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Study finds consumers maintaining home insurance coveragePosted On Fri, August 14, 2009
A recent study finds that the vast majority of homeowners are holding on to their home insurance policies despite growing economic pressures and other problems related to the recession.
The study from the Insurance Research Council noted that only 5 percent of homeowners reported that they had cancelled home insurance coverage as a result of their personal financial situation. Separately, 14 percent of consumers said that they had done the same with renter's insurance policies.
Instead, many consumers appear to be trying to save money by modifying their existing policies to include higher deductibles or by scaling back their overall coverage. The study said that 15 percent of homeowners had increased their deductibles or taken similar steps with that in mind.
According to Elizabeth Sprinkel, the senior vice president of the Insurance Research Council, the study shows that consumers "recognize the importance of maintaining essential insurance coverage on their homes," as well as on their automobiles.
Overall, a home insurance policy is one of the most important steps a consumer can take to protect one of the largest investments they will ever make.
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