Survey: Some insurance buyers don’t research

A new national survey found that more than one-third of consumers have never done their own research before purchasing an insurance policy, an omission that can lead to costly mistakes, according to the results of a study by the Independent Insurance Agents and Brokers of America and Trusted Choice. More

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financial services

Survey: Some insurance buyers don’t research

Posted 12/31/13

ALEXANDRIA, Va. – A new national survey found that more than one-third of consumers have never done their own research before purchasing an insurance policy, an omission that can lead to costly mistakes, according to the results of a study by the Independent Insurance Agents and Brokers of America, or IIABA, and Trusted Choice, a consumer marketing organization.

“It’s critical that consumers understand the basics of protecting their family, home and property,” said IIABA President and CEO Robert Rusbuldt, said in a press release on findings of the survey released Dec. 19. “This survey shows that many Americans may not even realize they are vulnerable to serious losses. A lot can happen in a year. The start of a new year is a perfect time to dust off your insurance policies and review them thoroughly.”

The survey also found that more than one-third of policyholders have not met with or even talked to their insurance agent within the last year.

“Keeping your agent updated on changes in your family or to your property is crucial to your financial security,” said IIABA Vice President of Agent Development, Research and Education Madelyn Flannagan. “A new baby, marriage, divorce, death, home renovation or a major purchase could significantly impact your insurance needs and costs.”

The survey of 930 U.S. households was done by an independent research company in Media, Pa. in November.

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