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Chubb Ranks Highest in Homeowners Insurance Segment, Erie Insurance Ranks Highest among Renters Insurance Providers
Rampant Home Insurance Increases Strain Customer Satisfaction—and Drive Policy Shopping, J.D. Power Finds
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Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
Homeowners and renters insurance costs have now exceeded both the rate of inflation1 and the average rate increases experienced by auto insurance customers during the past year. Acc ording to the J.D. Power 2024 U.S. Home Insurance Study,? released today, that nationwide surge in rates has driven a sharp increase in the percentage of customers shopping for new policies because their rates are too high.
“The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, up from 5.9% two years ago,” said Breanne Armstrong, director of insurance intelligence at J.D. Power. “Many shoppers have ended up staying put because there are so few alternatives available, but carriers need to recognize that steady rate increases put policy retention at risk and has a negative effect on customer satisfaction.”
Following are some key findings of the 2024 study:
Study Rankings
Chubb ranks highest in the homeowners insurance segment, with a score of 688. AIG (680) ranks second and Amica (679) ranks third.
Erie Insurance ranks highest in the renters insurance segment for a second consecutive year, with a score of 713. Amica (695) ranks second and Lemonade (682) ranks third.
See the rank chart for each segment at http://www.jdpower.com/pr-id/2024103.
The U.S. Home Insurance Study was redesigned for 2024. The study examines overall customer satisfaction with two distinct personal insurance product lines: homeowners and renters. Satisfaction in both segments is measured across seven core dimensions: trust; price for coverage; people; digital channels; problem resolution; product/coverage offering; and ease of doing business. The study is based on responses from 14,122 homeowners and renters via online interviews conducted from November 2023 through July 2024.
For more information about the U.S. Home Insurance Study, visit https://www.jdpower.com/business/insurance/us-home-insurance-study.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto-shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
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1 Bureau of Labor Statistics, Federal Reserve Economic Data, and J.D. Power analysis
View source version on businesswire.com: https://www.businesswire.com/news/home/20240917762962/en/