Many U.S. homeowners are missing important insurance protections, offering opportunities for agents to educate insureds on increasingly essential coverages.A new survey commissioned by The Hanover Insurance Group found many homeowners are exposed to growing risks, such as lawsuits, cybercrime and inflation—and they may not even be aware of the risk or that protections are available. Cyber insurance had the lowest awareness levels, at 46%, and only 7% of homeowners had coverage.83% of homeowners are aware of ...

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].