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Until Hurricane Andrew hit south Florida in 1992, causing the largest insured losses of any single natural disaster up to that point, most of us lived in blissful ignorance about our insurance coverage. Those days are long gone, thanks to some other unwelcome visitors named Katrina, Wilma, Rita, Charley, Jean and Frances. Not that the Southeast has a monopoly on natural disasters. At any given time, somewhere in the U.S. we are threatened by snowstorms, mudslides, floods, tornadoes, wildfires and other mood swings of Mother Nature. But these disasters are not just capable of wiping out roads and homes. They can wipe out your insurance provider too. In 2006, Poe Financial Group went under as a direct result of hurricanes Frances and Jean in Florida, and Vesta Insurance Group failed as a direct result of Hurricane Katrina.
The rest of the industry survived surprisingly well, in part because years of strong profitability had allowed them to build up strong capital reserves. Just as important, the increased use of reinsurance, or insurance from other insurance companies, over the past decade helped them move some of the risk off their balance sheets. However, the cost of reinsurance has risen sharply in the wake of the 2005 hurricane season. That means insurers are more exposed to catastrophic losses now. All the more reason to sign up with a strong company. Our ratings are based on many factors, including an insurer’s level of capitalization, the trend in its profitability, the adequacy of its loss reserves and concentration of its business geographically and along business lines.
The top three insurance providers on the list were the United Services Automobile Association, USAA Casualty Insurance and Inter-Insurance Exchange of the Automobile Club. All three earned an A-plus rating.
The nation’s 10 strongest homeowners insurers are below. Although based in a small number of states, they write business in multiple states and may write in yours. Contact them directly or through the state insurance department to check them out.
- United Services Automobile Association | Home State: TX | Safety Rating: A+
- USAA | Home State: TX | Safety Rating: A+
- Interinsurance Exchange of the Auto Club | Home State: CA | Saftety Rating: A+
- Country Mutual | Home State: IL | Safety Rating: A
- Tennessee Farmers Mutual | Home State: TN | Safety Rating: A
- Kentucky Farm Bureau Mutual | Home State: KY | Safety Rating: A
- Frankenmuth Mutual | Home State: MI | Safety Rating: A
- Hastings Mutual | Home State: MI | Safety Rating: A
- Sentry Insurance Mutual | Home State: WI | Safety Rating: A
- Alfa Insurance Corp. | Home State: AL | Safety Rating: A
Homeowners Insurance Ratings:
Comparing the ratings of homeowner’s insurance companies can be a powerful way to protect your family’s financial security. Homeowners already know that homeowner’s insurance is important protection for home and belongings. First-time home buyers should quickly learn about comparing necessary insurance policies and insurance rates. For consumers who are financing their property with a mortgage, homeowner’s insurance is mandatory.
Many neglect to do an annual check-up on their homeowner’s insurance, but it is advisable to evaluate your policy each year to make sure your coverage is adequate, particularly if you have remodeled or updated your home.
The Cheapest Home Insurance is Not Always the Best.
When choosing a home insurance company, realize that comparing home insurance prices should not be the only consideration. The cheapest home insurance policy may not supply sufficient coverage and it could indicate that the home insurance company does not provide good service or is financially unstable. Consumers can compare the ratings given to home insurance companies online on a variety of Websites including each state’s insurance board and on the J.D. Power and Associates site. The home insurance company’s history should also be checked to be sure it is prepared to pay any claims.
Check Home Insurance Company Ratings.
Home insurance company ratings are typically given for overall performance, policy offerings, pricing, billing and payment systems, the ease of contacting the company, and claims. Consumers should carefully compare the ratings for several potential home insurance companies before choosing one. If your looking for great ratings feel free to visit our site below to check out insurance ratings and reviews; as well as have access to get Free Home Insurance Quotes from top carriers.
In addition to Websites that rate homeowners insurance companies, others include consumer discussions about their experiences with various companies. While reading some consumer comments can be helpful, it is also important to realize that not all of these situations are relevant to your particular insurance needs. Some individual cases may be hard to evaluate without all the facts. However, if one insurance company is consistently criticized for poor customer service or difficulty in fulfilling claims, this should be an indication to avoid that company. When you compare insurance company ratings, look in particular for companies that rate well for paying claims. After you have paid monthly premiums on time for years, and then have a pipe burst or a tree fall on your home, nothing can feel worse than having your insurance company deny the claim or be unable to pay it. The higher the rating, the more confidence you can have in your insurance company.
Consider Your Auto Insurance Company.
Find out if your current auto insurance company also offers homeowner’s insurance. Many insurance companies provide multiple types of insurance and will offer a discount for consumers who have all their policies with one company. Be sure to check the ratings for this insurance company, too, though, because you need to make sure you are working with a reputable insurance company.
Make Sure You Have the Right Insurance Coverage.
To be assured of having enough insurance coverage to complete repairs or replace your home, insure the full replacement value of your home, not just the purchase price. Coverage which satisfies your mortgage lender may not be sufficient to meet your real needs.
Article Source: sooperarticles.com/finance-articles/insurance-articles/2010-top-10-home-insurance-companies-free-home-insurance-quotes-top-home-insurance-carriers-49889.html
Author: Jason Taylor