TDCI: Over $4M Returned to Tennessee Insurance Policyholders Through First Six Months of 2021

NASHVILLE —On National Insurance Awareness Day (Monday, June 28, 2021), the Tennessee Department of Commerce and Insurance (TDCI) highlights the agency’s mediation efforts that have resulted in $4,027,014 in denied claims being overturned in favor of policyholders so far in 2021.

Mediation is a process where TDCI insurance investigators intercede between insurance companies and policyholders to get wrongfully denied claims overturned and paid for policyholders. For the sake of comparison, over $10.2 was returned in all of 2020.

“On National Insurance Awareness Day, I commend our team’s work so far this year to have money rightfully returned to hard-working policyholders and I urge all Tennessee insurance consumers who have a complaint or a question to contact us today,” said TDCI Assistant Commissioner Bill Huddleston.

Tennessee insurance consumers who were unfairly denied a claim or who have questions about their policies should contact TDCI’s Consumer Insurance Services team at (615) 741-2218 or 800-342-4029 or visit tn.gov/commerce.

On National Insurance Awareness Day, TDCI reminds consumers to conduct an annual assessment of their insurance coverage to determine if they have enough coverage or not. To help consumers review their insurance needs, TDCI shares the following tips:

Homeowners Insurance

• Some insurance companies charge different rates for the same coverage. Shop around to ensure the best coverage for your needs at the best price.
• Conduct an annual inventory of your home’s contents. Use the National Association of Insurance Commissioners (NAIC) new Home Inventory App to create and protect a record of belongings and offer tips on disaster preparation and filing claims.
•  Ensure your dwelling coverage has not dropped below the cost to replace your home.
• If you rent, never assume your landlord’s insurance policy covers your belongings. More often than not, you will have to acquire renters insurance to protect your belongings.

Auto Insurance

• Determine if your current coverage is best for your vehicle and finances.
• Regularly review your policy to make sure the basis for your premium is as accurate as possible. Several things can affect your premium like adding/ removing a vehicle or a teen driver graduating high school or reaching age 18.
• While raising deductibles can lower premiums, it can also mean you’ll owe more if you have an accident. Evaluate deductibles to determine whether you can afford to absorb your portion of a loss in the event of an accident.
• Ensure each vehicle is equipped with proper and valid proof of coverage.
• While reevaluating your coverage, check to see if new products such as usage-based insurance (UBI) may be a good fit for your family. With UBI, the auto insurer monitors your driving behavior and uses that information to determine your rates. NAIC’s DriveCheck tool helps consumers deter-mine if they could benefit from UBI.

Life Insurance

• Major changes such as the birth of a child or an income variation justify a review of a life insurance policy. Conduct an annual review to ensure your coverage matches your current needs.
• There are several types of life insurance. Talk with your agent to ensure your policy is the best fit for your life stage.
• Ensure life insurance documentation is stored in a secure location and that close family members are familiar with the policy and coverages.

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