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PRESS RELEASE

JANE DEE HULL
Governor

JOHN A. GREENE
Director

ARIZONA DEPARTMENT OF INSURANCE

2910 North 44th Street, Suite 210, Phoenix, Arizona 85018-7256 · (602) 912-8456 · FAX: (602) 912-8452


Contact: Greg Harris 97-16

Executive Assistant Director FOR IMMEDIATE RELEASE

602/912-8451 November 6, 1997

ARIZONA DEPARTMENT OF INSURANCE PUBLISHES HOMEOWNER'S PREMIUM COMPARISON

The Arizona Director of Insurance, John A. Greene, announced today the availability of the Department's annually published "Homeowners' Insurance Premium Comparison Survey."

"Consumer interest in receiving the most coverage for the dollars they spend on insurance is higher than ever," said Greene 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 they charge the same price; savvy shoppers know they can save money by receiving quotations from a number of insurers," Greene said. In the Survey, forty-three insurers, representing groups of insurers writing 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.

"Consumers should request and then read an insurer's 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," Greene said. Greene also cautions consumers to remember that although price is always a consideration, astute buyers also consider the insurance company's financial condition, its service to policyholders and its overall reputation.

Greene 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 homeowner's coverage and reducing or preventing losses.

Anyone wishing to receive the Homeowners' Premium Comparison Survey, the Consumers Guide to Homeowners' Insurance, and the latest available Compliant 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 (602) 912-8444 or in Tucson at (520) 628-6370. The Survey, the Complaint Ratio, and the Guide, as well as "The Most Frequently Asked Questions" (Homeowners), are also available at http://www.state.az.us/id on the World Wide Web.