A growing preference among today's retired baby boomers to rent rather than own their homes is influencing insurance perceptions, according to the J.D. Power 2021 U.S. Home Insurance Study. Due to this shift over the last 15 years, now one in three renters is age 55 or older, J.D. Power says. "The generational shift from homeownership to renting represents a significant customer retention risk unless insurers figure out a better way to maintain customer loyalty throughout this critical life phase," Robert M. Lajdziak, senior consultant of insurance intelligence at J.D. Power, said in a press release about the study. It included the following related statistics: |
- Forty-four percent of older adults who are renters today had homeowners insurance in the past; and
- Only about half of them now have renters policies with the same carrier.
This is a big deal for insurance carriers looking to maintain customer loyalty through service and satisfaction. The slideshow above illustrates the year's top home insurance carriers for customer satisfaction, according to J.D. Power. See also: |
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
