Customer Satisfaction With Home Insurance Is Falling, and Not Only Because of High Prices
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If you've filed a home insurance claim recently, there's a decent chance you're not pleased with your policy. As home insurance costs rise, it’s taking longer for repairs and claims to be completed, and both factors are leading to a decline in customer satisfaction.
A new J.D. Power study found that home repair cycle times are “through the roof.” This refers to the number of days from when a claim is filed to the completion of home repairs, and the average cycle time is up to 23.9 days — an increase of six days since 2022. The fact that home insurance prices have increased significantly only adds to policyholders' aggravation.
It’s unsurprising, then, that customer satisfaction with homeowners insurance is declining for the study group, which is made up of about 6,000 policyholders who’ve recently filed a claim. In the past year, average customer satisfaction is down five points from 874 to 869 on J.D. Power's 1,000-point scale.
