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2 in 3 homeowners do not know what their home insurance covers

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Young Caucasian family having debt problems, not able to pay out their loan. Female in glasses and brunette man studying paper form bank while managing domestic budget together in kitchen interior
(Cast Of Thousands via Shutterstock)

This story version has been formatted as an on-air script for broadcast outlets. See the original research story here.

TWO IN THREE (65%) AMERICANS ADMIT THEY HAVE NO IDEA WHAT THEIR HOME INSURANCE POLICIES ACTUALLY COVER.

THAT’S ACCORDING TO A SURVEY OF 2,000 HOMEOWNERS BY GOOSEHEAD INSURANCE AND ONEPOLL.

RESULTS SHOW NEARLY HALF (45%) HAVE HAD INSURANCE CLAIMS DENIED BECAUSE THEY DIDN’T HAVE THE PROPER COVERAGE.

HOMEOWNERS SAY THE MOST IMPORTANT FACTORS IN PICKING A POLICY ARE THE COVERAGE TYPE (26%), THE INSURANCE BRAND (22%) AND THE PRICE (18%).

RESPONDENTS BELIEVE THE MOST IMPORTANT COVERAGE TO HAVE ON A HOME NOWADAYS INCLUDES FIRE DAMAGE PROTECTION (39%), STORM DAMAGE PROTECTION (35%) AND COVERAGE FOR PERSONAL VALUABLES (35%).

THE STUDY ALSO FOUND THE AVERAGE POLICYHOLDER LOOKS TO UPDATE THEIR INSURANCE AFTER LIVING IN THEIR HOME FOR FIVE YEARS. 

TOP REASONS CONSUMERS UPDATE THEIR HOME INSURANCE

Buying or selling your home - 28%   

Major renovation projects - 27%

Environmental changes - 27%

Having a kid - 25%

A change in family status - 25%

Professional changes - 24%

MOST MISUNDERSTOOD HOME INSURANCE TERMS

Limit of liability - 35%

Home Insurance Replacement Cost - 33%

Actual Cash Value - 32%

Identity theft fraud expense protection - 32% 

Independent Agent - 31%

Declarations - 31% 

Survey methodology:

This random double-opt-in survey of 2,000 American homeowners was commissioned by Goosehead Insurance between June 22 and June 29, 2022. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).

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