Property Restoration Statistics 2024 – Everything You Need to Know

• Treatment of Landsat 7 SLC gapsAn estimated 22% of the Landsat 7 scenes is lost because of the SLC failure. ^[1]
• An estimated 22% of the Landsat 7 scenes is lost because of the SLC failure. ^[1]

Property Restoration Latest Statistics

• In particular, consumer spending has increased an annualized 1.8% over the five years to 2021, while the industrial production index has risen an annualized 0.6% during the period. ^[2]
• As a result, industry revenue has increased an annualized 0.5% to $4.0 billion over the past five years, including an increase… ^[2]
• attach_money Market Size $4bn business Number of Businesses 55,352 poll Average Industry Profit Margin x.x% Purchase this report or a membership to unlock the average company profit margin for this industry. ^[2]
• Providing industrial damage restoration services 00.5% increase 0. ^[2]
• The average homeowners insurance premium rose by 3.1 percent in 2018, following a 1.6 percent increase in 2017, according to a January 2021 study by the National Association of Insurance Commissioners, the latest data available. ^[3]
• The average renters insurance premium fell 0.6 percent in 2018 marking the fourth consecutive annual decline. ^[3]
• Renters insurance premiums fell 2.7 percent in 2017. ^[3]
• Fortythree percent of homeowners said they had an inventory in the 2020 Triple I Consumer Poll. ^[3]
• The survey showed that homeowners in the South and West were more likely to have a home inventory , followed by homeowners in the Northeast and Midwest. ^[3]
• In 2019, 5.1 percent of insured homes had a claim, according to ISO. ^[3]
• Property damage, including theft, accounted for 97.2 percent of homeowners insurance claims in 2019. ^[3]
• In 2019, 5.1 percent of insured homes experienced a claim, compared with 6.2 percent in 2018. ^[3]
• Homeowners insurance losses, net of reinsurance, rose to $63.8 billion in 2020 from $54.2 billion in 2019, according to S&P Global Market Intelligence. ^[3]
• Property damage 96.1% 96.% 97.6% 97.7% 97.% Wind and hail .5 33.4 41.0 36.3 34.3 Water damage and freezing 4.4 9.0 18.7 3.7 9.4 Fire and lightning 3.7 6. 3. 30. 5.1 Theft 1.9 1.9 1.1 1.0 1.0. ^[3]
• . . 7. Liability 3.9% 3.8% 2.% 2.3% 2.8% Bodily injury and property damage 3.7 3. 2.2 2.1 2. Medical payments and other 0.2 0.2 0.2 0.2 0. Credit card and other. ^[3]
• Total 00.0% 00.0% 00.0% 00.0% 00.0%. ^[3]
• In the fiveyear period, 2015 2019, 5.7 percent of insured homes had a claim. ^[3]
• Wind and hail accounted for the largest share of claims, with 2.5 percent of insured homes having such a loss, followed by water damage and freezing with 1.9 percent of homes having a loss. ^[3]
• The cost of living rose 4.7 percent in 2021. ^[3]
• The cost of motor vehicle insurance increased 3.8 percent after a 4.6 percent decline in 2020, when drivers reduced their driving due to the COVID. ^[3]
• The cost of tenants and household insurance declined slightly, down 0.3 percent. ^[3]
• Used cars and trucks increased a significant 26.6 percent and the median price of a single family home increased 17.7 percent and nearly 100 percent since 2012. ^[3]
• 150.3 0.9% 131.3 3.1% 198.7 NA 303.5 2.0% 177 6.5%. ^[3]
• 4.8% NA 23.4% 99.4% December 996=00. ^[3]
• The U.S. homeownership rate was 65.5 percent in the fourth quarter of 2021, according to the U.S. Census Bureau. ^[3]
• The 2010 Census showed that in some of the largest cities renters outnumbered owners, including New York, where 69.0 percent of households were occupied by renters, followed by Los Angeles , Chicago and Houston. ^[3]
• Year Homeowners Percent change Renters. ^[3]
• Rank Group/company Direct premiums written Market share State Farm Mutual Automobile Insurance $,046,55 8.4%. ^[3]
• Homeowners Insurance Industry Underwriting Expenses, 2020 Expense Percent of premiums Losses and related expenses. ^[3]
• Loss and loss adjustment expense ratio 77.0% Incurred losses 67.5. ^[3]
• Defense and cost containment expenses incurred 1.8 Adjusting and other expenses incurred 7.7 Operating expenses Expense ratio 28.%. ^[3]
• Combined ratio after dividends 105.9%. ^[3]
