A recent study by J.D. Power reveals that Gen Y customers—or Millennials—who comprise the largest group of homebuyers and renters in the U.S., are more critical than any other generation group of their homeowners' and renters' insurance experiences.
The J.D. Power 2014 U.S. Household Insurance study examines overall customer satisfaction with their homeowners', renters' and life insurance product lines. The study shows that Gen Y consumers (those born between 1977 and 1994) are the least satisfied among generational groups with their homeowners' insurance, averaging a score of 755 on a 1,000-point scale. Satisfaction with their renters' insurance provider averages 784.
In contrast, pre-boomers (born before 1946) are the most satisfied generation group with their homeowners' insurance, averaging a score of 846, while Boomers have the highest satisfaction with their renters' insurance, with a score of 829 out of 1,000.
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