How do you check out a home insurance company?
Question by Bruce: How do you check out a home insurance company?
It’s time to renew my home insurance policy but I don’t like the company I currently have and made a mental note to change to another company. How do you check an insurance company out?
Best answer:
Answer by KlemKiddleHopper
Tell you mortgage company – they may suggest other companies that will handle
your home insurance needs – you can check with a local larger real estate company
they may suggest insurance carriers also – -the bank you deal with also may clue
you in
Give your answer to this question below!
Hi, here are some important tips that must be taken into account prior to renewal or purchase of insurance policy:
1. Do some research prior to purchase ( do your homework)
2. Check company’s financial health
3. Company size, time in business
4. Company’s history of complaints
5. Seek assistance from Insurance professional
The best advice I can give you is to visit an independent insurance agent in your local community who can provide you with multiple quotes with several different insurance companies so that you can choose the one that provides the best coverage within your budget. You can find a local agent through the Independent Insurance Agents & Brokers of America website by putting in your city or town and zip code. The website will pull up all the agents that are local to you and you can then visit their websites, review their credentials, see what companies they represent, etc. You can then choose the agent that you feel will represent your interests. Note that this website will not farm out or keep your information. Their website is http://www.iiaba.net/agentlocator/findagent.aspx.
I hope this information helps. Good Luck
You go to your state insurance department website, and look for “complaints”. You can see which companies in your state have the most “upheld complaints”. Here in Texas, that would be Liberty Mutual, for homeowners.
When you’re shopping around, you ALSO want to ask the agent what the financial strength rating is, for that company. You REALLY want an A- company or stronger.
Most company’s have a rating from S&P (Standard & Poor) and/or Moody’s. Anything with an A rating is usually a decent company. It shows that they are financially stable which is usually a good indication of customers continuing to pay their bills and sticking around and that they only accept risks in which they can adequately pay a claim on.
Comparisons are offered as well http://ctinsured.com in CT and many other states as well.