Employment played a role, as 65% of those that were laid off or furloughed because of the pandemic cut or reduced coverage, according to ValuePenguin. (Credit: Dmitry Kalinovsky/Shutterstock.com)
Nearly four in 10 U.S. consumers said they reduced or eliminated insurance coverage this past year as a way to help save money, according to a ValuePenguin.com survey. The most common lines that saw reductions or were cut out completely were healthcare, auto policies and dental, respectively.
Slightly more than 30% reduced coverage, while 35% eliminated at least one policy in 2020, the survey revealed. Saving money was the main reason cited for doing so, while 29% reported an inability to afford coverage.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
