Getting the best insurance company simply refers to finding that insurance company that would give you a very adequate home cover at the most affordable rate. This can usually be done by comparing free home insurance quotes. How do you do a good free home insurance quotes comparisons?
Getting the most affordable home insurance policy go far beyond merely finding the cheapest coverage. You could find a very cheap coverage that actually offers no cover. You could also find a dirt cheap coverage that seems to offer a good a cover only to discover when you make a claim that it is all a sham and you don’t get paid. Meaning you were actually not covered all the while. A coverage can only be said to be the most affordable home insurance coverage if it has these elements – If it is the cheapest adequate cover offered amongst proven insurance companies. The words to note there are Adequate and Proven.
Your cover needs to actually provide cover. You therefore need to put this consideration above every other thing including cost when you are doing quotes comparison. It is not enough that the policy is so cheap. Does it provide the cover you need? If it doesn’t, you would just be wasting your money on premiums. When you have narrowed down the policies that can provide you with adequate coverage, you can then from amongst them choose the most affordable.
After doing the above, you don’t just settle for the insurer offering the cheapest rate for an adequate cover, you need to go a step further to investigate the insurance company. A company can only be said to be Proven if they have :
1, A strong financial base
2, A great customer review.
How can you determine these?
To find out an insurance companies financial base, you need to look at their financial records. I am aware of the fact that not many of us can understand financial records but for those who can, the company’s annual reports or id year reports can give you an idea of the company’s financial strength. A simpler of doing this is to simply get the results from a trusted third party rating agency. AM Best is an independent rating company. They would provide you with financial ratings of most if not all the insurance company’s in the U.S and their ratings are not complicated so even without any financial knowledge, you can understand which company is doing well financially and which is not. Their ratings starts from A++ being the highest rating meaning that a company has superior financial standing, B+ meaning a good rating and then on to B for fair and all the way down to S meaning “don’t even think about it”. You should obviously look for companies within the A++ and B+ ratings.
Having a good financial base is great but there is something left. A company can have a good financial report because they do not pay claims so you would want to find out what other users think of the insurance company you are considering. You can find out what customers say about an insurance company is many different ways. You can simply ask friends and family members who may have had business dealings with the insurer. You can even call their customer care line and feel how they respond to you as a customer – this can give you a good idea of a company’s customer relations. Just like with the third party ratings shown above for finding the financial strength of a company, you can get reviews from some third party rating agencies. Below are some sources for independent reviews.
– Your State Department of Insurance
– Finance Magazines – Forbes, Fortune etc
– National Association of Insurance Commissioners (NAIC)
– Consumer Affairs
– JD Power and others you may find on your own.