By: Luke Jones, Published on July 2, 2018 03:33 PM, Last Update on July 2, 2018 12:35 PM
Homeowners continue to be happy with their home insurance, even though premiums have risen for three consecutive years, according to the J.D. Power 2018 Canada Home Insurance Study.
The newly released annual survey said satisfaction scored 786 out of 1,000 points amongst Canadian homeowners. Across the country, data shows satisfaction was highest in Quebec, with the province scoring on average 810. In terms of the lowest average satisfaction score, the Western region received 769 from 1,000.
Quebec property owners suffered a 13% increase in home insurance premiums last year, but remain satisfied. That’s probably because customers in the province still pay the lowest annual among for their coverage ($960). Like auto insurance, Ontario and the Atlantic region pay the most for their home insurance, with average premiums of $1,284 per year.
J.D. Power used responses from 5,676 home insurance customers in Canada to find its results, basing satisfaction on the following five factors:
The company says increased and continued homeowner satisfaction is from “step-change improvements in channel performance. Higher levels of satisfaction are driven by the industry’s collective focus on improving the way customers interact with their brands, particularly local agent and online relationships.”
“Insurers understand the important role channels play in shaping customer satisfaction,” says Tom Super, director of the insurance practice at J.D. Power. “Within an environment that has experienced both premium increases and several large cat events, an effective channel strategy can help mitigate the negative effects of those events if managed properly.”