A national survey concluded that while many consumers are makingchanges to their insurance policies in an effort to save money,they may not be fully informed about the consequences of thosechanges to their risk exposure.

The survey, sponsored by the independent agent branding campaignTrusted Choice and the Independent Insurance Agents & Brokersof America, found that close to 39 million households in the UnitedStates either have or are considering making changes to theirinsurance plans. Of those surveyed, 60 percent blamed the nation'seconomy for their decision.

The survey of 1,021 households was conducted via telephone byInternational Communications Research, an independent researchcompany based in Media, Pa. The survey has an error factor of plusor minus 3 percent.

The survey found that 18 percent of homeowners (more than 30million Americans) have considered reducing their auto, home, lifeor health insurance coverage in the last few months. What's more,about 24 million homeowners actually made changes to an insurancepolicy within the last year.

Trusted Choice advised consumers that before making changes intheir insurance they should talk to their independent agent andconsider how those changes could adversely expose them to increasedfinancial risk they may not be able to afford.

Fifty-four percent of homeowners believed their homeownerspolicy would cover them if they vacated their home while trying tosell it--a coverage typically excluded under a homeownerspolicy.

For homeowners who decide to rent their homes, 30 percentthought their policies covered them if the home was rentedtemporarily, while 53 percent thought they were not covered and 16percent did not know.

Trusted Choice noted that, in fact, coverage depends upon thepolicy. Most of the time temporary tenants are covered, but thereare limits that should be reviewed with an agent.

"It is imperative that homeowners understand their insuranceneeds and rights, but this survey shows that many don't," notedRobert A. Rusbuldt, president and chief executive officer of IIABA."We advise they consult with their Trusted Choice independentinsurance agent to discuss their current policies and to askquestions when faced with difficult or temporary housingsituations."

Madelyn Flannagan, IIABA vice president for education andresearch, noted, "In tough economic times, people look for ways totrim household expenses, but cutting back on insurance coverage mayleave them open to even bigger financial hardship."