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Home Insurance Satisfaction

 

U.S. Homeowners Give Record High Satisfaction Scores To Their Insurers

J.D. Power Study Surveyed Policyholders Who Filed a Claim

March 13, 2017

NEW YORK, March 13, 2017—About one of every 15 U.S. homeowners insurance policyholders files a claim each year and these claimants are now giving insurers their highest ever satisfaction ratings, according to the Insurance Information Institute [1] (I.I.I.). 

 

The J.D. Power 2017 U.S. Property Claims Satisfaction Study [2] gives U.S. home insurers a record score of 859 (on a 1,000-point scale). The industry’s cumulative score stood at 846 in 2016. Five factors are considered when assessing policyholder satisfaction: settlement; first notice of loss; estimation process; service interaction; and repair process.

 

“Insurers are the nation’s economic first responders and, as such, are continually working to improve how they help Americans recover their lives and businesses in the wake of tragedy and catastrophe,” said Sean Kevelighan [3], president and chief executive officer (CEO) of the Insurance Information Institute (I.I.I.). “This year’s J.D. Power and Associates survey results are a clear reflection that the industry’s hard work and dedication are delivering the intended results.”

 

These all-time high claims satisfaction scores are even more remarkable given that incurred losses and loss-adjustment expenses for U.S. property/casualty (P/C) insurers grew by 7.6 percent [4] year-over-year when comparing the first nine months of 2016 to the first nine months of 2015, according to an analysis developed by Dr. Steven Weisbart, the I.I.I.’s chief economist.

 

Incurred losses reflect the dollar amount of a home insurer’s claim payout whereas a loss adjustment expense is the sum an insurer pays for investigating and settling claims, including the cost of defending a lawsuit in court.

 

Moreover, Dr. Weisbart noted, catastrophe-related claims through the first nine months of 2016 were already at their highest level since 2012—the year of Superstorm Sandy—and the fourth quarter of 2016 pushed those numbers even higher after insured claim payouts from October 2016’s Hurricane Matthew.

 

The federal government agreed that 2016 was a volatile, and costly one, estimating 15 separate weather and climate events last year caused more than $1 billion in economic losses, not all of them insured, according to the National Oceanic and Atmospheric Administration [5] (NOAA). 

 

“Property and casualty insurers have redoubled their efforts to improve the settlement process and fine-tune their customer interactions, efforts that have been clearly recognized and appreciated by homeowners who experienced significant losses this past year,” J.D. Power said.

 

The study also noted opportunities for improvement, most notably in water-related and other complex claims that take a long time to settle and that cause significant lifestyle disruption. J.D. Power noted, “Insurers that manage to get the settlement process and customer interaction equation right in these types of disruptive and often catastrophic scenarios are those that raise the bar for the industry.”

 

The study is based on more than 6,600 responses from homeowner’s insurance customers, and was fielded between January and November 2016.

 

The I.I.I. has a full library of educational videos on its You Tube Channel [6]. Information about I.I.I. mobile apps can be found here [7].

 

THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

 

Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org [1]

 

Your home is the center of your daily life, and likely your most valuable asset. When your home is damaged or destroyed, you need your claim settled by an insurance company that understands this simple fact.  Statewide Insurance Agency can help you find the homeowner’s insurance quotes that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and fair pricing.

Insurance Quotes for All Kinds of Homes

Depending on where you live – a house, apartment, or condominium – the right home insurance policy can provide you peace of mind as well as the money you need to repair or replace your home and/or belongings. Contact us for more information today! 

Oklahoma– What you need to know about homeowners insurance

Whether you own or rent, insuring the place you call home can help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.

Homeowners policies differ by which losses are covered, which coverages you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that cover losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.

Statewide Insurance Agency is here to help you find the right insurance for your home

Whether you’re a home or condo owner, a renter, or a landlord,  Statewide Insurance Agency will work with you to find a home insurance quote that fits your needs. We specialize in making it easy to choose the home insurance coverage that gives you the best value for the best price.

Your home insurance policy is most often made up of the specific options you choose, so how much you’ll pay for your policy depends on:

  • What you select. Oftentimes homeowners insurance options are priced individually, so how much you’ll pay for your policy depends on what coverages you buy.
  • How much you want to cover. Higher deductibles usually lower your premium price by shifting part of the loss payment to you. For example, if you had a $500 deductible, you would be responsible for paying the first $500 of the covered loss.
  • Where you set your limits. You may choose to set higher limits than the recommended amount if appropriate to your situation and needs.
    • Worried you aren’t completely covered? Consider an umbrella insurance policy that extends your coverage. 

The Right Coverage. The Right Price. The Right Value

The amount you pay for your homeowners insurance depends on many factors. Think of your personal housing situation, and the assets you want to protect.

Protection for Your Home

Property or Dwelling Coverage typically pays to repair or rebuild your home if it’s damaged or destroyed by an insured event like a kitchen fire or windstorm.

