BOSTON, March 31, 2015 /PRNewswire/ -- Spring is in
the air and that has a significant number of Americans planning a
new beginning, according to research released today by Liberty
Mutual Insurance. The Liberty Mutual Insurance New Beginnings
Report, a national survey of 2,000 U.S. adults, found that 42
percent of Americans will make at least one major life change this
year. Topping the list of new beginnings are homes and jobs, with
44 percent of Americans planning to move or undertake a home
renovation this year and 22 percent in the market for a new
job.
Americans say they spend more time researching a home purchase
than any other major purchase with 73 percent ranking house hunting
research for a new home number-one. This surpasses time spent
conducting research in preparation for a new baby, vacation, car,
laptop or tablet and 401K or other retirement savings. Almost a
third (31 percent) of Americans will take on a home renovation this
year with two-thirds getting started this spring. While home
improvement projects vary in size and scope, one in five say
they'll spend $10,000 or more.
America the DIY Nation
Among the Americans planning a home renovation, seven in ten
will do at least some of the work themselves with more than half
(55 percent) of these DIY renovators saying they aim to improve
their home's value. Millennials lead the DIY charge, with nine in
ten planning to do some of their home improvements themselves. By
contrast, about three-quarters of Gen X'ers and two-thirds of
Boomers say they will take the DIY approach. Aside from saving
money, Millennials, more than other generations, say adding a
personal touch is a motivation to do-it-yourself.
Money Still Matters
With new changes comes some anxiety as from generation to
generation, Americans feel worried about having enough money to go
through a new beginning. About three-quarters (72 percent) of
Americans worry they may not have enough money to make a change,
with an even higher percentage of Millennials – 85 percent as
compared with 64 percent of Baby Boomers – expressing financial
concerns.
New Resources for New Beginnings
"Embarking on a new beginning is exciting but as our study
shows, it can also be overwhelming as about two-thirds of Americans
express concern about not having enough information to make a major
life change or purchase," said Anthony
Storm, executive vice president and Chief Marketing Officer
of Liberty Mutual Insurance. "It's essential to be well-prepared to
protect your investment of both time and money to ensure you have
peace of mind with any new beginning."
To help, Liberty Mutual has assembled a panel of experts,
including television personality and DIY handyman Chip Wade.
"Getting started on your new beginning is often the hardest
part, and you shouldn't let your fears or lack of resources hold
you back," notes Wade. "Whether it's your first apartment or a
second vacation home, it's easier than you think to tackle your
first DIY project or take better stock of your
investment."
Wade offers the following tips:
- Break It Down: Most of us make lists when contemplating
making a change in our lives – be it buying a house, moving,
looking for a job, planning a vacation or another new beginning.
But one mile-long list can cause more stress than it alleviates.
Instead, make a series of shorter lists with that fit within your
master plan with achievable deadlines, organizing to-dos by week or
month, for example. Tackle that new beginning step by step.
- Taking Stock of What's Inside Your Home: According to
the report, Americans are largely unaware of how to protect their
investments. Fewer than one in five Americans will take steps to
adjust their insurance policy after making a major purchase, fewer
than one in five Americans (18 percent) have formal documentation
of their belongings and a third don't know the value of their
possessions. Creating a room-by-room inventory of your personal
belongings is easy with tools such as Liberty Mutual's Home
Gallery® app. The free app lets you store images
and information such as purchase price and date for each item on
your phone and can be exported to save on your home computer or
another device as a backup record.
- Round Up & Ask about Discounts: Setting a budget is
one of the first steps you should take when planning a project.
Knowing unexpected issues can always arise, take your original
estimate and add on an additional 15-20 percent to give yourself a
cushion. It's also important to look for potential savings that
could be available on home insurance. This may include
discounts related to recent home renovations or installing
protective devices such as smoke or burglar alarms.
- Safety First: Whether you're planning to do all, none or
some of the work yourself, homeowners and renters alike
should start with a home safety audit, making sure the most
critical needs, like electrical, plumbing, protective devices,
gutters and roofing are up to date.
For additional information about the Liberty Mutual New
Beginnings Report, visit www.LibertyMutual.com/newbeginning and
join the conversation on Twitter @LibertyMutual with
#mynewbeginning.
About the Report
Liberty Mutual Insurance commissioned ORC International to
conduct a quantitative methodology to measure anticipated life
changes and major purchases among adults across the United States. The report included a
survey among a nationally representative sample of 1,936 licensed
drivers aged 18+. Overall the findings from the report can be
interpreted at a 95 percent confidence interval with an error
margin of +/- 2 percent. Error margins for subsets such as by
generation will be wider.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what
they earn, build, own and cherish. Keeping this promise
means we are there when our policyholders throughout the world need
us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a
diversified insurer with operations in 30 countries and economies
around the world. The company is the third largest property
and casualty insurer in the U.S. based on 2013 direct premium
written as reported by the National Association of Insurance
Commissioners. Liberty Mutual also
is ranked 76th on the Fortune 100 list of largest
corporations in the U.S. based on 2013 revenue. The company
employs over 50,000 people in more than 900 offices throughout the
world.
The fifth-largest auto and home insurer in the U.S., Liberty
Mutual (libertymutual.com) sells full lines of coverage for
automobile, homeowners, valuable possessions, personal liability,
and individual life insurance. The company is an industry leader in
affinity partnerships, offering car and home insurance to employees
and members of more than 14,000 companies, credit unions,
professional associations and alumni groups.
Contacts:
Glenn Greenberg
617-574-5874
Glenn.Greenberg@LibertyMutual.com
Carolyn Evert
617-585-5790
cevert@360pr.com
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SOURCE Liberty Mutual Insurance