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Debunking new home myths: Erie Insurance survey reveals what’s hot and what’s not in new homes

January 8, 2020 GMT
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Think you know the latest trends and what homeowners love in their homes? Think again!
1 of 2
Think you know the latest trends and what homeowners love in their homes? Think again!

ERIE, Pa., Jan. 7, 2020 /PRNewswire/ -- Think granite countertops are passé? Think again – they’re almost twice as preferred as quartz. That’s just one of the findings of a national survey of U.S. homeowners conducted on behalf of Erie Insurance. Erie Insurance commissioned the survey to gain fresh insights about homeowner preferences on a wide range of topics including design and finish preferences, aging in place design features, technology, energy efficiency and more.

There’s been some buzz over the past few years about the rising popularity of quartz, but the Erie Insurance survey found granite is still the preferred choice. When homeowners were asked which countertop material they would want if building a new home today, 40% said they would definitely want granite, compared with only 23% who said they would definitely want quartz.

“As a company in the business of protecting people’s homes and belongings, we’re always looking around the corner to see what’s next so that we can continue to meet the needs of today’s homeowners,” said Bob Buckel, vice president, Erie Insurance.

Other survey findings include:

Buckel said one troubling finding was when asked whether their homeowners insurance policy included guaranteed replacement cost coverage (or a similar loss settlement – enhanced replacement cost in North Carolina) four in 10 (42%) said they didn’t know.

“If something happens to your home this coverage allows you to rebuild it back to its previous size and specifications,” said Buckel. “Guaranteed Replacement Cost is a coverage that a lot of our customers really appreciate. We work with them, so they keep us up-to-date on home improvements over $5,000 – a requirement for Guaranteed Replacement Cost.”

“One of the key takeaways from our perspective is that homeowners would benefit by talking with their insurance agent to make sure they have the proper coverage,” said Buckel. “For many people, their home is their single biggest financial investment, and the last thing they would want is to find out too late that they don’t have enough coverage to rebuild it.”

When asked to write in what they would want in a new home, features ran the gamut from the practical to the luxurious. Some wanted more storage space and extra rooms, while others wanted luxuries like heated floors and heated driveways. Some were looking for spa-like features such as saunas, tanning beds and relaxation rooms. One person wanted a koi pond while another wanted a wine cellar. Two wanted safe rooms. One wanted a feature that’s probably not available for sale from any new home builder: an in-house chef!

Methodology
This survey of 500 U.S. homeowners ages 28 – 60 was conducted by Falls Communications on behalf of Erie Insurance from March 22 through March 26, 2019. While different sample sizes have different statistical margins of error, the estimated margin of error for any question with a sample size of 500 is +/-4.5%. Additional methodology details are available upon request.

About Erie Insurance
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 9th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 16th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.

News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.

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SOURCE Erie Insurance Group