Author: Annette Malave, SVP/Insights, RAB
With major shift in the workplace model from in-office to hybrid, Americans are revaluating their residences. Is their current residence conducive to sustain a regular work-from-home situation versus an occasional event? Whether it is a condo, a home or rented apartment, many consumers appreciate the importance of homeowners/personal property insurance.
When it comes to home ownership, the cost of the average home is on the rise. Additionally, the cost for homeowners insurance is also increasing. According to Bankrate, for an insurance policy with a $250,000 dwelling coverage, a homeowner can expect to spend this year is $1,393 – almost 6% over the 2021 average of $1,312. While no one wants to think about it, things happen, and consumers make claims. According to the J.D. Power 2022 U.S. Property Claims Satisfaction Study,℠ overall customer satisfactions with homeowner insurance claims fell to a five-year low.
We stated before that radio is a broad reach medium, but when it comes to targeting homeowners or those who are in the market for property insurance, insurance companies and their local agents would benefit from understanding radio listeners. Not only do 84% of adults radio listeners have homeowners/renters insurance, but 87% plan to switch their providers within the upcoming year, according to Scarborough data. More than half of radio listeners are the decision maker for these insurance decisions, per MRI-Simmons.
Radio listeners are savvy and confident in their security. When it comes to homeowners or renters insurance, 85% believe that they are well-insured by having the coverage they need. Agents should take heed when speaking to these individuals because they have done their homework. But how can an agent appeal to these consumers? Relationships.
Like the personal connection listeners have with their radio stations, radio listeners prefer human relationships with their insurance agents. According to MRI-Simmons data, 48% of radio listeners received their insurance by working with an agent. Despite what has occurred with other categories, insurance is an important decision and using websites or phone calls to make the decisions are not top choices for broadcast radio listeners. Only 12% of radio listeners got their insurance via phone, 8% used a website.
As stated at the beginning of this blog, the cost of the average home is on the rise. The total value of coverage of radio listener homes are well into the hundreds. Only 14% of radio listeners have homeowners or personal property insurance under $100,000. Twenty-seven percent have an insured value of coverage of $100,000-$300,000., 14% from $300,000 to $500,000 and 12% over $500,00.
As the wave of dwelling considerations shift from a place to rest their heads to a place to work and rest, organizations that offer insurance and their local agents should work towards providing the service that radio listeners expect. Like the relationship they have with their radio stations, they want the same personal connection with a local insurance agent.