How can I find the financial strength of a home insurance company?
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Asked August 6, 2012
Since a mortgage is typically a long term loan, and your home is the place where you and your family will live for an unknown length of time, it is vital that the insurance company you choose to insure it is financially stable. For that reason, it is important to check the company's financial strength before you purchase a policy from them.
Some companies, such as Standard & Poor's provide a rating based on consumer input. Other companies investigate the insurance company thoroughly and the ratings determined by a staff of financial experts, such as the way ratings are handled by the A.M. Best Company. To get an overview of the insurance company, use both types of ratings, with the former being used to indicate the level of service and satisfaction you can expect, and the latter used to give you an idea of how well the company can be expected to perform in the long run.
You can check your company's ratings by visiting our insurance company ratings section. You'll also be able to read consumer reviews about each company.
Answered August 6, 2012 by Anonymous