• As a percent of net premiums earned. ^[3]
• As a percent of net premiums written. ^[3]
• There were 113,500 deaths from unintentional home injuries in 2020, up 21.1 percent from 2019. ^[3]
• The number of unintentional home injury deaths has increased by 272 percent since 1999, largely due to increases in unintentional poisonings and falls. ^[3]
• However, the number of policies in FAIR plans peaked in 2011 and had been falling steadily through 2018, down 49.7 percent from 2011 to 2018, while exposure dropped by 54.6 percent. ^[3]
• In 2019 the downward trend ended and from 2018 to 2020, total policies grew 10.1 percent while exposure grew 30.8 percent. ^[3]
• In 2020, 66.6 percent of housing units were owner occupied and. ^[3]
• 33.4 percent were renter occupied, according to the latest U.S. Census figures. ^[3]
• In 2019, 32.1 percent of owner occupied units housed people age 65 and over. ^[3]
• The same year, 16.2 percent of rental units housed people over age 65. ^[3]
• The nation’s homeowners paid a median of $1,510 monthly housing costs in 2019, compared with $1,301 for renters, according to the latest American Housing Survey from the Census. ^[3]
• However, renters usually paid a higher percentage of their household income on these costs than did owners, 45.1 percent compared with 26.5 percent of homeowners who spent 30 percent or more of their income on housing costs in 2019. ^[3]
• State Percent Rank State Percent Rank Alabama 74.8% 4 Montana 68.4% 33 Alaska 64. 44 Nebraska 69.8. ^[3]
• 74.2 8 Wyoming 73.9 9 Missouri 71.1 19 United States 66.6%. ^[3]
• States with the same percentages receive the same rank. ^[3]
• In 2020 West Virginia, Delaware, Maine, Alabama and Minnesota had the highest percentage of owner. ^[3]
• State Percent Rank State Percent. ^[3]
• Rank Alabama .6% 35 Montana 8.9% 0 Alaska 7. 6. ^[3]
• States with the same percentages receive the same rank. ^[3]
• In 2019, Hawaii, California, New Jersey and Florida had the highest homeownership costs, based on the percentage of homes in which owners spent 30 percent or more of their income on homeowner. ^[3]
• North Dakota, Indiana, Iowa and Kansas had the lowest costs, based on the percentage of homes in which owners spent 30 percent of more of their income on homeowner. ^[3]
• Rank Alabama 40.9% 35 Montana 4.% 33 Alaska 4.0 34 Nebraska 38.4 47 Arizona 43.4 Nevada 48. 5. ^[3]
• Percent of renter occupied units spending 30 percent or more on rent and utilities such as electric, gas, water and sewer, and fuel. ^[3]
• Nationwide, 45.1 percent of renters spent at least 30 percent of their household income on rent and utilities in 2019. ^[3]
• In 2019 North Dakota, South Dakota, West Virginia and Kentucky had the lowest percentage of rental units in which occupants spent 30 percent or more of their income on rent. ^[3]
• In 2015, the main 10 misfortune states speak to 56% of the aggregate Water Damage guarantees in that year. ^[4]
• From 2014 through 2015, California had an aggregate of 327,648 cases, 45% more than the second most noteworthy condition of Florida which had 225,222. ^[4]
• Also, of the main 10 states, Massachusetts saw a 115% increment in Water Damage claims from 2014 through 2015. ^[4]
• 93% of water damage can be prevented moldgrow within 20 24 hours of standing water. ^[4]
• 37% of homeowners claims losses from water damage. ^[4]
• among restoration professional practitioners, restoration success was not evaluated in 22% of the projects and evaluated only in the first year after the plantation in 19% of the projects. ^[1]
• When conducted, the evaluation was based on plant cover and diversity (69% of the projects) and plant vitality (48%). ^[1]
• The relatively flat study area belongs to the Sahelian acacia savannah ecoregion , and is characterised by a hot arid desert climate according to the updated Köppen–Geiger climate classification. ^[1]
• Potential controls having more than 50% of invalid pixels are also excluded. ^[1]
• With our test cases, the fraction of missing data varied between 0% and 40% and operated as a random subsampling with no expected consequences on the following BACI test. ^[1]
