How can I compare homeowners insurance companies if I receive similar rate quotes?
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Asked April 9, 2012
Just because the rates offered by different insurance companies are nearly the same, do not expect that the service and quality of the policies will be as well. You should look at homeowners insurance company reviews, the financial outlook of the company, check with your state's Department of Insurance, and be sure to call the Better Business Bureau to find out what types of complaints have been filed against the different companies you are considering.
See what current and previous customers have to say about their experiences with the companies on your list by reading insurance company reviews. This will give you an idea of how well the company handles claims, provides customer service and otherwise endeavors to keep their customers satisfied. In many cases, the personal experiences of the company's own customers can be a major deciding factor in which companies you can rely on to look out for the your home investment.
There are companies that monitor the financial outlook of financial institutions such as insurance companies and provide simple to understand grades for each company. Check with the A.M. Best Company or Standard & Poor's index to find out how the companies you like the best compare to one another. The higher the grade given to each company, the better their financial standing. Avoid companies with low scores, as those companies could develop severe financial troubles over the long term that could adversely your insurance coverage.
Insurance is regulated on a state-by-state basis, and calling your state's Department of Insurance can reveal potential problems that you were otherwise unaware of. Similarly, your local Better Business Bureau keeps a record of complaints filed against local companies, including insurance companies. Not only can the BBB tell you of any complaints other people in your area have filed, they can advise you of how the company responded to the complaints to resolve those issues.
Answered April 9, 2012 by Anonymous