• RSS
  • Register
    Login
SWNSdigital
  • Home
  • SWNS Digital
  • Stories
    • Health & Nutrition
    • Science & Technology
    • Lifestyle
    • Family, Parenting, and Children
    • Work & Careers
    • Money
    • Food & Drink
    • Entertainment & TV
  • Register
No Result
View All Result
  • Home
  • SWNS Digital
  • Stories
    • Health & Nutrition
    • Science & Technology
    • Lifestyle
    • Family, Parenting, and Children
    • Work & Careers
    • Money
    • Food & Drink
    • Entertainment & TV
  • Register
No Result
View All Result
SWNSdigital
No Result
View All Result

2 in 3 homeowners do not know what their home insurance covers

December 6, 2022
in Business & Money, Home & Garden, Real Life, Research, USA-ONLY
Home
Share on FacebookShare on TwitterShare on Reddit

By Joseph Staples // SWNS

NEWS COPY W/ VIDEO + INFOGRAPHIC

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).


Previous Post

Lower gas prices mean more winter road trips for Americans

Next Post

How long does it take to thrive in a new job?

Next Post
How long does it take to thrive in a new job?

How long does it take to thrive in a new job?

Popular stories

  • The top 10 holiday gifts most people repeatedly give and get every year

    The top 10 holiday gifts most people repeatedly give and get every year

    0 shares
    Share 0 Tweet 0
  • Here's what your side of the bed says about your personality

    0 shares
    Share 0 Tweet 0
  • These are the most popular jobs kids dream of doing when they grow up

    0 shares
    Share 0 Tweet 0
  • Employees typically feel dissatisfied after this long in the same role

    0 shares
    Share 0 Tweet 0
  • Research reveals top reasons Americans get divorced

    0 shares
    Share 0 Tweet 0
digitalhub US

SWNS Media Group is a leading daily news provider to national newspapers, national/international digital news sites, blogs, social communities and commercial news channels. To gain unlimited access to the SWNS digital hub and receive auto-update emails every time new content is added, all you need to do is register to be a user.

Follow Us

Browse by category

  • Health & Nutrition
  • Science & Technology
  • Lifestyle
  • Family, Parenting, and Children
  • Work & Careers
  • Business & Money
  • Food & Drink
  • Entertainment & TV

Content

  • Home
  • The digitalhub
  • Archive
  • Contact
  • Terms & Conditions
  • Privacy Policy

© 2021 SWNSdigital

No Result
View All Result

© 2021 SWNSdigital

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies. However you may visit Cookie Settings to provide a controlled consent.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
AWSELBsessionAssociated with Amazon Web Services and created by Elastic Load Balancing, AWSELB cookie is used to manage sticky sessions across production servers.
cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie records the user consent for the cookies in the "Advertisement" category.
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
CookieLawInfoConsent1 yearCookieYes sets this cookie to record the default button state of the corresponding category and the status of CCPA. It works only in coordination with the primary cookie.
JSESSIONIDsessionNew Relic uses this cookie to store a session identifier so that New Relic can monitor session counts for an application.
lvapp_session6 hoursLinkedin sets this cookie to allow the forms to function within the website.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
XSRF-TOKEN6 hoursWix set this cookie for security purposes.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
CookieDurationDescription
swpm_sessionsessionThis cookie is set by the Simple WordPress Membership Plugin. This cookie is used for membership login session and to provide access to the protected content on the website.This cookie keeps the login records so user don't want to authorise each time while moving to next page.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
CONSENT2 yearsYouTube sets this cookie via embedded YouTube videos and registers anonymous statistical data.
_ga1 year 1 month 4 daysGoogle Analytics sets this cookie to calculate visitor, session and campaign data and track site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognise unique visitors.
_gat_gtag_UA_*1 minuteGoogle Analytics sets this cookie to store a unique user ID.
_ga_*1 year 1 month 4 daysGoogle Analytics sets this cookie to store and count page views.
_gid1 dayGoogle Analytics sets this cookie to store information on how visitors use a website while also creating an analytics report of the website's performance. Some of the collected data includes the number of visitors, their source, and the pages they visit anonymously.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
idsessionSet by Google DoubleClick, this cookie is used to create user profiles to display relevant ads.
muc_ads1 year 1 month 4 daysTwitter sets this cookie to collect user behaviour and interaction data to optimize the website.
personalization_id1 year 1 month 4 daysTwitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting.
test_cookie15 minutesdoubleclick.net sets this cookie to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysYouTube sets this cookie to measure bandwidth, determining whether the user gets the new or old player interface.
YSCsessionYoutube sets this cookie to track the views of embedded videos on Youtube pages.
yt-remote-connected-devicesneverYouTube sets this cookie to store the user's video preferences using embedded YouTube videos.
yt-remote-device-idneverYouTube sets this cookie to store the user's video preferences using embedded YouTube videos.
yt.innertube::nextIdneverYouTube sets this cookie to register a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requestsneverYouTube sets this cookie to register a unique ID to store data on what videos from YouTube the user has seen.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
aff1 monthNo description available.
jnews_view_counter_visits[0]less than a minuteDescription is currently not available.
sitesessionDescription is currently not available.
Save & Accept
Powered by CookieYes Logo