Insurance Official on Seniors, Fire Insurance and Accident Fraud
Deputy Securities Commissioner Lynne Egan appeared on Monday’s KGVO Talk Back program to address several issues; the first being senior exploitation throughout the state.
“We are very proactive in the elder exploitation space,” said Egan. “The reason we are is because Montana has an older population. We're one of the top five states with a per capita of seniors, and seniors control over 75% of this country’s savings so they are the targets. They’re home, they answer their phones, and they're looking for better rates of return because of the low interest environment that we've been in for the last more than a decade.”
Egan said state officials have gathered together to address elder exploitation.
“One of the best things I'd like to report is the fact that Commissioner Downing and Attorney General Austin Knudsen, Governor Gianforte and other elected officials and agency leaders got together in June to create the multi jurisdictional task force which deals with elder exploitation,” she said.
One topic that has raised its head in the last two years with the dramatic increase in the cost of building materials is the replacement cost of a dwelling through home insurance.
“It's very important as a homeowner, to make sure that the coverage you have matches the value of your home, the possessions in your home and any outbuildings on your home,” she said. “We've seen an historic rise in the price of homes throughout Montana and throughout the country, and people are finding out the hard way that they haven't kept up on their insurance.”
Another topic of interest that Egan addressed was an insurance fraud called ‘insurance after the fact’.
“Somebody will have an accident, and at the scene of the accident, they'll go online on one of those insurance online apps and buy insurance,” she said. “They bought it after the fact that they had the accident. They were uninsured, and while they're waiting for the officer to get there, they will quickly put insurance on their car. That is illegal and this agency is taking that very seriously. That's insurance fraud.”
Get more information about the State Auditor and Insurance Commissioner’s office here.