Survey finds nearly 60% of home/auto policy owners are worried about being underinsured

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Changing economy and inflation drive concern for insurance coverage

CHICAGO, Oct. 18, 2022 - Rising inflation and changes in the economy are increasing the risk of insurance coverage gaps for many consumers, according to VIU by HUB, a digital insurance brokerage platform powered by HUB International Limited (HUB), a leading global insurance brokerage and financial services firm.

The Harris Poll on behalf of VIU by HUB conducted a recent online survey of more than 1,600 Americans who have auto/homeowners insurance (i.e., policyowners). Survey results show that of those who have made a claim on their insurance policy in the past five years, 40% have had an event where their policy did not cover their claim as they had expected (See Infographic). Additionally, 59% of homeowners and/or auto policyowners are concerned that their home/auto insurance coverage may not be enough due to the changing economy (e.g., inflation).

“Consumers are right to be concerned about the possibility of coverage gaps, as the economy is changing quickly and many people are unknowingly underinsured,” said Bryan Davis, EVP, Head of VIU. “Education and insight can help alleviate those concerns while the advice of an expert can ensure ideal coverage and protection.”

There are several reasons for concern about coverage gaps, including:

  • Higher replacement costs. Inflation is pushing replacement costs up. Unless coverage is increased to reflect higher replacement values, policy owners could have to pay more.
  • Out-of-pocket expenses. The survey found the vast majority of policy owners (91%) would have concerns if they found out that they did not have enough homeowners and/or automobile insurance protection to cover an event, and 29% would be worried about going into debt paying to replace/repair their car/home if they did not have enough insurance protection to cover a claim.
  • Lack of understanding in choosing the right insurance. More than 4 in 5 policy owners (81%) say there are aspects of their homeowners or automobile insurance policies that they want to learn more about or better understand.

VIU by HUB is an online platform that offers an improved buying experience for consumers and empowers them to make informed decisions on their purchases. VIU delivers quotes from multiple carriers in an easy to navigate digital experience as well as expert advice to close the coverage gap and ensure that consumers have the proper insurance in place.

To learn more about VIU by HUB, visit

Survey Method

This survey was conducted online within the United States by The Harris Poll on behalf of HUB from August 2-4, 2022 among 2,017 U.S. adults ages 18 and older, among whom 1,656 have auto/homeowners insurance. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level.

About Hub International

Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 14,000 employees in offices located throughout North America, HUB’s vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, please visit