Costs Are a Big Factor
Rise in Homeowners Dissatisfied with Insurance
A growing number of customers are not pleased with their homeowners insurance. Recent research from J.D. Power and Associates reveals satisfaction levels have declined to levels not seen since 2005.
The market research group asserts such low satisfaction levels may stem from customers not understanding how coverage rates are determined. Jeremy Bowler, J.D. Power and Associates director of insurance practice, says costs are a big factor for homeowners.
"Approximately 50 percent of customers don't have a clear understanding of how much coverage or what type of coverage they have on their home, and may have erroneously expected their premiums to decrease just as home values have declined since 2008," says Bowler.
Furthermore, the study found those who use the same insurer for their auto insurance reported being more pleased with their coverage. In many cases, coupling the two types of insurance gets policyholders a discount through the provider.
The Insurance Information Institute (III) reminds those who are seeking home insurance that several factors are taken into account when determining rates. They say physical proximity to a fire department and hydrant can affect rates.
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