A Homeowner’s policy will replace your personal items in the case of a loss… But what if you’re renting?

Most people are aware that they need homeowner’s insurance to protect themselves against a total loss of property, including the personal items in the home. But what if you’re renting?

A recent survey conducted by a top insurance carrier found, unsurprisingly, that the number one concern for renters is fire damage. What the survey found that is surprising is that only 45 percent of people surveyed have a renter’s insurance policy to protect their personal items of a loss occurs. Continue reading

How high’s the water?: The United States Flood Insurance hearings

Flood insurance sounds pretty self-explanatory to the layman. The name says it all: it’s a type of insurance a homeowner may purchase to protect his or her home from future flooding. In some parts of the United States, like Florida and Louisiana and really anywhere near large bodies of water, flood insurance is a must-have but, if a hurricane, or excessive snow strikes a different area, flooding can still become a major problem. Continue reading

Retaining a Younger Generation of Customers

PropertyCasualty360.com covered an interesting study recently conducted by Deloitte called “The Voice of the Personal Lines Consumer: Buyers in the Driver’s Seat.” The study found that 40 percent of people surveyed had been with their insurance agent for over ten years. This is an impressive statistic that shows good insurance agents are still needed, even in a time where technology is increasingly replacing human interaction. Continue reading

Survey Says: Customer Satisfaction is Up!

A recent survey by J.D. Power and Associates has found that despite a record number of claims last year, customer satisfaction with homeowners in regard to the claims experience has improved. According to the survey, customer satisfaction increased by 10 points nationwide, a remarkable increase considering the unprecedented number of natural disasters the United States experienced in 2011 – 99 weather related catastrophes on record. Continue reading

Consumers say ‘Convenience isn’t everything’ in recent E&Y survey

A recent Ernst & Young survey called “Voice of the Customer: Time for Insurers to Rethink Their Relationships” provides useful insights for carriers on a number of fronts. For example, one of the top findings of the survey is that although most insurance carriers are making it easier for consumers to research, shop for and buy insurance online, most consumers want to know that they can still receive individual attention from a living, breathing person when they need it. Continue reading

Finally a Chance to Get Homeowner’s Coverage Right – For Carriers and Policy Holders

As Brian Sullivan from Property Insurance Report points out: “Property Insurance is big: with $111 billion at play in the United States – $67 billion in homeowners insurance alone.” Yet, for years, property insurance – especially homeowners – has been so hobbled by inaccuracies that homeowners products have been viewed by many insurance carriers as a loss leader for more profitable lines such as auto and life. Enservio has been focusing on turning that around with its contents claims solutions that are helping many carriers move homeowners out of the red into and into the black. Now, we’re introducing a groundbreaking product that dramatically improves the accuracy of the underwriting process for homeowners insurance. It’s an online service called ContentsITV (insurance to value). ContentsITV is a transparent, simple way for consumers to create an inventory and estimate of how much contents coverage they should purchase from their carrier. Continue reading

Risk Versus Rate Disconnect

Profit margins for homeowner’s insurance have always been extremely tight for insurance carriers and things may get worse before they improve according to a recent Aon Benfield report. As covered in Live Insurance News, the report shows potential profit in the home insurance market is dropping and may be attributed to property insurers not pricing homeowner policies in accordance with risk. This may come as a surprise to many consumers who have seen rate increases in their homeowner’s insurance policies, but according to the Aon Benfield report, rate hikes may not be enough to put carriers in the black. The uncertain economic climate compounds these challenges across the board for consumers, carriers and the state insurance regulators who are opposing rate hikes. Continue reading