National Homeownership Month: Celebrating and Protecting Homeownership

For many people, buying a home is symbolic of achieving the American dream. June is National Homeownership Month, making now the perfect time to celebrate the many benefits of homeownership. It’s also a good time to protect the dream of homeownership with good risk management.

The State of Homeownership

When you buy a house, you’re securing a home you can truly call your own. You’re also building wealth you can pass on to future generations.

The homeownership rate (defined as the proportion of households that are owner occupied) was 65.1% as of the first quarter of 2025, according to the Federal Reserve Bank of St. Louis.

However, buying a home has not been easy due to high housing prices, interest rates, and homeowners insurance costs. According to a 2024 report from the National Association of Realtors, the market share of first-time homebuyers dropped from 32% in 2023 to just 24% in 2024, while the average age of homebuyers increased from 49 to 56.

Preserving Homeownership

Buying a home in a big achievement. In addition to being the culmination of hard work, it’s the beginning of a journey. However, homeownership is not always easy. Regular maintenance may prevent many issues, but there’s still a risk of unexpected losses – and a standard homeowners insurance policy doesn’t cover everything.

You need to take proactive steps to protect your investment.

1. Install water detectors.

There’s a leak in your basement, but you don’t notice for several weeks. Now, you have to replace the drywall in addition to fixing the leak.

Water detectors prevent scenarios like this. You simply place the water detectors where leaks are a risk. If they detect water, you’ll receive an alert to take action to minimize the damage.

2. Harden your home against wildfires.

The Los Angeles wildfires proved that even people in suburban neighborhoods need to think about wildfire risks. Simple improvements like creating a defensible space around your home, cleaning your gutters, and installing vent covers will reduce your risk. For more details, see FEMA’s guide to protecting your property from wildfires.

3. Prevent house fires.

Wildfires aren’t the only risk. Kitchen fires and other house fires are also a danger. Keep your home safe by making sure you have functioning smoke alarms and fire extinguishers. Other important safety measures include never leaving cooking food unattended and having your chimney professionally cleaned and inspected every year. For more safety tips, see the U.S. Fire Administration tips on preventing fires.

4. Protect your home from sewer backups.

Standard homeowners insurance does NOT cover sewer backups, but you can typically add this coverage as an endorsement. In addition to securing insurance, protect your home from backups by being careful about what you flush or pour down sinks and by installing a sump pump or backwater prevention valve. For more information, see the Insurance Information Institute’s tips on preventing sewer backups.

5. Secure coverage for earthquakes and floods.

Standard homeowners insurance does NOT cover losses caused by earthquakes or floods. If you want either of these coverages, you will need to purchase separate insurance policies. For tips on strengthening your home against damage, see FEMA’s tips on preventing earthquake and flood damage.

6. Secure service line coverage.

Most homeowners don’t think about it often, but they rely on the utility and service lines that run under their property. If these lines are damaged, the property owner may be responsible for the repairs. Standard homeowners insurance doesn’t cover this, but you may be able to add an endorsement to secure coverage. To avoid accidentally causing damage – and then being on the hook for thousands of dollars in repairs – always call 811 before digging on your property. The utility companies will mark the buried lines, enabling you to steer clear of them.

7. Make sure you have enough coverage to rebuild.

If a disaster strikes, you may need to rebuild your home. To make sure you have enough insurance to cover the costs, maintain adequate limits with replacement cost coverage. Also consider whether you need building ordinance coverage. Over time, building codes change, and repairs on old structures may be subject to the new requirements. Insurance doesn’t typically cover the cost of such “upgrades” unless you have building ordinance coverage in place.

Homeowners insurance protects your investment. Don’t wait until you’re facing a claim to think about whether you have sufficient coverage. Heffernan Insurance Brokers can help you understand your coverage and secure additional coverage if you need it. Learn more.