• The hypothesis of no change was rejected at the conventional 5% significance level. ^[1]
• Focussing on the sites for which a significant BACI effect was detected, the average relative contrast is −20% and −27% for MODIS and Landsat data, respectively. ^[1]
• A nonsignificant BACI effect is detected using the singleimage set up of Landsat despite a quite large negative relative contrast (−27.95%). ^[1]
• For instance, with MODIS analysis, this ranges from +6.3% . ^[1]
• 4) to −27.7% . ^[1]
• A study released by Harvard in June reported Americans spent $322 billion on remodeling and home repairs from July 2018 through June 2019; a 6.8% jump from the previous year. ^[0]
• In the very latest research conducted by R&R and BNP Media’s Clear Seas Research this summer, 26% of restoration contractors predicted their business would increase this year. ^[0]
• Only 5% predicted a decrease, meaning the rest predicted a year similar to the last. ^[0]
• Of respondents, 75% were in upper management level positions, with purchasing power. ^[0]
• Eighty four percent were from independent companies; 13% from franchise; the remaining 3% chose the “other” option. ^[0]
• Diving deeper, contractors noted that on average, 79% of the jobs they handle are private work, while 21% are through third. ^[0]
• That is a 2% rise in private work, and a subsequent drop in TPA work, from 2018. ^[0]
• Even with this change, however, the amount of residential work yearover year remains unchanged at 62%, with the real shifts happening between commercial and institutional. ^[0]
• Hiring & Retention Looping back to all the data in the beginning about increased profits in 2019, three out of five contractors predicted an increase in revenue from restoration and remediation type work – the same number as in 2018. ^[0]
• The latter saw a significant jump in concern with 32% of contractors concerned about employee retention in 2018, and 45% concerned in 2019. ^[0]
• In both 2018 and 2019, 32% of contractors said adopting new technology is a challenge for them, and will continue to be over the next 12 months. ^[0]
• In our study, 29% of contractors plan to purchase a drone in the next 12 months. ^[0]
• This was the second most anticipated purchase, second only to moisture meters – of which 30% of contractors plan to buy. ^[0]
• Like in 2018, a number of restoration companies plan to drive sustainability initiatives this year – with 64% of companies looking to reduce using toxic chemicals, and 48% using botanical remediation products. ^[0]
• Last year, 87% of contractors reported using those products, compared to 75% this year. ^[0]
• This year’s research also held some good news for local distributors and suppliers – with contractors making 40% of their purchases from those vendors. ^[0]
• Twenty four percent of purchases are coming from big box stores like Home Depot and Lowe’s, up just 2% from last year, and purchases from Amazon specifically remained the same from 2018 to 2019 at 22%. ^[0]
• On one final note, when it comes to storm work, 39% of contractors said they do travel, or will travel, for large scale disaster work. ^[0]
• That’s up from 32% of contractors who gave us feedback in the summer of 2018, before hurricanes Irma and Michael hit. ^[0]
• The average home leaks close to10,000 gallons of water every year 10% of households will waste over 90 gallons of water each day through minor leaks and drips. ^[5]
• Fixing these drips can represent an average of 10% savings on your water bill. ^[5]
• 98% of insurance claims are for property damage. ^[5]
• Consider some of the results from a national survey conducted by a leading insurance company 90% of homeowners said they were confident in their ability to discover maintenance issues or potential damage in their homes Only one in five respondents. ^[5]
• 37% of all fires in the United States were structure fires. ^[6]
• Fires incurred $12.3 billion in property damage 80% of civilian fire deaths were caused by structure fires Oneand twofamily homes made up 65% of firerelated deaths Apartment fires accounted for 10% of fire. ^[6]
• Compared to the previous year, the number of structure fires in 2019 dropped by 4%. ^[6]
