Press Release 2001-02 State Insurance Department Publishes 2001 Homeowner Premium Comparison Survey

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Arizona Department of Insurance
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Media Contact: Don Harris, Public Information Officer, (602) 912-8402

For Immediate Release February 22, 2001

As an aid to consumers, the Arizona Department of Insurance has published the 2001 edition of the Homeowners Premium Comparison Survey.

The survey lists premiums for homes valued at three prices in Phoenix, Mesa, Gilbert, Tucson and Flagstaff. Eighty-two insurance companies participated in the survey, which offers comparisons for dwellings valued at $100,000, $150,000 and $200,000. A Spanish version of the 2001 survey will be available shortly.

Arizona Insurance Director Charles R. Cohen said the purpose of the survey is to enable insurance consumers to compare the cost of insurance in their area. “Given the wide range of premiums, it becomes clear the savings an average consumer can realize by comparing rates among the various insurance companies,” Cohen said.

For example, the survey shows the annual premium for a $150,000 masonry home in Phoenix ranges from $342 to $1,643 for the same home with identical coverage. For that same home in Tucson, the range is $169 to $1,643.

“Price is always a consideration, but consumers should also consider the insurer’s service, its reputation and the type of insurance coverage available,” Cohen said. “I strongly recommend that consumers consult their professional insurance agents and brokers about coverage details.”

Cohen suggested that consumers also review the Consumers Guide to Homeowners Insurance, which includes information on why you should have insurance on your dwelling, the types of coverage available, how to save money and how to file a complaint. Also available for consumers is the Insurance Department’s Complaint Ratio brochure, which reports on the relative number of complaints that have been filed against specific insurance companies. All three publications are free. Consumers can view them on the Insurance Department’s web site at www.state.az.us/id or can obtain a copy by calling (602) 912-8444 or (1-800) 325-2548.

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Period: 
2001
Priority: 
02