When you are in the market for home insurance or renters insurance in New York City or anywhere in New York for that matter, it’s important to not only check the price of coverage, but also to check the insurance company ratings. Ratings give you information about a company’s financial strength, customer service record, claims records, and more valuable information that you can use when you shop for insurance.
By taking the time to check these ratings, you can select the best company with the best rates and the most affordable coverage.
How to Check Ratings
It’s very easy to check the ratings of insurance companies, especially if you go online.
Find out how many complaints have been lodged against insurance companies. The New York State Department of Insurance will tell you how many complaints have been lodged against insurance companies. You will also be able to determine whether the company is actually “admitted ” in New York to do business. To see how the companies stack up, click here.
Find out what consumers think of their insurance company. J.D. Power conducts consumer surveys and then rates companies on their policy offerings, cost, billing and payment policies, and ease of contacting an agent.
To see how they rate Home Insurance companies, click here.
To see how they rate Auto Insurance companies, click here.
To see how the companies rate on the customer’s buying experience, click here.
To see how the companies rate when it comes to claims processing, click here.
Find out how financially stable your insurance company is. A.M. Best Company, which evaluates the strength of insurance companies on a scale from AAA (extremely strong) to CC (extremely weak). They also include a rating of R for Under Regulatory Supervision. To view their ratings, click here.
Standard & Poor’s, which looks at an insurance company’s ability to pay claims and meet financial obligations on a scale from AAA (very strong financial security characteristics) to BBB (good financial security characteristics). To see their ratings, click here.
Using Ratings When You Shop for Insurance
Checking home insurance and renters insurance company ratings will help you narrow down your choices when you shop for insurance, especially if you shop on the phone or online to gather information.
Why use a reputable company that is financially stable?
Although the answer is obvious, many people are attracted to the lowest rate that they have been quoted. This, of course, may not be the wisest decision as the company may have poor service, high complaint ratio’s and may be financially unstable. Therefore we recommend you do your research, speak to an actual agent that is accessible and knowledgeable, get a few quotes and then make a decision on which company to choose. State Farm Insurance has served policyholders for over 50 years and their service exceptional-this should be your starting point.
We know that ratings and customers’ opinions are valuable. Please check out the reviews posted about our office:
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