The J.D. Power 2016 U.S. Home InsuranceStudy has named a new leader in renters' insurancecustomer satisfaction.
|By surveying consumers and measuring their satisfaction withinterations; policy offerings; price, billing process and policyinformation; and claims, Westlake Village, California-based marketresearch company J.D. Power found anoverall increase in satisfaction with companies offering renters'insurance.
|On average, customers report an annual premium chargeof $259 for renters' insurance in 2016, remaining relativelyunchanged over the past few years. With the industry rates stable,improvements in the customer experience allow insurers to stand outfrom the competition.
|Improving communication, efficiency
Improved communication is helping customers to see the value in theproducts they purchase, which is particularly important forrenters' insurance. In 2016, overall customer satisfactionwith renters' insurance companies is 825 (on a 1,000-pointscale) , a 17-point increase from 2015, according to J.D.Power.
Related: 5 reasons why renters needinsurance
|“By pleasing their current customers, which builds loyalty andadvocacy, insurers benefit financially,” said Valerie Monet, director of the insurance practiceat J.D. Power. “Customers don’t often just pocket the savingsthat result from stable premiums. If they are happy with theircurrent insurer, they will frequently modify their policy byincreasing their coverage or purchasing additional insurance withthe savings, such as adding riders for high-priced items, likejewelry, artwork and family heirlooms.”
|Check out J.D. Power's 2016 ranking of the top 15 renters'insurance companies, based on customer satisfaction:
|
15. Travelers
Customer satisfaction score: 788.
Website: travelers.com.
|
14. Safeco Insurance
Customer satisfaction score: 801.
Website: safeco.com.
|
13. Liberty Mutual
Customer satisfaction score: 812.
Website: libertymutual.com.
|
12. CSAA Insurance Group
Customer satisfaction score: 812.
Website: csaa-insurance.aaa.com.
|
11. MetLife
Customer satisfaction score: 815.
Website: metlife.com.
|
10. Farmers
Customer satisfaction score: 815.
Website: farmers.com.
|
9. Nationwide
Customer satisfaction score: 817.
Website: nationwide.com.
|
8. Geico
Customer satisfaction score: 820.
Website: geico.com.
|
7. Auto Club of Sourthern California Insurance Group
Customer satisfaction score: 821.
6. Progressive
Customer satisfaction score: 825.
Website: progressive.com.
|
5. Allstate
Customer satisfaction score: 829.
Website: allstate.com.
|
4. State Farm
Customer satisfaction score: 832.
Website: statefarm.com.
|
3. Erie Insurance
Customer satisfaction score: 834.
Website: erieinsurance.com.
|
2. American Family
Customer satisfaction score: 836.
Website: amfam.com.
|
1. Hartford Financial Services Group
Customer satisfaction score: 841.
Website: thehartford.com.
|Hartford Financial Services Group ranks highest in the renters'insurance segment for the first time, with a score of 841. Hartfordperforms particularly well in the billing process and policyinformation, interaction and policy offerings factors.
|Related:
|4 tips to sell renters' insurance tomillennials
|Renters insurance: Here are 5 key factsthat all agents & brokers need to know
|Want to continue reading?
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