Maine Governor Paul R. LePage and Insurance Superintendent Eric Cioppa recently announced that the Bureau of Insurance now offers new online resources for consumers who want to compare auto and homeowners insurance policies.
Regulators said downloadable copies of policy forms and related documents used by the 10 largest insurance companies are available on the Bureau’s website under “Sample Insurance Policies.”
“The Bureau of Insurance, like many other state agencies, is seeking to provide Maine families and businesses with more informational resources than ever before,” Governor LePage said. “By using technology, the Bureau is able to make accessing those resources easier than ever.”
Superintendent Cioppa emphasized the importance of comparing policies and asking questions before making a selection. “The ability to access these materials online will give consumers an opportunity to review and compare policies before they buy,” Cioppa said. He noted that the Bureau already provides many informational brochures on its website to guide consumers and business owners in understanding and purchasing all types of insurance.
The companies listed on the website, which were selected based upon their 2012 market share, represent 71 percent of the auto insurance market and 65 percent of the homeowners market. Cioppa indicated that the goal is to update the forms annually.
The online forms represent the companies’ standard forms and the mandatory amendments that go with them, but do not include optional forms that may be available to expand or limit the policy’s coverage.
Governor LePage and Superintendent Cioppa also highlighted Maine’s ranking among the states with the most affordable personal auto and homeowners insurance. The National Association of Insurance Commissioners (NAIC) recently released two reports showing Maine’s average premium for both personal auto and homeowners as the most affordable in New England and among the lowest in the country.
“Maine is leader in affordable auto and homeowners insurance,” Governor LePage said. “Maine families continue to pay less for auto and homeowners insurance, on average, than those in any other New England state.”
Source: Maine Bureau of Insurance
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