The J.D. Power 2016 U.S. Home Insurance Study has named a new leader in renters' insurance customer satisfaction.
By surveying consumers and measuring their satisfaction with interations; policy offerings; price, billing process and policy information; and claims, Westlake Village, California-based market research company J.D. Power found an overall increase in satisfaction with companies offering renters' insurance.
On average, customers report an annual premium charge of $259 for renters' insurance in 2016, remaining relatively unchanged over the past few years. With the industry rates stable, improvements in the customer experience allow insurers to stand out from the competition.
|Improving communication, efficiency
Improved communication is helping customers to see the value in the products they purchase, which is particularly important for renters' insurance. In 2016, overall customer satisfaction with renters' insurance companies is 825 (on a 1,000-point scale) , a 17-point increase from 2015, according to J.D. Power.
Related: 5 reasons why renters need insurance
“By pleasing their current customers, which builds loyalty and advocacy, insurers benefit financially,” said Valerie Monet, director of the insurance practice at J.D. Power. “Customers don’t often just pocket the savings that result from stable premiums. If they are happy with their current insurer, they will frequently modify their policy by increasing their coverage or purchasing additional insurance with the savings, such as adding riders for high-priced items, like jewelry, artwork and family heirlooms.”
Check out J.D. Power's 2016 ranking of the top 15 renters' insurance companies, based on customer satisfaction:
15. Travelers
Customer satisfaction score: 788.
Website: travelers.com.
14. Safeco Insurance
Customer satisfaction score: 801.
Website: safeco.com.
13. Liberty Mutual
Customer satisfaction score: 812.
Website: libertymutual.com.
12. CSAA Insurance Group
Customer satisfaction score: 812.
Website: csaa-insurance.aaa.com.
11. MetLife
Customer satisfaction score: 815.
Website: metlife.com.
10. Farmers
Customer satisfaction score: 815.
Website: farmers.com.
9. Nationwide
Customer satisfaction score: 817.
Website: nationwide.com.
8. Geico
Customer satisfaction score: 820.
Website: geico.com.
7. Auto Club of Sourthern California Insurance Group
Customer satisfaction score: 821.
6. Progressive
Customer satisfaction score: 825.
Website: progressive.com.
5. Allstate
Customer satisfaction score: 829.
Website: allstate.com.
4. State Farm
Customer satisfaction score: 832.
Website: statefarm.com.
3. Erie Insurance
Customer satisfaction score: 834.
Website: erieinsurance.com.
2. American Family
Customer satisfaction score: 836.
Website: amfam.com.
1. Hartford Financial Services Group
Customer satisfaction score: 841.
Website: thehartford.com.
Hartford Financial Services Group ranks highest in the renters' insurance segment for the first time, with a score of 841. Hartford performs particularly well in the billing process and policy information, interaction and policy offerings factors.
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
