NEW YORK, July 9, 2019 /PRNewswire/
-- ValuePenguin.com, a personal finance research website,
released its study on what homeowners know about their homeowners
insurance policies. Approximately 47 percent of the homeowners
surveyed did not know what their home insurance policies cover, and
a staggering 34 percent believe their policies cover
flooding.
These findings are concerning in many ways. The homeowners who
aren't aware of what their homeowners insurance policies cover
stand a high chance of overpaying for a policy that inadequately
covers their homes. In 2018, natural disasters caused $160 billion in damage across the U.S, and with
natural disasters becoming more catastrophic, it's become more
important than ever for homeowners to understand whether they're
financially protected by their insurer.
Key findings
- 47 percent of homeowners do not know what their homeowners
insurance policies cover.
- 18 percent of homeowners have never reviewed their policies,
even at the point of purchase.
- Almost 50 percent of millennials believe their homeowners
insurance covers flooding, even though most policies do not cover
floods. 21 percent of baby boomers hold the same
misconception.
- 90 percent of homeowners did not shop around for homeowners
insurance to find the best rate, rather they opted for convenience.
1 in 3 homeowners got coverage from their auto insurer.
- Over 60 percent of homeowners don't have a burglar alarm, fire
alarm or water sensor installed in their homes, putting them at
huge financial risk.
Methodology: ValuePenguin.com commissioned Qualtrics to conduct
an online survey of 2,000 homeowners in America, with the sample
base proportioned to represent the general population of
Homeowners. The survey was conducted in June
2019.
To view the full report, visit:
https://www.valuepenguin.com/nearly-half-homeowners-know-what-home-insurance-covers
About ValuePenguin.com: ValuePenguin.com, part of
LendingTree (NASDAQ: TREE), is a personal finance website that
conducts in-depth research and provides objective analysis to help
guide consumers to the best financial decisions. ValuePenguin
focuses on value, assessing whether the return of a particular
decision is worth the cost or risk of that option, and how this
stacks up with the other possible choices they may have. For more
information, please visit www.valuepenguin.com, like our Facebook
page or follow us on Twitter @ValuePenguin.
About LendingTree: LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree.
MEDIA CONTACT:
Divya Sangam- Media Relations
divya@valuepenguin.com
Related Links:
https://www.valuepenguin.com/home-insurance-statistics
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SOURCE ValuePenguin.com