The Value of Homeowners Insurance

Despite recent housing market troubles, homeowners appear to be very happy with their insurance companies. The J.D. Power and Associates 2009 Homeowners Insurance Study reports that for the first time in five years, overall customer satisfaction with homeowners insurance has increased significantly, driven by favorable perceptions of the value of their policies. Satisfaction with homeowners insurance averages 773 on a 1,000-point scale in 2009 – an increase of 21 points on 2008. J.D. Power says the overall increase is primarily due to substantial improvements in the price, policy offerings and billing and payment factors. Satisfaction with price improved most notably – increasing by 46 points from 2008. The apparent prevalence of discounts also contributed to improved perceptions of policy value. The study found that the percentage of policyholders who reported receiving discounts increased in 2009 to 84 percent from 81 percent in 2008. Of the 27 insurers included in the study, 10 have experienced notable increases from 2008 in the proportion of their customers who report getting discounts. J.D. Power noted that policyholders who receive discounts are significantly more satisfied than those who either do not receive discounts or are unsure of the discounts they receive. Check out I.I.I. facts and stats on homeowners insurance.

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