Survey: Multi-line Insurance Discounts Become Less Popular Even as Average Rates Creep Up Nationwide

WILMINGTON, N.C., Jan. 4, 2012 /PRNewswire/ -- According to a survey conducted by HomeInsurance.com in 2010 and 2011, respondents reported taking advantage of home-auto package discounts less in 2011 than they were in 2010, even as average 12-month premiums increase throughout the country.

The average 12-month home insurance rate across the country in 2010 for HomeInsurance.com customers was $662. New customers purchasing a policy in 2011 saw about a 10 percent increase from that rate, paying approximately $730/year for a homeowners insurance policy. Although rates increased over that 2-year span, HomeInsurance.com visitors began showing less interest in insurance discounts. In 2010, 54 percent of homeowners surveyed on HomeInsurance.com claimed they took advantage of a home-auto package discount. In 2011, only 48 percent of surveyed website visitors said they took advantage of the same discount.

Most companies, including those represented by HomeInsurance.com, advertise discounts in the range of 15-25 percent for insuring an automobile, motorcycle, watercraft or other policy along with a standard homeowners policy.

While survey respondents reported taking less advantage of home-auto discounts, more respondents in 2011 said they take advantage of discounts for safety features. For example from 2010 to 2011 there was a 2 percent increase in homeowners who have a burglar alarm discount included in their policy. Likewise, there was a 1 percent increase in respondents who take advantage of a smoke alarm discount.

While fewer homeowners claim to take advantage of a home-auto discount, they do still appear to be increasingly aware of their insurance premiums. In 2011, 67 percent claimed that competitive rates were the number reason for choosing their current insurance policy.

About HomeInsurance.com
HomeInsurance.com is a comparison shopping marketplace for home and auto insurance. HomeInsurance.com is partnered with the top-rated home and auto insurance companies in the country including Travelers, Safeco, Hartford, ASI, Foremost, and Progressive -- and rated A+ by the Better Business Bureau. HomeInsurance.com was ranked 61 on the 2011 Inc. 500 |5000 list of fastest growing private companies in America. HomeInsurance.com was founded in 2007 by Carlos Lagomarsino and has sold more than 85,000 policies since inception.

The survey data represented in this report was collected at http://www.homeinsurance.com by website visitors who requested quotes online for home insurance and completed a survey at the end of their visit.

SOURCE HomeInsurance.com