Report Shows Increase In Property Insurance Shopping

TransUnion’s latest Personal Lines Insurance Shopping Report found that low inventory suppressed insurance shopping for automobiles while boosting the property insurance shopping market through increased activity from both homeowners and renters.

The gap between property and auto insurance shopping during Q3 2021 was greater than the two prior quarters, according to the report. TransUnion reported that the three-week moving average for property insurance shopping was between 1% and 8% higher than the previous year. In comparison, the three-week moving average in Q3 for auto insurance shopping was between 2% and 13% lower than one year ago.

Additionally, the rise in property insurance shopping was primarily driven by homebuyers, but rental insurance also played a significant role.

“Soaring housing prices prevented a lot of younger people and first-time buyers from purchasing a home—and sent many homeowners to the rental market,” said Mark McElroy, executive vice president and head of TransUnion’s insurance business. “However, much of that latter group comprised people from older generations who took advantage of the ability to cash in on their home’s value, while downsizing their lifestyle at an opportune moment.”

TransUnion found that Baby Boomers and Gen X consumers drove much of the rental insurance shopping in Q3. Boomers in particular entered the rental market with more valuable personal belongings and were more apt to seek out renter’s insurance to protect their personal property.