Homeowners Insurance — Rising Claims Costs, Worrisome Rates & Who do Consumers Trust?

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

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The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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