À LA CARTE COVERAGE. UNBUNDLING GRANTS TO ALLOW CONSUMER-INSURED SELECTION
Author: Harold Weston
Would having insureds select each coverage for every peril and exposure available result in better insurance selection and better customer satisfaction? In theory, it should, because it will allow insureds to select the coverages they want at the total price they want to pay, and allow both parties to the insurance contract to be clear about what their intent is. That should also reduce errors and omissions claims against insurance agents and brokers. In practice, however, it will probably still be a task too much for most consumers and thus cause different dissatisfaction. More likely, regulations to set new minimum coverages for homeowners policies will be needed, and adjustments to the insurer-agent relationship will help further.