Around one-third of policy bundlers surveyed said they will "definitely" switch their home insurer as well if they are driven to change their auto insurer by a price increase. (Credit: bakhtiarzein/Adobe Stock)
Home and auto bundles have been a long-standing staple for insurers when it comes to holding onto customers, but the 2022 U.S. Home Insurance Study from J.D. Power shows rising premiums have driven many former-bundlers to split their policies between insurers in order to save money.
"Sky-high auto loss costs and resultant auto premium increases are creating ripple effects throughout the insurance industry and, as a result, one area that is being severely disrupted is the home and auto insurance bundle," Robert M. Lajdziak, director, global insurance intelligence at J.D. Power, said in a release. "Homeowners, and particularly bundlers, have traditionally been less price-motivated than the typical monoline auto customer, but we are beginning to see cracks in that foundation. That puts the focus for insurers squarely on the overall brand experience their customers are receiving—across all lines—and on understanding how changes in one area, such as telematics adoption in an auto policy, can affect the entire customer journey."
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
