targets of vandalism than those behind the wheels of vehicles from competing brands. A full 66% feel anxious about leaving their cars unattended and 60% say the fear of vandalism has caused them to drive fewer miles or avoid specific parts of town entirely. As a result, 54% have installed or enabled video surveillance systems to help law enforcement identify vandals. And yes, Tesla drivers continue to be the victims of road rage, with 43% of respondents saying they've being on the receiving end of rude gestures and comments while on the road. Perhaps as a result, the Guardian Services study indicates that 30% of owners say they won't be replacing their existing rides with another Tesla. Already, resale values for used Teslas have been plummeting, with the online auto marketplace reporting that with the brand's pre-owned rides have lost an average 10.1% of their worth in the past year, with used Tesla Model S values in particular sliding by a considerable 17.1%. At that, Tesla is reportedly sitting on $200 million worth of unsold Cybertruck models that can't seem to find buyers for reasons that include being involved in multiple recalls, with the latest involving body panels randomly falling off the vehicle. Sales have slowed to the point where Tesla dealers have reportedly stopped taking Cybertrucks in trade or buying them outright because they can't sell the new models gathering dust on their lots, with dealers from competing brands giving lowball offers to minimize any financial risk. Talk about a fall from grace.
Yahoo
10-05-2025
- Automotive
- Yahoo
Almost Half of Tesla Owners Say Their Cars Have Been Damaged Intentionally
Tesla vehicles have become lightning rods for people's disdain for CEO Elon Musk, with many simply mocking or ridiculing drivers. A new report suggests some are taking it a step further; almost half of the respondents say their vehicles have been 'intentionally damaged,' with a bulk of the reports coming from the south. Further, almost three-quarters of Tesla drivers feel they're at risk of being targeted in the future. Guardian Service also reports that over half of Tesla owners say their insurance premiums have risen, whether their vehicle was damaged or not. Though many remain happy with their Teslas, 19 percent are now rethinking their decision to buy a Tesla instead of the myriad other electrified options from other automakers. Though Tesla stock has continued to climb steadily over the past few months, this study suggests onlookers are still displeased with Elon Musk and are taking it out on Tesla owners. Forty-four percent of Tesla owners report their vehicles have been intentionally damaged, with 46 percent of those reports coming from the south. 22 percent of Tesla owners in the northeast report their Teslas have seen purposeful harm done, while 21 percent out west report the same. The Midwest remains the 'safest' place to own a Tesla, with only 11 percent of owners there reporting damage. A full 72 percent of Tesla owners say they 'believe they're more likely to be targeted for vandalism than other drivers.' Fifty-four percent of owners say they have installed or enabled video surveillance on their vehicles out of fear, with 21 percent reporting they already had surveillance enabled. Twenty-five percent of respondents to the survey say they have caught someone purposefully damaging their vehicle. According to those who say their cars were damaged, the average repair bill is $1,900. Gen Z Tesla drivers seem to face the most hostility, as sixty-one percent of Tesla owners in this age bracket say their cars were damaged intentionally, with an average repair bill for this age range being $2,113. Millennials and older drivers paid closer to $1,730. Sixty-one percent of Tesla drivers say their insurance premiums have risen, with the average annual increase at $340. Over half - 53 percent - say they expect their insurance premiums to rise this year, too. Beyond the actual damage, 43 percent of Tesla owners report people gesturing rudely toward them or giving them dirty looks as they drove by. As a result of the damage, gestures, and looks, 66 percent of Tesla drivers feel anxiety leaving their cars unattended, and 60 percent say concerns over vandalism have led them to avoid driving as much or avoid certain areas altogether. It's impossible to truly know another person's mindset, but causation and correlation are strong here. If Elon's actions truly are spurring this spate of crime. In that case, it's regrettable that people's feelings about him are manifested as damaging another person's property.
