Date: February 7, 2008
For more information contact: Mikaela Reck, Public Information Officer, (608) 267-9336 or mikaela.reck@wisconsin.gov

Insurance Commissioner reminds consumers to review insurance coverages

Madison, WI—As the new year begins, Insurance Commissioner Sean Dilweg reminds consumers to review the adequacy of their insurance coverage.

"The new year is a great time to take inventory of your insurance needs," said Sean Dilweg, Commissioner of Insurance. "Many changes can happen in a year, so now is the perfect time to take these changes into consideration and get your insurance policies in order."

Dilweg recommends that consumers who have made home improvements, additions or other renovations in the past year consider updating their homeowner's insurance policies. Check with your insurance agent or company on updating your coverage.

"Additions or renovations and even big interior purchases like a new flat screen HD TV or hardwood floors will increase the amount of coverage you need to fully cover your home and possessions," Dilweg said. "If you don't already have one, the beginning of the year is a great time to start a home inventory of all your possessions. An inventory is extremely helpful if you have a fire or wind damage that wipes out a substantial portion of your home and your possessions."

Growing families are also encouraged to review their insurance needs.

"If you're expecting a baby, check with your health plan to confirm how long you have to add him or her to your health plan," Dilweg added. "Generally it's only 30 days, and if you miss this window there may be no coverage available for your child. It's crucial to keep that in mind if you're planning to expand your family in the next year."

Auto insurance needs should also be reviewed, especially for drivers who are looking for ways to reduce costs. For example, if you've moved and have a significantly shorter drive to work or if you now take the bus you may be able to cut costs. Additionally, consumers should review their current deductible. If you are comfortable doing so, raising the deductible can reduce your premium.

No matter what type of insurance coverage you have, Dilweg advises all consumers to keep the following tips in mind when evaluating their insurance needs in the next year:

• Make sure you have adequate coverage for what you are insuring.
• Periodically shop around and compare rates in the market.
• Consider whether a company offers any discounts, like multi-policy discounts for auto and homeowner's insurance, or wellness initiatives for health insurance.
• Make sure both the agent and the company is licensed by the Office of the Commissioner of Insurance. You can check that out by contacting the OCI or looking of the OCI's Web site.

"For consumers, the bottom line is: ask questions, do your homework and remember that OCI is here to help," Dilweg said.

For more information about various kinds of insurance policies available to consumers, as well as publications such as a "Personal Property Home Inventory" checklist, visit oci.wi.gov. Consumers with questions may also call our toll free number 1-800-236-8517.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.