2 in 3 homeowners do not know what their home insurance covers
Nearly half (48%) of Americans claim they’re prepared for the worst when it comes to their homes.
Yet out of the 2,000 homeowners polled, 65% of policyholders admitted they have no idea what their home insurance actually covers.
A majority (53%) said they live in a natural disaster-prone area and two in three are willing to go the extra mile to protect their homes from potential natural disasters, even if that means paying more for home insurance.
Respondents believe the most important coverage to have on a home nowadays includes fire damage protection (39%), storm damage protection (35%) and coverage for personal valuables (35%).
Commissioned by Goosehead Insurance and conducted by OnePoll, the study found a disconnect between what homeowners understand about their risk and how it’s covered in their home insurance policy.
For example, nearly four in five (79%) have read their home insurance policy in full. Close to a third (30%) said they read their policy “frequently.”
But when asked what insurance-related terms they understand, 16% said they don’t know the meaning of any insurance terms.
Commonly misunderstood terms include “limits of liability,” (35%), “home insurance replacement costs” (33%), “actual cash value” (32%), “blanket coverage” (27%) and “other structure coverage” (26%),
Likewise, 43% of homeowners don’t understand how percentage deductibles are applied to policies, nor how they’re calculated.
Nearly half (45%) have had insurance claims denied because they didn’t have the proper coverage.
Given this discrepancy, it’s no surprise that when looking for insurance policies, 59% have sought help from a professional insurance agent to help them find their policy. The most stressful parts of the process include hard-to-read policies (31%), the number of options to choose from (19%) and poor communication (18%).
“While looking for the right home insurance can be time-consuming, hard, and frustrating, it is one of the most important choices a homeowner will make,” said Brian Pattillo, Vice President at Goosehead Insurance. “Making sure your home and belongings have the proper coverage in a worst-case scenario can make all the difference in the world. The best way to get it done is to do research and talk to people who are experts to make the process simple, transparent, and efficient.”
The average homeowner said they looked at four different providers before choosing their current insurance policy. The most important factors were the coverage type (26%), the insurance brand’s name (22%) and the price of the policy (18%).
When it comes to price, 57% said they’d willingly sacrifice their coverage if it meant saving money due to rising rates. Three in four (76%) said they’d also update their policy if they learned they were overpaying — something that 52% of respondents have found to be true.
The study also found the average policyholder looks to update their insurance after living in their home for five years.
Sixty-eight percent have had to change their policy based on major lifestyle changes like buying or selling a home (28%), major renovation projects (27%) and environmental changes (27%).
“With so many policy options available to consumers, talking to an expert to ensure you have the right coverage at the best price is one part of the solution,” continued Mr. Pattillo. “Take your time to find the right coverage for your household, and remember to occasionally take inventory of what you own in case you need to update your home insurance coverage.”
TOP REASONS CONSUMERS UPDATE THEIR HOME INSURANCE
-Buying or selling your home - 28%
-Major renovation projects - 27%
-Environmental changes - 27%
-Having a kid - 25%
-A change in family status - 25%
-Professional changes - 24%
MOST MISUNDERSTOOD HOME INSURANCE TERMS
-Limit of liability - 35%
-Home Insurance Replacement Cost - 33%
-Actual Cash Value - 32%
-Identity theft fraud expense protection - 32%
-Independent Agent - 31%
-Declarations - 31%
Survey methodology:
This random double-opt-in survey of 2,000 American homeowners was commissioned by Goosehead Insurance between June 22 and June 29, 2022. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
相關影片推薦
- 1:51罹大腸癌無法再改車 家屬辦拍賣會延續愛|#鏡新聞鏡新聞115,478 次觀看・16 小時前
- 1:44台版「寄生上流」! 保全疑窩居台中12期豪宅地下室東森新聞影音2,787 次觀看・21 小時前
- 2:02停紅燈遭後車撞亡 業務員上班遇死劫獨留妻兒TVBS新聞網影音10,101 次觀看・2 天前
- 1:42【直擊】余天孫子女終於回家了!樂樂緊抱余筱萍 拉著余祥銓捨不得放娛樂星聞221,276 次觀看・1 天前
- 1:08粉絲抱怨IVE服裝張員瑛又獨自美麗 秋天甚至被說像工地主任:只差一頂安全帽娛樂星聞5,497 次觀看・2 天前
- 1:57Energy太狂!簽唱會湧5千名粉 王子鬆口「棒棒糖」回歸:接洽中TVBS新聞網影音2,804 次觀看・15 小時前
- 1:21北市信義區女陳屍屋中估逾2週 警鎖定丈夫追查華視影音5,257 次觀看・2 天前
- 1:05金智媛《淚之女王》減肥終於結束 露出幸福笑容說自己吃了炸醬麵娛樂星聞12,637 次觀看・9 小時前
- 1:07王力宏難敵歲月摧殘顏值崩塌! 新造型網友不買單直呼:老態盡顯娛樂星聞11,792 次觀看・2 天前
- 2:0250元硬幣怎分辨真假? 專家教你分辨真偽民視影音8,939 次觀看・18 小時前
熱門必看
- 13:05雪力神分析INF人!精彩到連唐老師都忘了講星座!?Ep.216-3唐綺陽談星室34,945 次觀看・5 天前
- 14:06到京都別只衝伏見稻荷神社 想變美、求戀愛運來這才內行Yahoo創作摩人25,396 次觀看・6 天前
- 11:30【淚之女婿】突變劇情被罵爆... 原來賢祐就是白血球?眼淚是海仁找回記憶關鍵?七大《女王》解析&主演幕後故事Ki笑人生50,365 次觀看・4 天前
- 8:05拿水沖香奈兒!?90萬小廢包沒人帶?! 2024精品新趨勢 永續環保最時尚!!Sherry袁曼軒6,856 次觀看・1 週前
- 7:40花200萬存0056後悔了?4年定期定額0050與0056投報大公開!SHIN LI24,334 次觀看・6 天前