HARRISBURG — The beginning of the year is an ideal time for consumers to review the adequacy of their insurance coverage, acting Insurance Commissioner Joel Ario said.
“Many changes can take place in our lives over the course of a year, so now is the perfect time to take such changes under consideration, get your policies in order and do some comparison shopping,” Ario said. “Shopping around can also help consumers save money.”
Ario recommends that consumers who have made any home improvements, additions or other renovations in the past year should consider updating their homeowners insurance policies.
“Renovations or additions to your home will increase your property value, and your policy should reflect that change,” he said. “This also holds true for any new interior content, like a television or an upgraded countertop. Keeping a running inventory of home possessions is a great idea and the beginning of a new year is a great time to start that inventory.”
Growing families also are encouraged to review their insurance needs.
“When your baby is born, check with your health plan to confirm how long you have to add him or her to your health plan — generally, it’s only 30 days,” he said. “Unfortunately, there have been instances when parents forgot to add their child to their health plan, or they assumed the child would be automatically added, only to find out that there was no coverage available for the child. If you’re planning to expand your family during 2008, you should keep that in mind.”
Auto insurance needs also should be reviewed, especially for drivers who are looking for ways to reduce costs.
“Reviewing the need for optional coverages — including comprehensive, collision, uninsured and/or underinsured motorist coverage and the choice of full or limited tort – can help consumers to shape their policies to better meet their specific needs,” Ario said.
No matter what type of insurance policy, Ario advises all consumers to do the following when evaluating their insurance needs:
• Shop around and compare rates from various insurance companies;
• Consider whether a company offers any discounts, like multi-policy discounts for auto and homeowners insurance, or wellness initiatives for health insurance;
• Learn about the financial stability of the insurance company; and
• Make sure the company is licensed by the Pennsylvania Insurance Department.
“For consumers, the bottom line is: ask questions, do your homework and remember that the Insurance Department is here to help with that process,” Ario said.
For more information about the various kinds of insurance policies available to consumers, as well as contact information for the insurance companies that are licensed to sell in Pennsylvania, visit here.
Consumers with questions may also call any of the department’s Bureau of Consumer Services’ regional offices at:
• Harrisburg: (717) 787-2317
• Philadelphia: (215) 560-2630
• Pittsburgh: (412) 565-5020
