Developing lifelong homeowners-insurance customers begins by impressing rental insurance policyholders, according to the latest insurance customer satisfaction research conducted by J.D. Power. The J.D. Power 2020 U.S. Home Insurance Study^SM released in September 2020 determined that today's first-time homebuyers tend to be more impressed by insurance carrier service and reputation over competitive pricing. The slideshow above illustrates the top 10 renters insurance carriers for customer satisfaction in 2020, according to J.D. Power. Editor's Note: USAA actually landed the highest overall score for customer satisfaction among renters insurance carriers (with 889 out of 1000 points), but J.D. Power excludes USAA from these rankings because the carrier does not meet certain study criteria. "The potential 'lifetime customer value' of homeowners makes meeting their needs and motivations to renew a critical task for the industry," Robert M. Lajdziak, senior consultant of insurance intelligence at J.D. Power, said in a press release about the research. "This dynamic will be important to watch as InsurTech start-ups — which have recently gained traction in the renters insurance marketplace by offering low prices — gear up with unique value propositions that will challenge traditional insurers that are more focused on building relationships and delivering strong customer service." Only about one in three renters carry insurance, according to PolicyGenius. That insurance comparison company found earlier in 2020 that the most expensive state in the U.S. for renters insurance is Alabama, and the least expensive state in the country for renters to buy insurance is Wyoming. The average annual premium for renters insurance as of 2017 was $180, according to PolicyGenius. J.D. Power's U.S. Home Insurance Study examines overall customer satisfaction with two distinct personal insurance product lines: homeowners and renters. 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. The study is based on responses from 11,942 homeowners and renters via online interviews conducted in June-July 2020. For more information about the 2020 U.S. Home Insurance Study, visit https://www.jdpower.com/business/resource/jd-power-us-household-insurance-study. See also: |

• Five reasons for insureds to consider renters insurance
• Top-rated home insurers for customer satisfaction in 2020
• 10 best renters' insurance companies of 2019