Survey Finds Gap Between Home Protection Concerns, Actions

Allstate is launching a campaign that reminds people about the importance of knowing the value of all of their belongings -- even the smaller things that can add up to financial losses. 

Nearly all homeowners (90%) are concerned about protecting their homes, yet haven’t valued their possessions in years -- let alone documented what they have. And while the majority say they know the value of their big-ticket items like TVs and stereos, most forget about things like home décor, area rugs and appliances, not to mention mundane possessions like bedding and bath towels, according to a recent survey from Allstate. 

The “Protect It Or Lose It” effort stars actress and singer Kristin Chenoweth, who serves as the effort’s spokeswoman. It includes an online game that challenges players to protect everyday items as well as valuables. To advance to the next level, players learn the importance of remembering to protect everything from kitchen utensils to appliances to artwork along the way. Daily sweepstakes prizes are awarded from July 15 to Oct. 15, with a $5,000 grand prize.

The effort also includes a nationwide tour continuing through October where Allstate representatives will show homeowners the importance of protecting all of their possessions. The tour will host educational events in 10 cities across the country. Each event includes a live game show, digital games, photo opportunities and the chance to win prizes.  

“Every day, our Allstate agency owners help their customers fully understand their needs, assess all the potential risks in their lives, and help them prevent those risks from happening in the first place,” said Sanjay Gupta, Allstate Insurance Co. executive vice president of marketing, innovation and corporate relations, in a release. “The campaign engages and empowers consumers to accurately value their possessions, and provides the tools to help consumers better prepare for unexpected losses.”

The top five most common causes of homeowner insurance claims, according to Allstate: are windstorm and hail; water (including air conditioning leaks); home break-ins and thefts; fire and lightning.

According to the survey, the most worried homeowners hail from the South Atlantic states, where 41% say they are extremely concerned about protecting their homes. But in the wild-fire prone West, only 28% of respondents care that much, according to the survey.

Millennials are more likely to value their possessions every one to two years (at least the more expensive ones), but are less informed about what kind of protection they have. Less than half (47%) know their minimum deductible and fewer still (40%) know any details about their current coverage.

Homeowners over the age of 55, on the other hand, are more aware of the value of typical household items, but are most likely not to have documented anything (56%).

The Allstate Homeowners Survey was conducted online by Impulse Research in June 2014.  Survey recipients represent a random sample of 1062 men and women, 18+ who are homeowners (condominium and townhome-owners were excluded from the survey), all members of the Impulse Research proprietary online panel. The overall sampling error rate for this survey is +/-3% at the 95% rate of confidence. The geographical spread used within the survey is broken into five regions according to Impulse Research policy.

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