It seems that millennials (individuals born between 1977 and1994) and the largest group of homebuyers and renters in the U.S.,are less happy with their insurance experiences than any other agegroup.

In a study released by J.D. Power, Gen Y consumers are the leastsatisfied when compared to other generations. On a 1,000-pointscale, Gen Y customers averaged 755 for their homeowners insurersand 784 for their renters insurer providers. Satisfaction ratingswere highest among those born before 1946 (pre-boomers) at 846 forhomeowners insurance and renters insurance was highest among thoseborn between 1946-1964 (boomers) at 829.

The study looked at five different factors for homeowners andrenters insurance: interaction, policy offerings, price, billingand payment, and claims. Satisfaction factors for individual lifeinsurance included four factors: price; policy offerings;interactions — which also addressed call center, website and localagent/financial advisor; and billing and payment.

According to the study, Gen Y satisfaction with homeownersinsurance was lower across all five factors than boomers, butparticularly in the area of interaction (-63 points) and claims(-59 points). While millennials didn't score the lowest for lifeinsurance products, they do represent the largest group offirst-time purchasers and are more likely than their generationalcounterparts to purchase this and other products online.

“Millennials are a critical demographic for insurance companies,given that they are the largest group of homebuyers and renters, aswell as the largest group of prospective life customers,” saidValerie Monet, director of the insurance practice at J.D. Power ina press release. “Insurers in one or all of these categories needto pay very close attention to millennials and adapt their businessmodel to meet the needs of this large segment, which often involvesevaluating the usability of their website and finding new ways tocommunicate with customers, such as through the use of email, appsand online chat.”

Monet says that insurers benefit the most when their Gen Ycustomers are well-informed and don't experience service problemswith their policies.

According to the J.D. Power 2014 U.S. Household Insurance Study,Amica Mutual (839) ranks the highest in the homeowners insurancesegment, followed by Auto-Owners Insurance (829), State Farm (813),Erie Insurance (810) and American Family (805). USAA (903), whichis available only to military personnel and their families, is notincluded in the rankings.

For renters insurance, Geico (811) performed well in the policyofferings, price/billing and payment factors. State Farm (810) hadhigh ratings for the interaction factor.