ARIZONA DEPARTMENT OF INSURANCE
2910 North 44th Street, Suite 210, Phoenix, Arizona 85018-7256 · (602) 912-8456 · FAX: (602) 912-8452
|Assistant Director||FOR IMMEDIATE RELEASE|
|(602) 912-8446||December 16, 1996|
ARIZONA DEPARTMENT OF INSURANCE PUBLISHES HOMEOWNER'S PREMIUM COMPARISON
The Arizona Director of Insurance, John King, announced today the availability of the Department's annually published "Homeowners' Insurance Premium Comparison Survey".
"Consumer interest in getting the best buy for the dollars they spend on insurance is higher than ever," said King who suggests the Survey can help consumers in the market for insurance. "A person shopping for insurance should not assume that because many insurers offer the same homeowners' coverage that they will all charge the same price, and the savvy shopper can save money by comparing both price and coverage," King said. In the Survey, forty-five insurers, 90% of the homeowners' insurance market, are ranked by the price they would charge to provide insurance for the same hypothetical home located in Phoenix, Glendale, Mesa, Flagstaff or Tucson. Because the listed prices are based on hypotheticals, each insurer could rank differently depending upon the characteristics of an actual home.
"If I could remind consumers of just one thing, I would ask them to remember to read the policy before buying it; too often, policyholders first read their policy when they have a loss only to find the policy does not provide the coverage they really wanted and needed," King said. King also cautions consumers to remember that although price is always a consideration, astute buyers also consider the insurance company's financial condition, its policyholder and claims service, and its overall reputation.
King announced the availability of two other Department publications particularly useful to the purchaser of homeowners' insurance when reviewed together with the Survey.
The "Complaint Ratio" compares the number of written complaints received by the Department against the insurance company to the number of policies it had in force for a calendar year.
The "Consumer's Guide to Homeowner's Insurance" answers often asked basic questions and contains information regarding coverages found in homeowners' policies. The Guide has tips on shopping for homeowners' coverage and reducing or preventing losses.
The Survey, the Complaint Ratio, and the Guide, as is "The Most Frequently Asked Questions" (Homeowners), are also available at http://www.state.az.us/id on the World Wide Web.
Anyone wishing to receive the Homeowners' Premium Comparison Survey, Consumers Guide to Homeowners' Insurance, and the latest available Complaint Ratio may obtain copies by writing to the CONSUMER SERVICES DIVISION, Arizona Department of Insurance, Suite 210, 2910 North 44th Street, Phoenix, Arizona 85018, or by calling the Consumer Services Division in Phoenix at 912-8444 or in Tucson at 628-6370.