Bundling home and auto insurance may lead to greater satisfaction among consumers, according to a recent report from J.D. Power and Associates.
The ratings firm’s 2010 U.S. National Homeowners Insurance Study found that consumers who combined these types of policies were generally more satisfied with their coverage. This was especially true for member of Generation Y, who were born between 1977 and 1994.
Jeremy Bowler, a senior director at J.D. Power, notes almost 40 percent of Gen Y owns a home which may present an opportunity to insurance companies.
“Insurers that can successfully convince Gen Y home insurance policyholders to bundle their homeowners insurance and auto insurance policies may be positioning themselves for the financial benefits of retaining this growing generation,” says Bowler.
Other ways for consumers to save money on insurance include paying auto insurance premiums yearly rather than monthly or adding safety enhancements to a home, such as a lightning mitigation system or burglar alarms.
