New Year is Good Time to Review and Update Insurance Policies

Pennsylvania Insurance Commissioner Jessica Altman reminded Pennsylvanians to review, and possibly update, their insurance policies, including homeowners, auto and health insurance, and encouraged consumers to explore savings options for 2022.

“The new year is a good time to review insurance plans to ensure all policies are up to date,” Commissioner Altman said. “2021 was another year of continual changes, so it’s important to make sure that all policies reflect any major life changes. Reviewing your policies can also provide an opportunity to identify savings that may now be applicable in 2022.”

Pennsylvanians may find savings in their auto insurance policies if their working conditions have changed. Anyone who changed jobs, is no longer working, or stopped commuting to work should call their auto insurance company or agent. Many insurers’ rates are based on annual mileage, whether a consumer commutes to work, and the distance of the commute. If you are no longer driving to work, driving to work less often or have a shorter commute to a different job location, you may be eligible for a lower premium.

New and existing homeowners should always be sure to shop around to compare both price and coverage for homeowners’ insurance options. Prices for similar coverage can vary greatly among companies, and in some cases, the company offering the cheapest price might also be offering the least coverage. Several insurers offer a discount for having protection devices in your home, such as smoke detectors, a burglar alarm, a sprinkler system, dead bolts on doors, or security devices for windows. Some insurers offer discounts for smart home devices such as those that monitor water leaks. There are also insurers offering lower prices for things such as bundling your home and car insurance with the same company.

With the new year comes new resolutions to improve our health in a variety of ways. Pennsylvanians that have health insurance coverage through their employer should consider checking with their human resources department for any relevant discounts that could be applied. Many employers offer discounts for participation in health incentive programs, or a smoking-cessation program. In addition, several insurers offer discounts on local or national health clubs, saving money on membership costs for the individual, as well as their family.

Any Pennsylvanian that still needs health insurance coverage for 2022 can still enroll through Pennie™, Pennsylvania’s state-based insurance exchange. Consumers can sign up for comprehensive health insurance coverage through January 15, for coverage that begins on February 1. Navigators are available to provide free assistance to Pennsylvanians looking to enroll in new coverage. Due to the savings from the American Rescue Plan, 90 percent of Pennie™ customers are receiving financial assistance to pay for their monthly premium. Many may also receive assistance to lower out-of-pocket costs like co-pays and deductibles.

Consumers with questions about auto, homeowners’ and health insurance may contact the Insurance Department Consumer Services Bureau by calling 1-877-881-6388 or at www.insurance.pa.gov.