Looking back at 2023, HomeServe, the parent company of Service Line Warranties of Canada, has much to celebrate. In addition to marking our 20th year in business, HomeServe has added over 100 new utility and municipal partners. We look forward to working with them to protect homeowners, promote local economic growth, bolster community programs, and achieve their key objectives.
HomeServe’s 2023 State of the Home Survey demonstrated that home repair emergencies are common and, when they occur, homeowners are often financially unprepared and unsure of who is responsible and who to call for assistance. 70% of homeowners reported having one or more home repair emergencies in the past 12 months, with home heating/cooling issues topping the list at 28%. Other prevalent issues included water heater troubles (19%); blocked/overflowing toilets (19%); and leaking water pipes (18%). Compounding the problem, 14% reported having no funds set aside for an emergency home repair, and 31% said they have $500 or less or nothing set aside for an unexpected repair.
HomeServe’s repair volume in 2023 illustrates the prevalence of home repair emergencies. We executed over 380,000 repairs for the year, saving our customers more than $220 million, while maintaining an average customer satisfaction rating of 4.8 out of 5 stars across nearly 100,000 completed post-claim surveys. With 107 new partner utilities and municipalities added in 2023, including Pacific Gas & Electric, Alabama Power, Southwest Water Company, Truckee Meadows Water Authority, and the cities of Iowa City, Iowa; Montgomery, Alabama; Mount Vernon, New York; and Niagara Falls, Ontario, we look forward to protecting and delivering outstanding service to many more homeowners across North America in the coming years.
The HomeServe solution can include a revenue share that many partners utilize to support community and LMI programs. Additionally, through our HomeServe Cares Foundation, eligible homeowners can receive pro bono repairs when they are faced with a service emergency. In 2023, we performed over 152 pro bono jobs saving the recipients more than $365,000.
One recipient this year was a Lander, Wyoming, resident who returned to her home after a month in the hospital to find that her water service line had burst in the cold. With a mounting water bill, a broken water line, and no way to pay for either, the homeowner thought she might lose her home. The Lander city water clerk suggested she apply for aid through the HomeServe Cares Foundation, and she was approved. The Foundation dispatched B&M Septic and Excavation Services of Riverton, Wyoming, to dig up and repair the water service line. The homeowner was happy to see the company, who had previously done septic line work at her home when she’d been in better circumstances. In short order, the work was completed, and the Foundation covered the $4,500 cost. “Thank God for the Foundation,” the homeowner said. “They saved my home, and to have someone do something nice for you when you’re struggling. I can’t thank them enough. It was a life saver.”
We appreciate the continued trust of our customers and partners, and we wish you a healthy, happy, and prosperous new year.