Core Insights - Many U.S. homeowners lack essential insurance protections, creating opportunities for agents to educate clients on necessary coverages [1][4] - Homeowners often overestimate the protection offered by standard policies, highlighting the need for additional coverage for valuable items [2][3] Opportunities for Agents - Independent agents play a critical role in educating homeowners about evolving risks and coverage options [4] - After learning about umbrella coverage, two-thirds of unprotected homeowners expressed interest in obtaining it, with nearly 25% being "very interested" [5] - Customer service is crucial, with 81% of homeowners rating it as "absolutely essential" or "very important," compared to only 58% prioritizing the lowest price [5] Coverage Awareness - A significant gap exists in homeowners' awareness of various coverages; 87% had not been informed about cyber insurance, and 61% about umbrella coverage [6] - Despite high awareness of coverage for valuables (87%), only 26% of homeowners have additional coverage for them [7] - Cyber insurance has the lowest awareness at 46%, with only 7% of homeowners having coverage [9] Customer Preferences - Homeowners prefer having a single insurance company for all policies, which enhances customer service and helps identify coverage gaps [7][8] - Bundling policies can provide discounts and streamline the claims process, making it more convenient for homeowners [8]

Core Insights - A survey by The Hanover Insurance Group reveals that many U.S. homeowners lack essential insurance protections, exposing them to risks like lawsuits, cybercrime, and inflation [1][2]. Coverage Awareness - The survey assessed homeowners' understanding of four types of insurance: umbrella, cyber, valuables, and recreational vehicles, showing a significant gap between awareness and actual coverage [2]. - Only 23% of homeowners have an umbrella policy, while 66% expressed interest in obtaining one after learning about its benefits, indicating a need for better education on insurance options [2]. - Cyber insurance has the lowest awareness at 46%, with only 7% of homeowners having coverage [8]. - Awareness of valuables coverage stands at 87%, but only 26% are actually covered [8]. - Recreational vehicle insurance is known by 94% of homeowners, yet only 31% have discussed it with their insurance agents [8]. Role of Insurance Agents - The findings emphasize the critical role of independent agents in educating homeowners about their insurance needs and helping them make informed decisions [3]. - Customer service is deemed essential, with 81% of homeowners rating it as "absolutely essential" or "very important," compared to 58% prioritizing the lowest price [3]. Coverage Management - Keeping insurance coverage with a single carrier can help identify potential gaps and provide a more consistent customer service experience [4].

Core Insights - Mercury Insurance has launched a new personal umbrella insurance policy in Nevada to provide additional protection against rising bodily injury claims, which have increased by 35% since the pandemic began [1][4]. Company Overview - Mercury Insurance is a multi-line insurance carrier offering personal auto, homeowners, renters, and commercial insurance through independent agents across several states, including Nevada [5][6]. - The company has been operational since 1962 and has a workforce of over 4,200 employees and a network of more than 6,340 independent agents [6]. Product Features - The new umbrella insurance policy is designed to offer extra protection beyond traditional auto or home policies, starting at just over $1 per day [1][4]. - Key features include increased liability coverage options from $1 million to $2 million, multi-policy discounts, and a 5% discount for drivers with no accidents in the last three years [6]. Market Context - The launch in Nevada marks the eighth state for this expanded insurance product, following previous launches in California, Texas, Oklahoma, Illinois, Arizona, Georgia, and Florida [3]. - The rising costs of unexpected accidents are a significant concern for Nevadans, prompting the need for additional coverage to avoid out-of-pocket expenses [4].