Letter: Building a stronger insurance market for North Dakotans

June 28 is National Insurance Awareness Day. It’s a great reminder for all of us to take a few minutes to review our insurance policies. Whether it’s auto, home, health, or life insurance, now is the time to ask yourself: Do I still have the right coverage for my life today?

As your insurance commissioner, my job is to make sure our state’s insurance market is strong, competitive, and fair. This past legislative session, we made real progress that I believe will benefit North Dakota consumers now and in the long run.

We worked with the Legislature to pass a package of reforms aimed at strengthening our property and casualty insurance market, the kind of insurance that covers things like your home, car, or business. These changes are designed to make North Dakota more attractive to insurance companies, bringing more capital and options to our state. More companies competing for your business means one big thing: lower premiums over time for North Dakota families.

Further, the North Dakota insurance and securities departments will be merging to provide more streamlined oversight for these two complex financial sectors of our economy.

And there’s more encouraging news. We recently completed our annual Auto Insurance Cost Comparison Survey, which gives consumers a side-by-side look at what different companies charge for auto insurance. After a couple of years of sharp increases in premiums, we’re finally starting to see prices level off. This is a positive sign that market conditions are stabilizing, giving consumers a bit of breathing room. If you’re not seeing prices that fit your budget, it’s a good idea to shop around for coverage.

But even with these improvements, you are still your best advocate. Insurance isn’t a “set it and forget it” product. Life changes, and your coverage should change with it. Have you gotten married? Had a baby? Bought a new vehicle? Made home renovations? Now is the time to talk to your insurance agent or company about your needs.

My team is here to help. The North Dakota Insurance Department provides tools and guidance to help you make smart insurance choices. There are no bad questions in our book.

Insurance Awareness Day may not be the most exciting holiday, but it’s one of the most important if it helps protect your family, your home and your future.

Visit insurance.nd.gov to learn more or give our team a call at (701) 328-2440. We’re here to help you make sense of insurance and make sure it works for you.

Jon Godfread is the North Dakota Insurance Commissioner.