As a consumer, I think it is difficult to evaluate insurance products, coverage and understand insurer performance. Often our experience with insurers is simply a financial transaction taking the form of premium payment. Fortunately few of us actually have to submit a property or liability claim under a policy. The agreement between the insured and the insurer seems quite simple, we pay a premium certain for coverage against some event that occurs in the future. And we expect the insurer to pay, defend and or indemnity us based on the terms and conditions of the policy.
How may of us actually read the policy, understand the terms and conditions, or are able to compare the performance of one insurer vs. another? I always count on my licensed agent/broker to explain what the policy covers and leave it at that.
Like so may things in life it is a simple transaction that could have significant results.
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