Consumer satisfaction in homeowners insurance sector continues to climb

J.D. Power Report Homeowners Insurance
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J.D. Power Report Homeowners InsuranceReport highlights satisfaction among homeowners insurance customers

J.D. Power and Associates has released a new study concerning consumer satisfaction in the homeowners insurance market. The study, entitled “J.D. Power and Associates 2013 Property Claims Satisfaction Study,” claims that homeowners insurance customers are more satisfied with their claims when dealing with insurance agents rather than their insurance providers directly. The study also indicates that general satisfaction with the way insurers handle claims continues to rise despite two years of heavy losses due to natural disasters.

Satisfaction is off to a good start in 2013

Last year, a similar study from J.D. Power and Associates noted that consumer satisfaction in the homeowners insurance sector reached record highs. This year, satisfaction appears to be off to a good start, especially where insurance agents are concerned. The study shows that consumers filing claims through agents are significantly more satisfied with the process than those that file claims directly with their insurance provider. The study shows that consumer satisfaction is climbing steadily despite the problems that many homeowners insurance companies have faced due to recent natural disasters.

Claims settlements are on the rise

According to the study, the average settlement associated with claims coming from consumers in the U.S. was $8,517, up from $7,937 in 2012. The study suggests that settlements are expected to increase by $250 every year. Approximately 33% of the claims received by insurers were relating to tornado or hurricane damage, with 22% relating to hail, and 14% relating to water damage that is not associated with any weather event. While flood insurance is considered an aspect of homeowners insurance coverage, the federal government holds jurisdiction over this sector and manages the claims that are sold through the National Flood Insurance Program.

Agents provide vital aid to consumers

The study shows that consumers are so satisfied with their experience with agents because these agents help them file claims more effectively. Consumers report that agents are more open to helping address serious concerns a customer may have with their insurance policy and help dissipate any confusion there may be regarding claims and the coverage their policies offer.

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