J.D. Power: Homeowners Property Claim Satisfaction at 7-Year Low
Published March 26, 2024
by Jessica Rinfret
Overview
Inssureds who use digital tools for claims reporting see faster claim times overall, but J.D. Power found that this hasn't helped overall satisfaction among those customers.
Key Findings
An increase in severe storms and high-severity claims has led to slower time frames for the claims process. Repair cycle times now average 23.9 days - more than six days longer than in 2022. When it comes to claims related to catastrophic events, that time frame increases to an average of 34.2 days.
In turn, customer satisfaction with homeowners property claims has dipped to its lowest level in seven years, reports J.D. Power.
Customer satisfaction has also been negatively affected by rising premiums, as well as the higher deductibles some policies require for catastrophic weather damage from wind, hail and other storm-related perils.
