Who Rates Home Insurance Providers?
Before purchasing a home insurance policy, you may want to find out more about the performance and practices of your insurance company. There are several organizations that provide data about home insurance providers.
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A.M. Best
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A.M. Best is an insurance rating organization that provides information about the financial strength of insurance companies. This company issues ratings based on premiums, capital reserves and the ability to make claims payments.
Standard & Poor's
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Standard & Poor's also focuses on the financial strength of insurance companies. This organization can provide detailed data regarding the insurance company that will underwrite your home insurance policy.
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Oversight
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Each state has an insurance department that regularly reviews insurance company practices and procedures. You can find information about complaints, infractions, fines and insurance company solvency.
Resource
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Although the National Association of Insurance Commissioners (NAIC) does not use an official rating system, it is an excellent resource for learning about and interpreting your insurance company's financial filings.
Using Ratings
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The information you gather from these organizations can be used to decide whether an insurance company will be around to pay your claims, and whether the company will likely act in your best interests.
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