Protection for You and Other People

Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world.

  • When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued.

Medical Coverage

This covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.

Additional Living Expenses

If you can’t live in your home because of a covered loss, your home insurance policy will pay additional living expenses—commonly for up to 24 months—while damage is assessed and your home is repaired or rebuilt.

Protection for Your Belongings

Your home is filled with furniture, clothes, electronics and other items that mean a lot to you. Personal Property Insurance helps replace these items if they are lost, stolen or destroyed as a result of a covered loss.

Scheduled Personal Property Coverage

If you have special possessions such as jewelry, art, antiques or collectibles you may want to talk to your agent about this additional coverage. It provides broader coverage for specific items.

If You Rent Out Your Home

Landlords may have the option to buy optional liability coverage for the risks posed by tenant-occupied dwellings. Visit our Landlord Protection Insurance page for more information.

Edmond, Guthrie, Oklahoma City, Yukon, Midwest City, Choctaw, Moore and Norman – Protect the Things that Matter to You

Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video – using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your policy doesn’t cover damages caused by poor or deferred maintenance on your part.

Every home is unique – talk to us today to find out how to get the best price and value on homeowners insurance for you. 

 

 

Statewide Insurance Agency Presents

2016 Spring Maintenance Guide for Your Home

The rising cost of home insurance in Oklahoma has all of us looking for cheap home insurance or ways to lower your homeowners insurance cost without sacrificing quality coverage.  

Did you know that almost all reputable home insurance companies in Oklahoma perform an exterior inspection of your home after you accept a quote or policy and sometimes again at the policy renewal?  A poorly maintained home will often result in an Oklahoma homeowner having to accept a home policy or home insurance company that is inferior to others on the market.  

When springtime rolls around in Oklahoma almost everyone thinks of cleaning. That’s fine (we probably all need to do a little more of that, after all), but there’s something even more important to keep in mind: home maintenance.

So, when it’s time to set your clocks ahead for daylight-saving time and change the batteries in your smoke and carbon monoxide detectors, give your home a checkup, too. Here are some suggestions from the Department of Housing and Urban Development:


Interior and appliances

  • Check the basement and/or crawlspace for any signs of standing water or dripping.
  • Pull your dryer out and clean the exhaust hose and vent (lint found here is a common cause of house fires).
  • Vacuum refrigerator/freezer coils for efficiency.
  • Clean exhaust fan outlets and screens.
  • Check all air filters and replace, if necessary.

Roof, siding, windows

  • Check for damage to your roof and have a professional inspection, if necessary.
  • Go into the attic. If there is visible moisture or discoloration, your roof might be leaking.
  • Examine the paint on your siding and trim. If it is peeling, you might need new paint to protect against the effects of weather.
  • Check for leaks around window and door sills. Improving your seals can lower your energy bills.

Yard and exterior

  • Check for signs of rodents and other pests.
  • Clean debris from gutters and downspouts, and make sure they are draining away from the home.
  • Trim overhanging tree branches and shrubs.

Remember, winter weather can cause significant damage that is easy to spot, but it often results in wear and tear that homeowners can miss if they aren’t looking closely. It’s well worth it to spend a little time on home maintenance this spring, so that wear and tear doesn’t turn into something more serious.

 

Mapping the Future to Great Coverage

Serving: Bethany | Choctaw | Del City | Edmond | Guthrie | Midwest City | Moore | Norman | OKC | Stillwater | Tulsa | Yukon

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Please keep Statewide Insurance Agency in mind as your home insurance and auto insurance needs change. Cheap home insurance is available with great service, top companies and quality coverages…. it’s what we offer every day!

“Mindful” Insurance Decisions

In in Psychology Today, a 2009 article described mindfulness as the practice of staying in the present moment. Instead of being distracted by thinking about the future, dwelling on the past or allowing lots of white noise in your head over everything but “the now,” being mindful allows you to fully invest in the current moment and pay attention only to what’s in front of you.

Mindfulness and Insurance – There are a million things you could insure and a million things that could go wrong. But taking a step back and putting things into perspective about what truly matters to you can take the stress out of the process of deciding what to insure and what not to insure. When Oklahoman’s purchase home insurance, it’s essential you allow yourself time to be quiet and mindful. It is normal to feel anxious when thinking about all the perils facing your home and vehicle, when working on final expense and legacy planning, when imagining your future potential disabilities and anticipating all the liabilities and other negative aspects of life that make insurance necessary. To be properly insured and prepared, however, you must allow yourself to be fully invested in the process of home and auto insurance planning rather than distracted and intimidated by what-ifs.

Mindful Insurance Planning – Instead of being bullied by the unknown, be sure to stay focused on the facts while you are planning your insurance portfolio like the risks that anyone in your position may actually face and the value of the property you want to protect. It’s really that simple and knowing this will allow you to fashion a much more secure financial future.

