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Satisfaction with home insurance upPosted On Wed, October 7, 2009
According to a recent study, consumers with home insurance indicate they are happy with their coverage.
The J.D. Power and Associates 2009 National Homeowners Insurance Study rated consumer satisfaction on a 1000-point scale. Overall, home insurance providers scored 773 on the scale, which marks a 21-point increase over 2008.
Price was a large factor in the increased satisfaction with home insurance. Using the same scale, price satisfaction was up by 46 points in 2009. Tying into prices are discounts, which also played a factor in consumer satisfaction. The percentage of policy holders who experienced a discount in their home insurance rose from 81 percent in 2008 to 84 percent in 2009.
Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates, noted that home insurance companies should make sure to inform their customers of the types of discounts they may be getting.
"Even if a customer's policy doesn't change, satisfaction may improve by more than 90 points when they're informed of the discounts they qualify for and are getting, compared with when they have no awareness of the discounts," Bowler said.
The Insurance Information Institute notes that one way consumers can save money on their home insurance is by bundling it with auto insurance. Insurance companies may be more likely to give discounts when people get more than one type of insurance.
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