A home insurance policy is a requirement for every residential property however, most Americans do not have a full understanding of what their policy covers.
Plymouth Rock Home Assurance conducted a survey earlier this year to understand how seriously Americans take their home insurance, what they value in a home insurance provider and where gaps in their knowledge can put their homes at risk.
And the results revealed . . .
Only 3 out of 10 Americans know what their Home Insurance Covers
A substantial amount of the homeowners do not know what they are paying or what their policy exactly covers despite spending a significant time doing research for the correct home insurance provider and plan, while some haven’t shopped for a new policy in years.
Among 1,000 homeowners who participated in the survey, only 30% are confident that they know what their home insurance plan covered, while some did not bother to shop for a new provider in the past 3 years.
The result also showed that most Americans did their own research when selecting an home insurance provider.
68% of the respondents compared their carriers the last time they purchased home insurance, while the rest used a home insurance agent. This further proves that homeowners are putting effort in finding the best carrier that fits their needs.
The survey also revealed the top 3 most important factors in selecting their carrier; (listed based on top most priority)
- Price
- Quality of Service
- Coverage Options
“Set It and Forget It
