Business
Goosehead Insurance Survey Reveals Two-Thirds of Americans Don’t Know What their Home Insurance Covers
New data reflects opportunities for the insurance industry to better educate consumers WESTLAKE, Texas, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Owning a home is one
About this update from Goosehead Insurance, Inc.
[{"type":"text","content":"New data reflects opportunities for the insurance industry to better educate consumers\nWESTLAKE, Texas, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Owning a home is one of the most expensive purchases an individual will ever make and protecting that asset is of utmost importance. New data released today from Goosehead Insurance, Inc. (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, and One Poll, reveals that consumers would benefit from the efficiency, education and support that an independent agent can provide when finding a home insurance policy, particularly amid rising rates, natural disasters and other factors. Goosehead’s “Homeowners Insurance Preparedness Report” features insights from more than 2,000 American homeowners. According to the report, 65% of Americans claim that they “have no idea what my home insurance fully covers.” Furthermore, nearly half (45%) stated they have had an insurance claim denied because they didn’t have the proper coverage. \"Consumers are in need of an easier way to both understand and navigate an often complex insurance process, so they ultimately secure the right coverage at the best price. That is clear from these survey results, and has always been a priority for Goosehead,\" said Brian Pattillo, Vice President at Goosehead Insurance. “With shifting market conditions and increasing extreme weather afoot, an independent agent is well-positioned to do the shopping for you, comparing the results and identifying the best protection from the unexpected.\" Other key findings from the report: Consumers aren't shopping around for homeowners insurance, revealing a missed opportunity to receive the right coverage at the best price: Only one in four (27%) Americans strongly agree that they shopped around for an insurance policy that covers everything they need.Similarly, just one in five Americans (20%) reviewed over five policies to compare their options when there are over 400 insurance carriers in the United States. Increasing natural disasters will impact the way consumers shop for home insurance: Over half of homeowners (53%) say they live in a natural disaster-prone area.Less than half (48%) of Americans claim they’re prepared for the worst when it comes to their home insurance. Inflation is causing homeowners to choose less coverage than an agent would recommend: More than...