Trusted Choice advised consumers that before making changes in their insurance they should talk to their independent agent and consider how those changes could adversely expose them to increased financial risk they may not be able to afford.

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

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

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

"It is imperative that homeowners understand their insurance needs and rights, but this survey shows that many don't," noted Robert A. Rusbuldt, president and chief executive officer of IIABA. "We advise they consult with their Trusted Choice independent insurance agent to discuss their current policies and to ask questions when faced with difficult or temporary housing situations."

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