NEW YORK, July 9, 2019 /PRNewswire/ -- ValuePenguin.com, a personal finance research website, released its study on what homeowners know about their homeowners insurance policies. Approximately 47 percent of the homeowners surveyed did not know what their home insurance policies cover, and a staggering 34 percent believe their policies cover flooding.
These findings are concerning in many ways. The homeowners who aren't aware of what their homeowners insurance policies cover stand a high chance of overpaying for a policy that inadequately covers their homes. In 2018, natural disasters caused $160 billion in damage across the U.S, and with natural disasters becoming more catastrophic, it's become more important than ever for homeowners to understand whether they're financially protected by their insurer.
- 47 percent of homeowners do not know what their homeowners insurance policies cover.
- 18 percent of homeowners have never reviewed their policies, even at the point of purchase.
- Almost 50 percent of millennials believe their homeowners insurance covers flooding, even though most policies do not cover floods. 21 percent of baby boomers hold the same misconception.
- 90 percent of homeowners did not shop around for homeowners insurance to find the best rate, rather they opted for convenience. 1 in 3 homeowners got coverage from their auto insurer.
- Over 60 percent of homeowners don't have a burglar alarm, fire alarm or water sensor installed in their homes, putting them at huge financial risk.
Methodology: ValuePenguin.com commissioned Qualtrics to conduct an online survey of 2,000 homeowners in America, with the sample base proportioned to represent the general population of Homeowners. The survey was conducted in June 2019.
To view the full report, visit: https://www.valuepenguin.com/nearly-half-homeowners-know-what-home-insurance-covers
About ValuePenguin.com: ValuePenguin.com, part of LendingTree (TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page or follow us on Twitter @ValuePenguin.
About LendingTree: LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
Divya Sangam- Media Relations