Essential Facts About Home Insurance

Understanding the basic facts about home insurance is crucial to protecting your investment whether you are a first-time home buyer or an e...

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Things To Consider When Choosing An Insurance Company

When choosing an insurance company, there are several factors to take note of to help you make a wise and if possible, the best decision. Consider some of the factors below:

  • Check out a company’s ratings: What is the quality rating of the insurance company, as published by the main rating agencies in comparison with their peers?
  • The paying ability, financial strength, asset, etc of the company matters
  • Find out if the insurer is a specialist in this area of insurance coverage
  • Will it be possible to meet or speak with any of the insurance company's agent and will you be working from time to time with the same person (agent)?
  • Will the company be able to provide an insurance coverage that is adequate enough for your needs?
  • Is the insurance company's policy premium cost effective when compared to similar/other insurance companies?
  • What are the deductibles you are to pay?
  • What is the process and procedures for payment of claims?
  • Does the insurer give family discounts on premiums for multiple policies?
  • If closeness is going to be an issue, is there a local office nearby that will attend to you?
  • Complaints made against the insurance company: Consider the company's record for claim refusal. Your State's Insurance Commission may have a record of complaint.
  • The size and life span of the insurance company 
  • Seek assistance from a seasoned insurance professional 

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