Homeowners Insurance — Rising Claims Costs, Worrisome Rates & Who do Consumers Trust?
Published January 30, 2024 at 10:43 AM · News Releases and Bulletins
Personal lines insurance is growing more expensive by the quarter. Not only are insurers struggling with rates, they’re fighting to keep people from leaving them to go to a company offering a lower rate.
And though that rate isn’t often that much lower, J.D. Power and Associates says — when it comes to homeowners insurance — 57% of people who changed carriers in 2022 did so for a more rate-friendly policy.
So who do you trust? And how important is trust to retaining cliental? It’s critical says Bill Martin, president and CEO of Plymouth Rock Home Assurance.
“We are in the process of a correction that isn’t over, and won’t be over in 2024,” Martin said. “It is going to keep going, and that is because we are still catching up to our costs like the increasing prices for construction materials and labor.”
He thinks we’re in for another 18 months of rising rates. They’ll be a bit less high than last year but rising nonetheless.
With that, here is J.D Power’s list of the most trusted home insurers in the country:
1. State Farm
Net trust quotient score: 105.3
2. USAA
Net trust quotient score: 105
3. Farmers Insurance
Net trust quotient score: 99.6
4. Allstate
Net trust quotient score: 98.8
5. Nationwide
Net trust quotient score: 97
6. Liberty Mutual
Net trust quotient score: 95.8
7. Travelers
Net trust quotient score: 94.7
8. Progressive
Net trust quotient score: 94
9. The Hartford
Net trust quotient score: 93.9
10. American Family
Net trust quotient score: 91.7
Source link: PropertyCasualty360.com — https://bit.ly/47QBBmB