Survey Reveals Common Insurance Blind Spots
Wednesday, June 30th, 2021
In recognition of National Insurance Awareness Day today, The Hanover Insurance Group, Inc. (NYSE: THG) commissioned a survey that analyzed how the pandemic has changed Americans' personal lives and whether they have made the adjustments necessary to maintain effective insurance protection.
The survey of 2,000 U.S. adults was conducted by OnePoll on behalf of The Hanover. The research showed seven in 10 respondents made significant changes in their lives over the last year. From adopting a pet (18%) to renovating a home (13%), the changes revealed some common and concerning insurance blind spots among U.S. consumers.
TOP INSURANCE BLINDSPOTS
68% of survey respondents did not know making changes to their homes and yards, such as adding pools or trampolines, or adding pets could mean changes need to be made to their homeowners insurance policies
77% of respondents were not aware homes above a certain price point may need special insurance coverages
Three out of four individuals did not know umbrella insurance could help protect them from financial loss if they are sued
Nearly seven in 10 were not aware their home's market value (price to sell) was not the same as its replacement value (price to rebuild)
34% are unsure about what their policies cover
Three in 10 feel they have insurance blind spots in their lives because they did not know what insurance coverages they need
Many consumers started a home improvement project during the pandemic. Some of the top projects cited, such as remodeling a kitchen or bath (29%), adding a work-from-home space (21%) or having a roof or siding replaced (15%), often can have direct insurance implications. However, 63% of respondents said they were not aware home insurance policies may need to be reviewed and updated when renovations or updates are made to a property.
"With all the home improvement projects undertaken during the pandemic, it's important to make sure insurance policies reflect these changes," said Daniel Halsey, president, personal lines at The Hanover. "Our results showed the majority of respondents agreed it would be helpful to have their coverage reviewed by an insurance expert. Independent agents are experienced, professional resources for consumers who want to ensure they have the appropriate insurance coverages in place to protect these investments."
To learn more, visit hanover.com.