National Homeowners Insurance Study finds most satisfied consumers are those that bundle their coverage
J.D. Power and Associates has released the latest edition of its U.S. National Homeowners Insurance Study. Each year, the study examines consumer satisfaction in the homeowner’s insurance sector and provides rankings to the insurance providers in this sector based on that satisfaction. This year, the study found that consumer satisfaction is highest amongst those that bundle their other insurance policies into their homeowner’s policy. The study found that consumer satisfaction was at the highest level it has been in the study’s twelve year history.
Study ranks satisfaction amongst consumers based on various factors
The National Homeowners Insurance Study ranks overall satisfaction based on a 1,000 point scale. The factors examined in the study include billing and payment claims, interactions between companies and consumers, policy offerings, and the price of these policies. According to this year’s edition of the study, consumers’ satisfaction with homeowner’s insurance companies ranks at 785, up 16 points from the level it was at in 2011. Satisfaction is highest amongst consumers that bundle other insurance policies with the coverage they receive from their chosen insurance company.
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Consolidating coverage boost satisfaction
Typical homeowner’s insurance policies do not cover the breadth of events that can happen to a particular property. Events such as floods, for instance, are generally not covered by the majority of homeowner’s insurance policies. As such, consumers must go elsewhere to receive this coverage. Many homeowners insurance companies do offer to bundle other policies into those that they provide, however, usually at a reasonable rate. This practice is not reserved for policies related to natural disasters, of course. The National Homeowners Insurance Study finds that auto insurance is a policy that is popular for consumers looking to consolidate their coverage options.
Amica Mutual wins top ranks in satisfaction
The National Homeowners Insurance Study provides rankings for several of the country’s largest homeowners insurance companies. These rankings can be found in detail in the report. The report shows that Amica Mutual ranks the highest in terms of consumer satisfaction. 2012 represents the 11th consecutive year in which the insurer has earned the top rank in the report.