A brand new Trusted Alternative survey revealed that many shoppers don’t absolutely perceive the small print of their insurance coverage protection, regardless of 86% saying they’ve a powerful grasp of their insurance policies.
The survey, carried out prematurely of Nationwide Insurance coverage Consciousness Day on June 28, exposes vital insurance coverage data gaps that may be addressed by consulting with unbiased insurance coverage brokers to make sure shoppers have the suitable protection and perceive what’s and isn’t included of their insurance policies, Trusted Alternative acknowledged.
“As a result of insurance coverage protects individuals’s most essential belongings, it’s essential that policyholders perceive their protection. However sadly, our survey exhibits there’s a appreciable insurance coverage data hole amongst shoppers,” mentioned Charles Symington, president and CEO of the Unbiased Insurance coverage Brokers of America (Huge “I”).
Key Findings from the Survey
The survey discovered that 56% of People are unaware that a typical householders coverage doesn’t cowl flood harm. This lack of expertise can result in vital monetary losses within the occasion of a flood, as householders might assume they’re protected when they aren’t.
As well as, 70% of respondents have no idea that supplies or fixtures supposed for set up throughout renovations should not lined by a typical householders coverage. Additionally, 46% of respondents don’t have or are not sure if they’ve a house stock of main home items in case they should file a declare, the survey discovered.
The survey additionally revealed misconceptions about car protection.
Over half, or 55%, of respondents don’t notice that a typical auto coverage doesn’t cowl enterprise use of a car. Moreover, 44% incorrectly consider that private gadgets stolen from their automobile are lined by their auto insurance coverage, when in actual fact, it’s sometimes a typical house or renters insurance coverage coverage that covers such theft, the survey famous.
As well as, 57% have no idea that parking tickets typically don’t impression auto insurance coverage premiums.
The Position of Unbiased Brokers
Unbiased brokers function an unbiased useful resource to assist shoppers higher perceive their protection wants and navigate insurance policies, in keeping with Trusted Alternative.
Kevin Brandt, govt director of Trusted Alternative, defined, “An unbiased agent is finest geared up to stroll shoppers by the complete course of–from searching for protection to buying a plan and submitting a declare. With their unbiased steering and personalised strategy, they empower people to navigate insurance policies with readability and confidence, guaranteeing they honestly perceive their protection and make knowledgeable selections.”
Study Triple-I’s Unbiased Agent Professional subscription, solely for unbiased insurance coverage brokers.
