U.S. Home Insurance Study
The J.D. Power U.S. Home Insurance Study examines overall customer satisfaction with two distinct personal insurance product lines: homeowners and renters. Satisfaction in the homeowners and renters insurance segments is measured by examining five factors: interaction; policy offerings; price; billing process and policy information; and claims.
The home insurance business model is primed for change: In 2019, overall homeowners insurance customer satisfaction declined for the first time since 2015, driven primarily by year-over-year declines in interaction experience and claims experience with the carrier. A total of 74% of homeowners insurance customers indicated in 2019 that they believe that the home insurance industry needs improvement. With insurtech start-ups becoming increasingly active in creating alternatives to traditional products and coverage, underwriting, and claims offerings, now is the time for home insurance carriers to focus on making improvements in these areas in order to retain customers and attract new ones.