Being frightened of a possible accident that hasn’t yet happened, or being overwhelmed by the amount of data you must consider as you buy homeowners insurance hurts rather than helps you purchase insurance. Deliberating the amounts you need to protect your family won’t make it any easier to select the types of policies that offer you the kind of protections you’re looking for. Instead, it makes you feel doubtful and powerless during what should be a very empowering process.

When you give yourself the mental space to be mindful, you can approach the task of buying insurance as practically and detached as possible. This will help you to deliberate and reason the practical risks you face each day and assign a dollar value to them. From there you can make relevant adjustments as you consider your budget versus potential premiums.

Your insurance agent can help in keeping your emotions in check and your approach to insurance planning practical. If you are ready to start looking for insurance policies that will protect you and your family, give us a call.

We are Statewide Insurance Agency and we specialize in Oklahoma homeowners insurance and Oklahoma auto insurance. https://okstatewide.com

Do You Have Enough Coverage to Rebuild Your Home?

Imagine how devastating it would be to lose your home in a tornado or fire. Now imagine not being able to rebuild it completely because you didn’t have the correct amount of insurance. Selecting the proper amount of coverage is the single most important decision you can make with your Oklahoma Homeowners Insurance policy. Without it, you may not have enough coverage to rebuild after a total loss. This is called “insurance to value.” Below are some explanations and tips to help you make the right choices for your needs — and remember, if you need help, Statewide is just a phone call away! What is insurance to value? Insurance to value is the relationship between the amount of coverage selected (typically listed as “Coverage A” or “Dwelling Coverage” on your policy declarations page) and the amount required to rebuild your home. Insuring your home for anything less than 100% insurance to value could mean you wouldn’t have enough coverage to replace your home in the event of a total loss Why is the cost to rebuild different from the market value? A home’s market value reflects current economic conditions, taxes, school districts, the value of the land and location, and other factors unrelated to construction cost. The cost to rebuild your home is based only on the cost of materials and labor in your area. It is important that you insure your home based on its reconstruction cost, NOT its current market value Why is reconstruction more expensive than new construction? New-home builders typically build many homes at once, and solicit bids from various sub-contractors to receive the best pricing. Their business model is based on economies of scale. For example, they may purchase 20 bathtubs at once, securing a lower unit cost. These economies of scale don’t exist when building a single home. How can I make sure I have the correct amount of insurance? Work with your agent at time of purchase to be sure that you receive an accurate quote home insurance quote. Ask us about additional coverage options that may be available. Review your insurance to value calculation on a regular basis with your agent. Tell your agent about any changes or improvements that you make to your home. What if I don’t want to rebuild? Talk to your agent, many times market value home insurance policies cost less and make sense if you aren’t interested in going through the rebuilding process. Statewide Insurance Agency – Edmond, OK

Home Insurance Companies We Represent

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At Statewide Insurance Agency we’ll work with you to understand your unique home insurance needs. We’ll follow up with many fine home and auto insurance providers to deliver high-quality, affordable insurance options tailored to deliver the value and coverage you’re seeking.

Call us today at 405-285-2929 to get a free home insurance quote.

Some of our insurance partners include the following industry leaders:

Travelers Insurance, Safeco Insurance (a Liberty Mutual Company), Hartford Insurance, Metlife Auto and Home, Mercury Insurance, American Modern Insurance Group, National Security, Union Mutual and Foremost Insurance

Statewide Insurance Agency is independently owned and locally operated to handle your home and auto insurance needs. We serve the entire state of Oklahoma including Oklahoma City, Edmond, Yukon, OK, Norman, OK, Midwest City, Del City, Moore, OK, Guthrie, OK, Mustang, OK and home insurance in Tulsa, OK.

Statewide Insurance Agency: “Matching Customers With Companies” Call for a free home insurance quote today at 405-285-2929.

Ordering Mexican Food at Outback

Statewide specializes in homeowners insurance and auto insurance to the Oklahoma City area.  Specializing enables us to be more effecient, more effective and just “better than most” at what we do.  I think most consumers are tired of companies and sales people trying to sell them more products and services than you want just because they may have your attention (or your email address).  Buying health insurance from the agent that sold you car insurance is usually like ordering mexican food at Outback!  http://www.okstatewide.com  

Mercury Insurance Acknowledged

Mercury Insurance Group (NYSE: MCY) continues to advance it’s position as a stable, long term provider of home insurance and auto insurance to the Oklahoma City market.  For the most part, “value” is made up of price, quality coverage and good claim service.  Mercury is exceeding our expectations with their “value” propostion for Oklahoma City homeowners insurance and auto insurance.  We also like the fact that they maintain an A+ rating with the A.M. Best Co.   something few insurers can say.  And it gets better…..in 2012 Mercury was recognized by Forbes as one of “America’s Most Trustworthy Companies”….. read more about it…

http://www.mercuryinsurance.com/wps/wcm/connect/portalcorpweb/cws/resources/526109804ad9c140ad77fd912cb13c1d/Forbes_Info-Sheet.pdf