Survey says: Potential gaps from significant life changes
A lot has changed since the beginning of the COVID-19 pandemic. The Hanover’s recent survey 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 shows about 70% of the 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. Key findings include:
1 in 3
of respondents were unsure about what their policies cover
3 in 10
feel they have insurance blind spots in their lives because they did not know what insurance coverages they need
of respondents did not know making changes, such as adding pools, trampolines or pets could require changes to their home insurance policies
of people didn’t know home insurance may need to be reviewed and updated when renovations or updates are made to the property
of respondents were unaware homes above a certain price point may need special insurance coverage
7 in 10
people are not aware their home’s market value (price to sell) was not the same as its replacement value (price to rebuild)
of people weren’t aware homeowners may benefit from optional insurance coverage such as service line, water backup, valuable items and equipment breakdown
of people weren’t aware they may need additional auto insurance coverage if they are ever in an accident with an underinsured or uninsured driver
3 in 4
did not know umbrella insurance could help protect them from financial loss if they are sued
Consult with an independent agent
Most respondents agreed it would be helpful to review their coverage with an insurance expert. Independent agents are experienced, professional resources for consumers who want to ensure they have the appropriate insurance protection in place. See how independent agents make insurance better.
Working with an independent insurance agent and having all of your policies with one insurance company helps ensure you have the right protection in place – and maximizes discounts and convenience.”
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All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates (“The Hanover”). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage.