In the world of home insurance, a carrier's reputation for reliability is one of the defining characteristics that not only helps retain policyholders, but also can help attract new customers, according to Lifestory Research, a consumer research and strategy firm. Reputational strength and customer word of mouth become even more critical when rates increase, which many industry experts and executives anticipate for the year ahead. "We are in the process of a correction that isn't over and won't be over in 2024," Bill Martin, president and CEO at Plymouth Rock Home Assurance, said. "It is going to keep going, and that is because we are still catching up to our costs like the increasing prices for construction materials and labor. Martin projected another 18 months of growing home insurance rates, albeit at a more modest pace than what was seen during the past year. A more policyholder-friendly rate environment could help retention rates. According to a home insurance study from J.D. Power, 57% of homeowners who switched carriers during 2022 did so to find a lower premium. The same J.D. Power study also found that home policyholders who have been with the same insurer for eight years or more tend to have higher levels of overall satisfaction. Policyholders who have been with their home insurance carriers for a shorter period tend to be significantly less satisfied, less likely to renew and typically do not recommend their carriers. The above slideshow reviews the most trusted home insurance companies, according to a survey conducted by Lifestory Research, which during the past 12 months queried 8,402 Americans about their home insurance carriers. Net Trust Quotient Scores are based on a mean of 100 for all brands in the study. Related: |

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