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Wednesday, August 17, 2022

Traders increase demand as homeowners plan to upgrade 68 PCs

According to the latest research from Aviva, Irish homeowners who are planning a home renovation now anticipate challenges due to rising costs and the availability of merchants.

Of the 68pc of homeowners looking to renovate in the coming year, a fifth of them say that the cost of updating a home, as well as the lack of available merchants, may prevent them from completing their plans.

This was particularly evident by homeowners in Dublin compared to the rest of Ireland. More than a quarter of those surveyed in Dublin are expected to have difficulties, compared to only 7 pc in Connacht and Ulster.

According to Aviva, women are more likely to do self-renewal work. It is also people in the age group of 45-54 who opt to self-renew.

“The results suggest that a large number of people want to renovate, and while some people, both large and small, will take refurbishment into their own hands – for others securing merchants for work, combined with rising labor and material costs, Meaning plans may have to be put on hold for the foreseeable future,” said Billy Shannon, Aviva’s managing director of Personal Lines.

The survey of more than 1,000 Irish people also revealed that less than 20 percent of those researched are sure they have adequate home insurance.

Nearly half of those surveyed in the 25-44 age group say they never review their cover, compared to 31 percent of those over the age of 55.

4 out of 10 never review the remodeling cost of their home, a factor that could have changed in recent months due to inflation.

“If you don’t reevaluate it every few years, there’s a good chance your policy isn’t an accurate reflection of your home’s value,” Mr. Shannon said.

“So, given current inflation rates, this means for that large group of people in Ireland who don’t get reviewed before renewal – they are underinsured.”

He added that renovations, especially large scale projects, will also increase the value of the property, which needs to be reflected on the insurance policy.

World Nation News Desk
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