As unprecedented rains and flooding brought death and untold property damage to Louisiana, two leading insurance industry organizations announced the sobering results of a recent national survey that MFour conducted for them.
Trusted Choice®, a branding source for independent insurance agents and brokers, and the Independent Insurance Agents & Brokers of America (IIABA) commissioned the study of 1,000 American homeowners that MFour carried out earlier this month.
“Many homeowners lack adequate insurance coverage, do not fully understand their homeowners policies and do not have enough savings to support their households in the event of a disaster,” Trusted Choice® and the IIABA concluded this week in announcing the study's findings.
Among the findings of the demographically representative survey of U.S. homeowners: 73% of respondents are “completely vulnerable” to losses from flooding because their regular homeowners coverage doesn’t extend to flood damage. The survey uncovered other misconceptions and wrong assumptions about disaster insurance, including how well-protected respondents would be under their current coverage.
The announcement urged homeowners to review their coverage with qualified insurance agents so they can understand the risks and identify the available insurance protections.
MFour designed the survey for its clients and fielded it to homeowners among the million active panelists who use Surveys on the Go®, the native, all-mobile smartphone app MFour introduced in 2011.