According to a new report from the Federal Reserve Board, four in ten Americans are unable to cover a $400 in unexpected expenses for emergencies, and “would cover it by selling something or borrowing money.” These results are an improvement from the 2013 Economic Well-Being of U.S. Households report conducted by the Federal Reserve Board, who at the time found that half of adults were unable to cover such an expense. The number has been improving slightly each year, but many still struggle to put money aside for emergencies. A 2018 HomeServe Biannual State of the Home survey found that 18% of American homeowners have no money set aside for an emergency home repair.
When a home repair emergency arises, the first thing a homeowner does is turn to their utility provide for guidance and assistance for unexpected expenses. To find out how HomeServe can help improve your customer engagement and protect your customers when faced with a hefty repair bill, contact us.