How different age groups buy and manage homeowners insurance in the US
According to YouGov Financial Services CategoryView, 43% of US adults have a homeowner's insurance. The data reveals a range of channels used by policyholders to purchase their insurance. Insurance agents and brokers are the most popular choice, with half of policyholders using them (51%). The preference for agents and brokers increases with age. For instance, 29% of Americans aged between 18-29 use them compared to 61% of those aged 65 and above.
Buying directly from insurance companies is the second most popular choice, with two in five policyholders choosing them (43%). This method is particularly favored by those aged 30-44, with half of this age group purchasing their policies directly from insurance companies. Employer-sponsored insurance options are used by 39% of all policyholders, with the highest uptake among the 30-44 age group at 54%.
The usage of health insurance marketplaces, insurance quote comparison websites, and membership organizations is less common overall, but younger age groups tend to utilize these channels more frequently. Notably, 17% of adults aged 18-29 purchase through health insurance marketplaces, while 20% use insurance quote comparison websites.
Credit unions and banks, financial advisors and planners, direct mail and phone offers are among the least used channels, with each accounting for less than 10% of all purchases. Younger age groups, particularly those aged 18-29, are more inclined to use these less common methods compared to older groups.
When homeowners insurance owners were asked about valuable features in a digital platform for managing their policies, the most desired feature across all age groups was payment and billing management, with three in five finding it valuable (61%). This feature is especially important to those aged 30-44 and 45-64, with 65% and 64% respectively indicating its importance. Policy information access is the second most valued feature, preferred by 56% of all policy holders, with slight variations among age groups.
Claims submission and tracking is also a significant feature, valued by half of policy holders (51%). The importance of this feature increases with age, peaking at 55% for the 45-64 age group. Claims assistance tools are similarly valued, though to a slightly lesser extent, with 44% overall expressing a need for them.
Online policy purchases and renewals are valued by two in five homeowner policy holders (41%), particularly by those aged 30-44 (49%). Notifications and digital ID and documentation upload features follow, with 38% and 34% of Americans respectively finding them valuable.
Educational resources and chatbots or virtual assistants are the least valued features, with only 16% and 11% of all policy holders finding them important. However, younger Americans, particularly those aged 18-29, show a higher preference for these digital tools compared to older age groups (32%).
Methodology: YouGov Financial Services CategoryView collects data on brands & consumers across the US every month. The data is based on the interviews of more than 9,000 American adults aged 18+ between March and June, 2024. Learn more about YouGov Financial Services CategoryView.