A growing preference among today’s retired baby boomers to rent rather than own their homes is influencing insurance perceptions, according to the J.D. Power 2021 U.S. Home Insurance Study.
Due to this shift over the last 15 years, now one in three renters is age 55 or older, J.D. Power says.
“The generational shift from homeownership to renting represents a significant customer retention risk unless insurers figure out a better way to maintain customer loyalty throughout this critical life phase,” Robert M. Lajdziak, senior consultant of insurance intelligence at J.D. Power, said in a press release about the study.
It included the following related statistics:
- Forty-four percent of older adults who are renters today had homeowners insurance in the past; and
- Only about half of them now have renters policies with the same carrier.
This is a big deal for insurance carriers looking to maintain customer loyalty through service and satisfaction.
The slideshow above illustrates the year’s top home insurance carriers for customer satisfaction, according to J.D. Power.