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I’ll take ‘My Insurance Coverage’ for $200, Alex

Thu Jan 2nd, 2014 on     Insurance Claims,    

If we have learned nothing else from all the news coverage of Healthcare.gov and rollouts of state health insurance exchanges, we have learned that most health insurance policies renew on January 1. If our health insurance is part of an employee benefit package, we probably renew our life and disability insurance at the same time. It’s routine.

Do you know when your home or auto insurance renews, though? More importantly, do you have a good grasp of what your insurance covers? OK, if you live in Florida, you may be hyper-aware of the renewal date and terms of your homeowners insurance; you probably know your flood insurance coverage inside out, too, if only because of the ongoing rate hike controversy. We concede that Floridians are a little more insurance savvy than homeowners and drivers in other parts of the country.

In general, it is alarming how little Americans know about their insurance. The Independent Insurance Agents and Brokers of America and Trusted Choice recently reported the results of a survey about insurance coverage, and only 61 percent of respondents said they were somewhat familiar or familiar with the terms of their home and auto policies.

More than one-third of respondents admitted to never having researched insurance options before purchasing coverage. Fewer than half of them said they were not confident or were just somewhat confident that their coverage actually met their needs.

When it comes to insurance coverage, ignorance is most definitely not bliss. Not knowing the particulars of your coverage — especially your coverage limits — can lead to confusion and financial woes, as well as uphill battles over unpaid or underpaid claims.

We’ll continue this in our next post.

Source: Financial Advisor, “Americans Short On Insurance Knowledge,” Dec. 24, 2013

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