Home Insurance

Study Finds Only 30{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of American Homeowners Know What Their Home Insurance Policy Covers

BOSTON–(BUSINESS WIRE)–Plymouth Rock Home Assurance, the customer-first, data-driven home insurance provider of choice for the Northeast, today released a report on the state of the home insurance industry: The Real Risks of Not Protecting Your Home. The report—based on a survey of 1,000 homeowners across the United States—reveals that while most Americans spend significant time researching the right home insurance provider for them, a substantial amount of the population does not know what they pay or what their policy covers and haven’t shopped for a new policy in years. This implies that what Americans don’t know about their home insurance may cost them now because they’re overinsured and overpaying, or cost them later when they file a claim that isn’t covered in their policy.

Plymouth Rock Home Assurance’s survey, conducted in early 2020, was designed to understand how seriously Americans take their home insurance, what they value in a home insurance provider and where gaps in their knowledge can put their homes at risk. The study found that:

  • Americans do their research when selecting a home insurance provider. 68{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of respondents compared carriers the last time they purchased home insurance, and nearly half (47{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb}) used a home insurance agent, a telling sign that they’re putting research behind finding the carrier that fits their needs. The top three most important factors in selecting a carrier are: price, quality of service and coverage options.
  • Many homeowners don’t know what they pay or what’s covered in their policy. Homeowners have a “set it and forget it” attitude toward home insurance, as signaled by:

    • 50{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of respondents not shopping for home insurance in the past three years,
    • 20{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of respondents not knowing what they pay for home insurance, and
    • Only 30{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} on average feeling confident they know what’s covered in their home insurance plan.
  • Homeowners have high expectations for their home insurance provider. Respondents cite it is equally critical to have a home insurance provider that has a strong financial rating as it is to have a great user experience. Additionally, 61{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of respondents believe it’s “extremely” or “very” important that their home insurance has been in business for a while.

“Shopping around for home insurance every year or two is absolutely critical. It enables homeowners to understand where the market is in pricing and to make sure they’re not overpaying for coverage. But it’s because traditional insurance providers—who may have the strong financial ratings that homeowners want—provide extremely clunky, time-consuming processes to get a quote or purchase a policy that Americans across all generations are deterred from shopping,” said Bill Martin, CEO and President, Plymouth Rock Home Assurance. “The results of this survey tell us loud and clear that carriers that offer the best of both worlds—digital means to purchase home insurance, like our @Home product, and have a strong financial backing—are the ones that will win over homeowners, particularly younger generations.”

For more information about Plymouth Rock Home Assurance, to obtain a quote or to find an agent, visit www.plymouthrock.com/insurance/Home.

About Plymouth Rock

Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want – online, using a mobile device, by phone or with one of Plymouth Rock’s agents. Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $1.4 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.

Each underwriting and managed insurance company is a separate legal entity that is financially responsible only for its own insurance products. A complete list of all state-licensed insurance companies is available by clicking here: https://www.plymouthrock.com/utility/disclaimers. Actual coverage is subject to the language of the policies as issued by each separate company. Some discounts, coverages, payment plans, features and benefits are not available in all states and companies. You can learn more about us by visiting plymouthrock.com.