III’s 2016 Homeowners Insurance: Understanding, Attitudes and Shopping Practices

Earlier this year the Insurance Information Institute concluded a survey to collect and measure a range of information about consumers and homeowners insurance, including:

– The depth of consumer understanding about their homeowners insurance coverage

– Policyholders’ attitudes toward the cost of homeowners insurance

– The prevalence of purchasing separate policies to cover flood and earthquake damage

– How consumers comparison shop for homeowners insurance

 

Key Findings

91% of homeowners knew that fire damages was covered under homeowners insurance

79% of homeowners knew that theft from house was covered under homeowners insurance

79% of homeowners knew that wind was covered under homeowners insurance

73% of homeowners knew that hail was covered under homeowners insurance

71% of homeowners knew that burst pipes was covered under homeowners insurance

69% of homeowners knew that medical costs for someone injured on property was covered under homeowners insurance

43% of homeowners incorrectly believe damage from heavy rain flooding is covered under their standard insurance policy

 

On Comparison Shopping

69% of auto insurance policyholders comparison shop for insurance by any method when their policy comes up for renewal

44% of homeowners policyholders comparison shop for insurance by any method when their policy comes up for renewal

Only 17% of homeowners compare prices online at renewal time

 

On Purchasing Practices

93% of homeowners maintain at least the basic homeowners insurance policy

31% of Americans consider homeowners insurance to be a financial burden – watch the trend below:

41% of renters have renters insurance – watch the trend below:

41% of renters insurance owners are millennials

 

On Flood

 

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