Homeowners Insurance Company Ratings

When shopping for homeowners insurance, choosing the right company can be critical and mean the difference between homelessness and hope during a crisis. In order to make sure that your monthly premium dollars are there when you need them, you should choose a reputable insurance company, one who is financially sound and has no significant complaint history.

How do you do that? There are many private third party rating agencies out there that perform regular financial analyses as well as monitor complain histories and trend claims and payouts by each insurance company. It is advisable for you to refer to one of these agencies when deciding between multiple homeowners insurance companies.

Bear in mind that each rating agency uses a proprietary rating system based on criteria deemed important by that firm, so one company’s view of an insurer maybe somewhat different than another’s, but generally speaking, if a company ranks high on several lists, you should feel confident that the insurer is solid.

 

Most Reliable Insurance Rating Agencies

MThe following is a list of some of the rating agencies that you can contact in order to find out more about a particular insurance company:

A.M. Best
A.M. Best is probably one of the better known insurance rating agencies and companies who rate highly with this agency are proud of it. A.M. Best provides free ratings for up to three companies per call at (908) 439-2200 ext. 5742. Unlimited ratings can be accessed via their web address at www.ambest.com/bestline.


Demotech
Demotech presents current Financial Stability Ratings® on its website, www.demotech.com; Financial Stability Ratings are available for verification at no cost via the website or by calling (800) 354-7207.


Fitch
Fitch provides free financial strength ratings for up to five companies per call at (800) 893-4824. Ratings are also available via their website at www.fitchratings.com.


Moody’s
Moody’s provides free ratings for up to five companies per call at (212) 553-0377. Unlimited ratings can be accessed via their web address at www.moodys.com.


Standard & Poor’s
Standard & Poor’s provides free ratings for up to five companies per call at (212) 438-2400. Requests can also be sent by email to http://www.ratings_request@standardandpoors.com/.


J.D. Power and Associates
Also, check out J.D. Power and Associates. This company rates solely on customer satisfaction. A lot can be said about an insurance company who rates highly in customer satisfaction.

 

Tips for Purchasing Homeowners Insurance:

Price is always a consideration when purchasing homeowners insurance, but saving a few dollars a month is not worth the potential of unpaid claims if you are insured with a disreputable company.

 

  • Find a reliable agent- Sometimes there’s no substitute for sitting down with a licensed and knowledgeable expert who can address your questions and concerns. Most agents represent several companies and are motivated to make sure that you have the right coverage with the best company.
  • Shop Wisely- Its no secret that insurance is expensive. In every instance, comparison shopping is worth the time it takes. Online shopping makes this process even easier, by letting you compare policies side by side to ensure that you are getting the best possible coverage for your money.

 

To find the best homeowners insurance rates in your state please enter your zip code at the top of the website to receive your free homeowners comparison quotes.

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