On the Move, with Added Stress: New National Survey Finds Overwhelming Majority of Recent Homebuyers Feel Stressed Out
NORTHBROOK, Ill. (Aug. 2, 2016) – Looking for a new home can be exciting, but the process can also be overwhelming both for first-time buyers as well as experienced homeowners. According to the National Association of Realtors, existing home sales just hit the highest level in nearly a decade. While more people are moving, 82% of recent homeowners polled by Allstate Insurance say they found the process of moving into their new home to be stressful –roughly half of all respondents say moving in was more difficult than actually finding a new home.
“I recently moved with kids in tow and it can be quite a chore,” says Allstate’s Vice President of Home Insurance Shannon Bowes. “There’s plenty to think about before, during, and after a move that can be stressful, but there’s also plenty of information available to help individuals navigate the process.”
Consult with an insurance expert
While recent homeowners overwhelmingly said they are confident in their home insurance coverage (91%), nearly half of the homeowners surveyed (47%) said they are concerned about extreme weather conditions causing damage to their home, while 37% are worried about their home burning down and another 31% think about water backup causing damage. These concerns have one thing in common – a need for the right home insurance coverage to protect your most valuable asset. In fact, among the pieces of advice drawn from the survey is that a solid majority of recent homeowners (58%) say they would advise future homeowners to talk to an insurance expert about home insurance options.
Take advantage of trusted resources
To better prepare for a potential loss at your home, Allstate has a number of tools available that can help during the moving process. Here are just a few examples:
Allstate’s Digital Locker: helps document all your stuff and store it in the cloud so you’re able to access photos and an inventory of your belongings after a loss.
Allstate’s Moving Center: a one-stop shop with lots of answers to common moving questions.
Homeowner discounts: a list of some of the most common ways to save money on your home insurance.
The biggest regrets among recent movers? Almost three-in-four (72%) warn others getting ready to move to conduct inspections in the new home prior to signing any paperwork. And, 6 out of every 10 say future homeowners should conduct research on the neighborhood and community prior to moving. There are other things homeowners can do to make sure they’re properly protected ahead of time, as well. For example, more than half of those surveyed (53%) say they renovated their new homes but did not update or change their existing homeowners insurance.
“Whether you’re looking to renovate or relocate, home insurance coverage needs to be one of the things you consider early in the process,” Bowes said. “More often than not, you get individuals who think if they simply have property insurance they’re covered, but it’s important to talk with a home insurance expert before and after your renovations or improvements to your home – make sure you’re covered today, so you’re not surprised tomorrow.”
About the Survey The Allstate Homeowners survey included a nationally representative sample of 1,102 American homeowners ages 18+. Interviews were conducted online June 13-June 22, 2016. Respondent selection for the survey was based on homeowners who had moved into their homes in the past two years. The survey was conducted by FTI Consulting for Allstate.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Now celebrating its 85th anniversary as an insurer, Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” Allstate agencies are in virtually every local community in America. In 2015, The Allstate Foundation, Allstate, its employees and agency owners gave $36 million to support local communities.