NORTHBROOK, Ill., Jan. 23, 2012 /PRNewswire/ -- Americans
overwhelmingly value home protection, yet many lack the proper
knowledge and documentation to protect their possessions, including
newly acquired holiday gifts. This comes from new research by
Allstate Insurance Company, which also found that most Americans
consistently employ safety precautions – such as locking doors and
windows (92 percent) and testing smoke detectors (78 percent) – but
fall short of home inventories.
As US Census data shows an increasing household size, Allstate's
research reveals one-third of Americans (33 percent) have
"significantly" or "somewhat" increased household possessions over
the past two years. Despite this, few are adding to their insurance
protection with increased coverage (20 percent) or a lower
deductible (8 percent). Forty-two percent of Americans have made at
least one major purchase within the past two years, yet almost half
of those (45 percent) never contacted their insurance company to
discuss coverage for those purchases. Furthermore, fewer than
two-in-three (62 percent) Americans who say they have valuable
items in their homes also said they have insurance coverage for
them.
Goodies in the Home
Although most Americans say they have valuables and collections
in their homes, many aren't familiar with what they are worth and
aren't financially equipped to replace their belongings if stolen
or damaged.
- The vast majority of Americans acknowledge having valuables in
their homes, including electronics (76 percent), jewelry (46
percent), collections (33 percent), antiques (27 percent) and
artwork (26 percent).
- One in three Americans maintain a collection, citing such
collectibles as coins, art, sports memorabilia, jewelry, shoes,
guns, stamps, music and comic books.
- Nearly one in four Americans (23 percent) admits not knowing
how much their belongings are worth.
- Thirty five percent are "not very" or "not at all" confident in
their ability to recall every replaceable item in their home from
memory.
- One-in-five Americans (21%) have not kept any receipts
for major household items, while just over half (52%) report
keeping receipts for "all" or "most" significant purchases.
- Nearly four-in-five Americans (79 percent) say it would take
longer than a year – some even more than 10 years – to replace all
their possessions without insurance.
- Fifteen percent say they would never be able to replace all
their belongings without insurance.
Allstate offers What's Your Stuff Worth? to help assess how much
your belongings are worth and make real-world comparisons of costs
to cover your things. Available in English at allstate.com and in
Spanish at miallstate.com, the interactive tool walks consumers
through typical rooms in a home and helps count the number of items
and their estimated value. It's easy to see how everyday
possessions - from lamps to clothing - add up quickly.
Home Inventories: Are you the 39 percent?
Americans clearly see value in a catalog of their belongings –
also known as a home inventory – citing benefits such as item
replacement after a loss, tracking belongings, proof of ownership,
identifying stolen or lost items and easing the recovery process.
Nearly nine-in-10 Americans believe a home inventory is "very" or
"somewhat" important in ensuring their belongings are protected,
but only 39 percent of Americans have ever made one.
- Young Americans aged 18 to 29 and those with household incomes
under $50,000 are the least likely to
have a home inventory, with 17 percent and 28 percent respectively
having created one.
- While 85 percent of those with home inventories characterize
their lists as "very" or "somewhat" detailed, fewer than one in
three (32 percent) include appraisals and under half (48 percent)
include purchase dates and locations. Only about two-thirds include
receipts, product descriptions and pictures (67 percent, 65 percent
and 64 percent, respectively) and 57 percent include purchase
prices.
- Most home inventory keepers store them in a safe location, such
as a fire-proof or water-proof safe (34 percent), outside their
home (27 percent), or electronically (eight percent). However, some
may be keeping it in places susceptible to the same perils as their
home. 13 percent store it at home but not in a safe, 7 percent say
it's on their computer but not online, and 11 percent don't know
where it's stored.
- For those who have a home inventory, fewer than half (43
percent) report updating "every time" or "most of the time" after
new purchases, and one-third (34 percent) haven't ever discussed
their inventory with their insurance company.
- Of the majority of Americans without home inventories, more
than half (51 percent) say it's because they've never thought to
conduct one, 18 percent say they don't have enough valuables to
need one, 10 percent think it would be too complicated, nine
percent don't think it helpful and six percent don't know where to
start.
Allstate® Digital Locker™, available online at
DigitalLocker.com and as a mobile app for iPhone, iPod Touch, and
Android, guides consumers through creating a detailed home
inventory stored securely in a pocket and online. Upload photos,
tag items, and organize by room, so all the information you need is
right at your fingertips should you ever need to make a claim. Best
of all, Digital Locker provides free and password-protected online
storage, keeping your inventory free from the same perils that
might have caused a claim.
About the Survey
This survey of Americans age 18 and over was conducted by phone
December 3-6, 2011, among a
nationally representative sample of 1,000 American adults. The
margin of error for the national sample of residents is +/- 3.1
percent. The survey was conducted by FTI Consulting, Inc. (FTI) for
Allstate.
About Allstate
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer known for its "You're In Good
Hands With Allstate®" slogan. Now celebrating its 80th anniversary
as an insurer, Allstate is reinventing protection and retirement to
help nearly 16 million households insure what they have today and
better prepare for tomorrow. Consumers access Allstate insurance
products (auto, home, life and retirement) and services through
Allstate agencies, independent agencies, and Allstate exclusive
financial representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800 Allstate®.
SOURCE Allstate Insurance Company