Homeowners are more satisfied with their insurers

Rising home insurance premiums have been squeezing household budgets but it seems homeowners are generally happy with their insurance providers.

J.D. Power says that overall satisfaction has risen for the third consecutive year and its index is now at 786 out of 1000.

Insurers have been working to improve how their customers can interact with them and these channel improvements appear to be paying dividends.

“Insurers understand the important role channels play in shaping customer satisfaction,” said Tom Super, Director of the Insurance Practice at J.D. Power. “Within an environment that has experienced both premium increases and several large CAT events, an effective channel strategy can help mitigate the negative effects of those events if managed properly.”

Where do homeowners pay the highest premiums?
Although experiencing the highest price increase since 2016 (13%), customers in the Quebec region still pay the lowest annual home insurance premiums ($960), followed by those in the Western region ($1,200). Homeowners in the Atlantic/Ontario region have the highest median annual premiums ($1,284).

Homeowners in the Quebec region are the most satisfied with their home insurance company, with a region satisfaction average of 810. Homeowners in the Western region have the lowest satisfaction level, averaging 769.

Which home insurers are owners most satisfied with?
In the Atlantic/Ontario region, RBC Insurance ranks highest in overall satisfaction with a score of 814. The Co-operators (809) ranks second and Allstate (803) ranks third.

In the Quebec region, The Personal ranks highest with a score of 823, followed by La Capitale (818) and Intact Insurance (816).

In the Western region, BCAA and The Co-operators rank highest in a tie with a score of 799. TD Insurance (778) ranks third and Alberta Motor Association (776) ranks fourth.

Source: https://www.canadianrealestatemagazine.ca/market-update/homeowners-are-more-satisfied-with-their-insurers-244665.aspx