Tampa Florida - The numbers are in and overall contentment with home insurance companies are the highest they have been in years. J.D. Power and Associates reports that due to the exercise of bundling multiple insurance polices like your home and auto insurance, consumers are happier than they have ever been. Saving time and money is always going to make a consumer happy, wouldn't you say?
J.D. used a 1,000 point scale to discover customer satisfaction. The overall averages for this year over close to 800, so nearly 80% of all home insurance consumers are happy with their coverages. This number has risen over 15 percentage points from the previous year according to J.D. Power.
Furthermore, the contentment goes up close to 20 percentage points with the consumers who bundle multiple polices like their home and auto with the same insurance company. This information was based on a National Homeowners Insurance Study conducted by the larger research firm.
“The increase in satisfaction with policy offerings is directly related to customer perceptions that insurers are doing a better job in offering the right coverage options at competitive prices when policies are bundled,” said Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates. “Bundled policies not only may provide a reduced premium for customers, but may also be advantageous to both parties, as it allows customers to interact with a single insurer, potentially streamlining both billing and payment.”
We all know that auto is the most bundled type of policy with homeowners insurance and the study did find a direct relationship between bundling and customer contentment. Contentment among consumers that insure only their home with their homeowners insurer is near the low 700's within the 1,000 point scale. Nevertheless, when an additional product is bundled (typically the auto policy), satisfaction increases to nearly the mark of 800. When four or more products are bundled with the insurance company, contentment grows to nearly 900.
With all of that being said, J.D. Power and Associates makes a great point with this survey. In most markets you are able to bundle multiple policies from the same insurance company, which helps you save time and money. The issue with this survey is that it doesn't reflect all markets in the Untied States. Take for instance, the Tampa, Florida marketplace, where the majority of homeowners buy their auto and home insurance from separate companies because the big franchise carriers like State Farm and Allstate do not offer home insurance policies in this state because of the risk. What do you think? Does this accurately reflect your marketplace? I know it doesn't in Florida. Give us your thoughts today!