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Many Americans Unsure if Their Homeowners Insurance is In-Synch With Their Needs

A substantial proportion of American homeowners are unsure of what homeowners coverage they have for specific circumstances, according to a new study just released by...
August 30, 2006

A substantial proportion of American homeowners are unsure of what homeowners coverage they have for specific circumstances, according to a new study just released by The Travelers and conducted by Harris Interactive.

The Travelers survey asked more than 1,300 homeowners about their insurance to determine what they knew about their coverage, how often they reviewed their policy to ensure that it remained in-synch with their needs, and the ways in which they conducted that review.  The results suggested that more than four in ten (44 percent) homeowners had not revisited their insurance coverage in the past year -- some not in the last 10 years.

The survey also reaffirmed the value of working with an insurance agent to make sure that coverage types and levels are where they should be.  More than two-thirds (66 percent) of those who last reviewed their policies with an agent strongly agreed that their current coverage was, in fact, in-synch with their needs.

"We are encouraging people to talk to an independent agent to get more information about their coverage and to discuss their changing needs," said Joseph P. Lacher Jr., executive vice president of Travelers Personal Insurance. "It's all about managing risks, and keeping your insurance in-synch with your risks to put you in greater control."

Many Unsure of Homeowners Coverage (St. Paul Travelers 8/28/06)

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