Survey Reveals Common Insurance Blind Spots
WORCESTER, Mass., June 28, 2021 /PRNewswire/ -- 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.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
Emily P. Trevallion
Abby M. Clark
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. For more information about The Hanover visit our website at www.hanover.com.
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SOURCE The Hanover Insurance Group, Inc.
Survey Reveals Common Insurance Blind Spots
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