TALLAHASSEE, Fla. — One of the consequences of being at home during the COVID-19 pandemic is that one-third of Americans have noticed more household items needing to be repaired or replaced. That's the finding of a new survey by the Service Contract Industry Council (SCIC), who says service contracts can ease the financial burden of broken items amid a tighter economy.
Seven in 10 of those surveyed report spending more time at home due to COVID-19. Of these, nearly half (46%) said that they've noticed an increase in household items needing to be repaired or replaced – both work essentials like laptops and important household appliances like washers, dryers, and televisions.
"Spending more time at home means your products are being used more than usual. Whether it's the refrigerator or living room TV, Americans' appliances are playing a bigger role in everyday life than usual,” said SCIC executive director Tim Meenan. “Service contracts provide security and peace of mind when expensive appliances need costly repairs.”
Service contracts are sold at the point of sale or after purchase to cover a variety of significant home systems, such as heating, air conditioning, and electrical and plumbing, as well as automotive repairs. Many service contracts include a refund period allowing consumers to cancel without penalty for a certain period of time after purchase. These refund provisions, combined with the long-term coverage that a service contract offers, can provide families with much-needed financial security in such unprecedented times.
The survey of 1,000 American adults was conducted on June 30 - July 7, 2020. It carries a margin of error of +/- 2.7%.
The Service Contract Industry Council is a national trade association that works with lawmakers across the country to develop fair and uniform regulation of the service contract industry. Learn more at www.go-scic.com.