• Here’s an overview of how 2019 fires compare to those from 2018 Civilian casualties due to fire rose by 2%. ^[6]
• Fire injuries increased by 9% Property damage costs surged by 11%. ^[6]
• Overall, fire related property damage in 2019 cost 50% more than it did in 1980. ^[6]
• In 2019, 75% of structure fires were attributed to residential buildings. ^[6]
• Fortunately, residential fires decreased by 7% from 2018 to 2019, which is also 52% lower than the number of residential fires in 1980. ^[6]
• 2019 also saw a 43% decrease in structure fire deaths in oneor two family homes and a 63% decrease in fire deaths in apartments compared to 1980. ^[6]
• The number of injuries increased by 25% from the previous year, but the number of total non residential structure fires decreased by 8%. ^[6]
• Cooking fires are reportedly responsible for over 172,000 home structure fires per year, according to U.S. fire departments and the NFPA. ^[6]
• Candles were responsible for 2% of all home fires between 2014 and 2018. ^[6]
• An average of 21 home candle fires per day 677 civilian fire injuries and 81 civilian fire deaths caused by candles 60% of candle fires were started by combustible objects being too close to the fire. ^[6]
• Electrical fires were responsible for 13% of all home structure fires between 2012 and 2016. ^[6]
• Accounted for 18% of fire deaths in civilians. ^[6]
• Caused 20% of fire related property damage Mostly took place between midnight and 4 am. ^[6]
• Additionally, the NFPA claims that 40% of all 20122016 electrical fires occurred during one third of the year—between the months of November and February. ^[6]
• Since 1980, structure fire related deaths have decreased by 47% and fire injuries decreased by 44%, according to the NFPA. ^[6]
• Residential fires cause 75% of fire deaths and 73% of fire related injuries Vehicle fires cause 17% of fire deaths. ^[6]
• The US Fire Administration reported a 20% increase in fire related deaths between 2009 and 2018. ^[6]
• However, during the same time, the USFA reported a 17% decrease in fire injuries. ^[6]
• The economic impact of structural fires and fire damage in the United States in 2014 was $328.5 billion, making up 1.9% of the U.S. Gross Domestic Product. ^[6]
• While the overall cost of fires has increased by over 50% since 1980, the total cost as a percentage of the GDP has decreased by over 75%. ^[6]
• According to the NFPA, 17% of these funds are attributed to fire safety costs in constructing and upgrading buildings. ^[6]
• A faucet leaking at the rate of 1 drip/second can cost you 250 gallons of water per month 10% of houses in the U.S has undetected water leaks and wastes 90 gallons of water per day. ^[7]
• More than 70% of water heaters trigger water damages before they are 12 years old. ^[7]
• Since 2005, home water damage claims have increased at the rate of 2 percentage. ^[7]
• The vulnerability of getting an infection or illness post direct or indirect exposure to black water is more than 90%. ^[7]
• Water damage statistics indicate even a minor leak can increase the average household water bill by 10%. ^[8]
• trillion gallons or enough to supply million homes with water for a year.0% of homes with leaks waste 90 gallons or more per day. ^[8]
• The most expensive home repairs are typically due to emergency water damage.99% of U.S. counties were impacted by a flooding event between 1996 and 2019.Since 2000, flood damage has quadrupled. ^[8]
• 10% of homes with leaks waste 90 gallons or more per day. ^[8]
• 99% of U.S. counties were impacted by a flooding event between 1996 and 2019. ^[8]
• In 2019, Gen Z and Millennial home sellers were much more likely to make home improvements before selling than their older counterparts. ^[9]
• In 2019, most homeowners funded their renovations with cash from their savings , whereas three percent used an unsecured loan to do so. ^[9]
• Available to download in PNG, PDF, XLS format 33% off until Jun 30th. ^[9]
• Employment of general maintenance and repair workers is projected to grow 8 percent from 2020 to 2030, about as fast as the average for all occupations. ^[10]

