Homeowners are postponing essential repairs and insurance claims, driven by financial strain and the fear of triggering inspections or higher rates. This behavior risks escalating minor issues into severe structural problems, mold growth, and potential insurance claim denials. Many are reducing renovation budgets, postponing critical repairs, jeopardizing safety and property value. As labor costs rise, numerous homeowners are choosing DIY repairs, which could jeopardize insurance coverage without proper reporting. While financial concerns dominate decision-making, lack of awareness prevents them from seizing opportunities that could lower premium costs, such as smart home installations.
Delaying repairs or avoiding insurance claims can result in minor issues escalating into costly structural damage, mold growth, or even insurance claim denials due to neglect.
Homeowners are cutting back on renovation budgets, with many postponing cosmetic upgrades and essential repairs, potentially compromising their home's value and safety.
Despite rising labor costs, a significant number of homeowners are opting to handle critical repairs themselves, which may save money initially but could impact their insurance coverage if upgrades are not reported.
Failing to inform insurers about major upgrades can lead to losing out on extended or guaranteed replacement cost coverage, leaving homeowners at risk of underinsurance in case of a disaster.
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