Goosehead’s “Homeowners Insurance Preparedness Report” reveals a stark hole in insureds’ information about their insurance policies, which impartial brokers are well-positioned to treatment. Conducted by OneBallot between June 22 and June 29, 2022, the survey polled greater than 2,000 US owners.
“Our findings drive home the point that the insurance process is overwhelming and extremely difficult to navigate for most American homeowners,” stated Brian Pattillo (pictured), vp of technique at Goosehead Insurance, a Texas-based impartial private strains company.
A majority (76%) of US owners within the survey stated they discovered the house insurance coverage choice course of irritating. Only one in 4 (27%) store round for the coverage that covers all the things they want, and one in 5 (20%) in contrast greater than 5 insurance policies earlier than selecting the best choice, revealing a missed alternative for owners to obtain the fitting protection at the perfect value.
The survey additionally confirmed a disconnect between what insureds consider is roofed by a house insurance coverage coverage and what’s truly lined:
- Thirty-two % assume flooding from a storm is roofed by their dwelling insurance coverage coverage;
- Twenty-nine % consider issues with the house’s basis are lined; and
- Twenty-seven % consider termite harm is roofed.
About seven in 10 Americans admitted they don’t perceive frequent insurance coverage phrases like restrict of legal responsibility, precise money worth, and id theft fraud expense safety.
What elements are driving the best way shoppers store for dwelling insurance coverage?
According to the Goosehead report, growing pure disasters and inflation are essentially the most important elements driving the best way US owners store for insurance coverage.
Over half (53%) of house owners stated they lived in a disaster-prone space, however lower than half (48%) really feel ready for the worst in the case of their dwelling insurance coverage. Sixty-six % of individuals surveyed stated they’d pay extra to defend their dwelling from pure disasters.
But on the identical time, inflation is inflicting owners to decide on much less protection to chop prices. Over half of house owners (57%) would sacrifice coverage protection of their dwelling insurance coverage coverage to save cash due to rising charges.
One of the most typical questions we get when serving to somebody arrange a brand new #HomeInsurance coverage is, “How do I use this policy?”.
Filing a declare may be an intimidating course of. In this text, we’ll stroll you thru the steps it’s essential take: https://t.co/rqDJcUJlCi pic.twitter.com/wHg5nL0GoK— Goosehead Insurance (@followgoosehead) September 21, 2022
What can impartial brokers do for dwelling insurance coverage clients?
For Pattillo, the findings present a transparent alternative for independent brokers to supply training and assist to owners, and create a extra easy, clear, and environment friendly choice course of.
“Amid rising rates, extreme weather patterns, and a volatile market, it’s clear that consumers need an easier way to both understand and navigate an often-complex insurance process,” Pattillo informed Insurance Business.
An impartial agent has a transparent benefit in taking up this function. A key to getting the fitting protection and value match is supplying dwelling insurance coverage clients with number of quotes from totally different carriers – one thing impartial brokers are well-positioned to do.
“Customers are looking to feel supported when choosing their home insurance, and still prioritize professional support to guide their decision-making,” Pattillo stated. “This presents an invaluable opportunity for agents to earn the trust and confidence of their customers by providing them with the knowledge, insights, and information they need to choose the right insurance.”
Goosehead Insurance gives a digital agent platform that permits clients to attach with brokers and obtain quotes on dwelling insurance coverage, automobile insurance coverage, and different private strains. Despite the growing reputation of direct-to-consumer platforms, Pattillo stated impartial brokers play a key function in placing insurance coverage data into context for owners and giving them an general perspective of the market.
“Combining a tech-driven tool with the knowledge and expertise of an agent can provide consumers with the best options on the market, while also educating consumers throughout the process,” he defined. “While tech-driven self-service insurance platforms provide a straightforward and efficient way for consumers to shop for insurance, agents need to remain central to the process.”
What extra ought to impartial brokers do to coach owners on their insurance coverage insurance policies? Share your options within the feedback beneath.