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Reference

1. randrmagonline – https://www.randrmagonline.com/articles/88679-the-state-of-the-restoration-industry-in-2019.
2. sciencedirect – https://www.sciencedirect.com/science/article/pii/S0303243417300429.
3. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/damage-restoration-services-industry/.
4. iii – https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance.
5. hollywoodrestoration – http://www.hollywoodrestoration.com/statistics-about-water-damage/.
6. waterdamageadvisor – https://www.waterdamageadvisor.com/water-damage/statistics/.
7. waterdamageadvisor – https://www.waterdamageadvisor.com/fire-damage/statistics/.
8. titanrebuild – https://titanrebuild.com/commercial-residential-water-damage-statistics-united-states/.
9. ipropertymanagement – https://ipropertymanagement.com/research/water-damage-statistics.
10. statista – https://www.statista.com/statistics/890264/homeowner-renovation-expenditure-usa/.
11. bls – https://www.bls.gov/ooh/installation-maintenance-and-repair/general-maintenance-and-repair-workers.htm.

How Useful is Property Restoration

At its core, property restoration serves a vital role in not only revitalizing and rejuvenating spaces but also in preserving the rich history and cultural significance that many buildings hold. By restoring a property to its former glory, we are able to not only appreciate the craftsmanship and architectural beauty of a structure but also honor the stories and memories that are ingrained within its walls.

Furthermore, property restoration can have a positive impact on the surrounding community and neighborhood. A well-maintained and restored property can boost property values, attract new residents and businesses, and contribute to the overall aesthetic appeal of an area. In turn, this can create a domino effect, leading to increased economic development and growth within the community.

But property restoration is not just about aesthetics and monetary value; it also serves a practical purpose. By restoring properties that have been damaged by natural disasters or neglect, we are able to prevent further deterioration and ensure the safety and stability of the structure. This is particularly important when it comes to historical buildings or landmarks, as they hold a special place in our collective heritage and must be preserved for future generations to enjoy.

Moreover, property restoration can also have a positive impact on the environment. By refurbishing and renovating existing structures, we are able to reduce the amount of waste generated from demolition and construction of new buildings. This not only helps to conserve resources but also minimizes the carbon footprint associated with new construction projects. In essence, property restoration aligns with principles of sustainable development and environmental conservation.

However, property restoration is not without its challenges and drawbacks. It can be a time-consuming and costly process, requiring a significant investment of time, money, and resources. Additionally, finding skilled craftsmen and artisans who are capable of preserving and restoring historical buildings can be a challenge in and of itself.

Furthermore, there may be ethical considerations when it comes to property restoration, particularly when it comes to striking a balance between preserving the original character of a building and updating it to meet modern standards and requirements. It is important to tread carefully and approach property restoration with sensitivity and respect for the historical and cultural significance of the structure.

In conclusion, property restoration is undeniably a valuable and important endeavor that helps to preserve our history, revitalize our communities, and contribute to sustainable development. While it may come with its own set of challenges and considerations, the benefits far outweigh the costs. As stewards of our built environment, it is our responsibility to ensure that properties are maintained, restored, and preserved for the benefit of current and future generations.

In Conclusion

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