Mobile Homeowner Premium Comparison Survey
The Mobile Homeowner Premium Comparison Survey is based on insurance company rates in effect as of June 15, 1998 for a double-wide or a single-wide mobile home located in Arizona in areas having a high concentration of mobile homes. The insurance companies quoted their annual premiums based on mobile home hypotheticals developed by the Department.
According to Cohen, “the Department publishes the mobile homeowner’s comparison annually to provide consumers with information identifying insurance companies selling mobile homeowner’s insurance and the premiums they charge. The actual premium charged by these insurers will depend upon a number of variables and individual characteristics. Further, some insureds may be eligible for insurance company discounts depending upon their particular risks.”
Cohen indicated that the release of the updated premium comparison is in response to consumer interest and is part of the Department’s ongoing effort to increase public awareness of the advantages of comparison shopping for insurance. “Although price is always a consideration, consumers should also carefully compare insurance coverage, claims handling, and overall service in order to obtain the best insurance coverage for their premium dollar,” Cohen stated.
Personal Lines Complaint Ratio
The complaint ratio represents the number of written complaints received by the Department per 1,000 personal lines policies each insurer had in force during the 1997 calendar year. Both the total number of in force policies and the written complaints are shown in the publication.
According to Cohen, “The complaint ratios assist consumers by providing information regarding the complaint histories of insurers in Arizona. The complaint ratios do not reflect a determination by the Department of Insurance as to whether each complaint was justified. The ratios merely represent the total number of written complaints received by the Department during 1997.”
The complaint ratios are used by the Department to identify potential problems requiring regulatory action, which might include an examination of an insurer’s business practices. The ratios help to assess an individual company’s performance over an entire year and to identify developing, long-term trends which may have a negative impact on consumers.
Cohen suggests consumers use the complaint ratio in conjunction with the Automobile, Homeowners, and Mobile Homeowner’s Premium Comparisons, published by the Department, when shopping for insurance . “When used together, these Department publications give the consumer a more complete picture of an insurer’s customer satisfaction and price,” said Cohen.