Home insurers' key to building long-term relationships with homeowners in 2020 has more to do with great service and reputation than competitive prices, according to new research from J.D. Power.

The J.D. Power 2020 Home Insurance Study reveals that good customer service is the top factor driving the most insureds to renew with an existing carrier. "Homeowners insurance customers are the single-most-valuable group of personal lines customers for P&C insurers... The potential 'lifetime customer value' of homeowners makes meeting their needs and motivations to renew a critical task for the industry," said Robert M. Lajdziak, senior consultant of insurance intelligence at J.D. Power, in a release.

Sixty-seven percent of homeowners insurance customers in the study said they "definitely will" renew with an insurer based on good service experience. Reputation (64%) and convenience (64%) follow as the top drivers of intent to renew. Price, on the other hand, is one of the lowest-ranked motivators driving customer retention, J.D. Power found.