U.S. homeowners' and renters' insurance customer satisfaction has reached an all-time high following a multi-year run of declining catastrophic losses and relatively stable pricing, according to the J.D. Power 2017 U.S. Home Insurance Study.
Whether insurers can maintain these high levels of customer satisfaction will be tested following the historic property losses and profit strains created by Hurricanes Harvey and Irma.
Satisfaction in the homeowners' and renters' insurance segments is measured by examining five factors: interaction; policy offerings; price; billing process and policy information; and claims. Satisfaction is calculated on a 1,000-point scale.
Overall customer satisfaction scores have reached an all-time high of 808 among homeowners and 834 among renters, driven by improvements in policy offerings. Notably, Amica Mutual ranks highest in the homeowners' insurance segment for a 16th consecutive year with a score of 866, Erie Insurance ranks highest in the renters' insurance segment with a score of 862.
"Although property insurers have made great strides in overall customer satisfaction over the past several years, the areas where they consistently see the lowest satisfaction scores are price and direct customer service," said Greg Hoeg, Vice President of U.S. Insurance Operations at J.D. Power, noting these areas will be intense scrutiny following the recent hurricanes.
Related: Renter households reach 50-year high
Click below to enlarge the following charts from J.D. Power.
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