Wednesday, Oct 03,2012
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Consumers are reporting the highest levels of satisfaction with their homeowners insurance in 12 years, according to recent data released by J.D. Power and Associates.
The study, conducted annually by the industry analysis firm, measures customer satisfaction levels with homeowners insurance policies in five categories: price, billing and payment, interaction, claims and policy offerings. According to the most recent data, customer satisfaction with policy offerings increased by 35 points in a year-over-year analysis, especially among consumers who bundled their home and auto insurance policies.
According to the Insurance Information Institute, many insurance providers offer discounts to consumers who purchase auto and homeowners insurance from the same provider in order to incentivize brand loyalty. In this way, consumers have access to lowered rates while still receiving the same amount of coverage.
Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates, notes that bundling policies not only saves money for consumers, but also makes the billing process easier and more streamlined for both parties.
The study revealed that overall customer satisfaction had increased by 16 points from the previous year, bringing the total up to 785 points out of 1,000. In addition to policy offerings, customer satisfaction also rose in all four other factors.
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