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How much do you know about your insurance coverage?

Updated:
Although estimates indicate that insurance knowledge in the U.S. is rising overall, only one third of Americans fully understand the insurance coverage they have, be it for their car, home or work.

Colleen Williams files this report about a national effort underway to make consumers more insurance savvy.

Misty Beentjes is a typical American in her 20's who fully admits she doesn't understand everything about her auto insurance.

Misty Beentjes, Insurance Customer: "Recently I got into a car accident and I was confused about my deductible and what I was covered for."

Misty isn’t alone. Studies show that forty-seven percent of Americans are not fully educated about their insurance policies.

Insurance Customer: “I'm not sure what would be covered if someone were to break into my house. I'd have to look at my policy and probably ask my husband, I'd leave it all up to him. I do have policies, but whether or not they're enough, the correct amounts, I'm not certain.”

That's why the National Association of Insurance Commissioners (NAIC) is designating the week of January 20th as “Get Smart About Insurance Week”.

Mike Pickens, NAIC President: ”For the second consecutive year, the NAIC is making a concerted effort to let people know who we are and what the State Department can do for them."

Pickens says there are several steps consumers can take to get a better handle on their policies.

Pickens: “Today, consumers have a great number of resources available to them which can provide valuable guidance in selecting policies and answering questions on many different issues. These include: how to get the best price for their policy, multiple policy discounts, how to correctly make a claim and even advice on whether they may have more insurance than they really need.

Everyone should also get a policy check-up with an insurance agent every year, or whenever there is a major change in your life, like the birth of a child, or the purchase of a home or car.

For more information log on to www.naic.org. The website allows you to test your insurance knowledge by taking an interactive quiz. You can also call the “Get Smart Hotline” toll-free at 1-866-SMART WEEK.
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