Customer Satisfaction With Homeowners Insurance

The just released J.D. Power and Associates 2011 U.S. National Homeowners Insurance Study contains a number of interesting findings, but a couple of key takeaways really caught our attention.

For example, homeowners who carry sufficient insurance coverage to fully rebuild their homes in the event of a total loss are more satisfied with their insurer than those that don’t, the study found.

Approximately 16 percent of homeowners insurance policyholders indicate they carry less coverage than would be required to fully rebuild their home in the event of a total loss.

Among those policyholders, satisfaction averages 739 on a 1,000 point scale in 2011 – more than 40 points lower than among policyholders who say they have sufficient coverage.

J.D. Power notes that it is key for homeowners to ensure that their insurance coverage is sufficient before a disaster strikes.

While many homeowners may not give much thought to their insurance under normal circumstances, the moment they have to file a claim, the value of coverage becomes realized.

The study found  that customers who have filed a claim tend to be more knowledgeable about their policies – and also more satisfied – than those who haven’t had a claims experience.

Overall satisfaction with homeowners insurance companies averages 769 in 2011 – improving by 19 points from 2010, according to the study. While satisfaction improved in all five factors, the greatest gain was in the interaction factor.

This year’s study is based on responses from more than 9,100 homeowners insurance customers, fielded between April and July 2011.

Check out this I.I.I. video for tips on making sure you are  adequately insured.

Check out I.I.I. facts and stats on homeowners insurance.

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