Satisfaction with home insurance companies at record high
Satisfaction higher than ever
Overall homeowner satisfaction with home insurance companies recently reached an all-time record high, J.D. Power and Associates said in a September report.
According to the J.D. Power and Associates 2012 U.S. National Homeowners Insurance Study, homeowner satisfaction with home insurance companies rose 16 points year-over-year to an average level of 785 (on a 1,000-point scale). This 785 mark is the highest level observed in the 12-year history of the survey.
When consumers bundled other insurance policies with their home insurance policy, satisfaction rose even further, the report noted.
“The increase in satisfaction with policy offerings is directly related to customer perceptions that insurers are doing a better job in offering the right coverage options at competitive prices when policies are bundled,” Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates, said in a statement.
Bowler continued: “Bundled policies not only may provide a reduced premium for customers, but may also be advantageous to both parties, as it allows customers to interact with a single insurer, potentially streamlining both billing and payment.”
According to J.D. Power and Associates, for customers who only insured their homes with an insurer, average satisfaction came in at 712. Once another policy was bundled, satisfaction rose to 792. Additionally, if four or more policies were bundled, satisfaction increased to 861.
The study determined levels of customer satisfaction by looking closely at five factors: home insurance rates, billing/payment, claims, interaction, and policy offerings.
The largest year-over-year gains in satisfaction with home insurance occurred in the following two categories: policy offerings (an increase of 35 points) and billing and payment (27-point increase).