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Survey finds coverage shortfalls among home and auto claimants
About 14% of claimants said none of their claim was covered, while 67% said a $1,000 unexpected expense would be a struggle.
One in three home and auto policyholders who filed a claim say their coverage fell short of what they expected, according to a survey from VIU by HUB, an embedded insurance brokerage platform backed by Hub International.
The Harris Poll, conducted online in June among 1,663 US adults with home or auto policies, found that 14% said no part of their claim was covered. It also showed 41% have made no change to their home or auto coverage in more than a year, and 20% have not changed anything since purchasing.
The survey points to a coverage review gap and a communication gap between insurers and customers. While 88% of policyholders said they would want their provider to flag when coverage no longer fits, 56% said their provider has not proactively reached out in over a year, or they are not sure it has, and 21% said proactive contact has never happened.
Financial consequences show up in the responses, with 67% saying covering a $1,000 unexpected home or auto expense would be a struggle, including about one in five who called it a serious hardship. Related research cited in the survey includes APCIA estimates that about two out of three US homes may be underinsured, and Triple-I findings that only 30% of insured homeowners have updated their coverage to keep pace.