Study Shows Homeowners Missing Out on Insurance Discounts

A new study released in Nov. 2009 showed that Americans are not utilizing all of the discounts available to them when it comes to their homeowner and auto insurance. The study was released by the Independent Insurance Agents & Brokers of America (IIABA) for Trust Choice.

Study Results

From those surveyed regarding their home insurance policies, 34 percent admitted that they are probably not taking advantage of all of the home insurance discounts they could – or they simply didn’t know that discounts were available. This number represents a percentage of 53 million households.

In regards to auto insurance, more than 20 percent of car owners were not taking advantage of auto insurance discounts, or didn’t know they existed.

Americans Throwing Away Much-Needed Money

The vice president of agent development with IIABA, Madelyn Flannagan, commented on the results of the study by noting that many Americans may be “foolishly” throwing away money because they fail to ask about the homeowners and auto insurance discounts they may qualify for. She noted that many companies offer impressive discounts, often based on region or other unique factors, and if customers don’t ask about what’s available, they’re truly missing out on savings.

Don’t Throw Your Money Away

If reading this article has made you think about the discounts you may be missing out on, don’t continue to throw your money away. You could ask your current insurers about discounts you could be receiving with auto or homeowners insurance. Also, it’s a good idea to shop around for coverage with different insurers to see if other discounts are available to you.

The greater your commitment is to saving on insurance, the greater your chances are of doing just that.

Do you think you’re spending too much on homeowners are auto insurance?