Nearly 15% of Consumers Allow Auto Insurance Coverage to Lapse 

The report identifies this trend as a red flag for carriers, as homeowners are likely investing in renovations in lieu of a new home purchase. This can result in a mismatch of coverage, as additions and other significant changes may not be covered in the homeowners’ existing policies.

“With consumers increasingly looking to their agents for guidance on savings, right now is an ideal time for outreach,” said Jackson. “Agents can use the conversation to offer insights on how bundling policies may help lower premiums, while finding out if there have been any material changes to insured properties.”

For additional insights into the personal lines insurance marketplace, the full report can be accessed here.

Source: TransUnion