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Compare Insurance Companies
You should always compare insurance companies. No matter what kind of insurance you are buying, check out the company just like you checked around for the best rate. People often only consider this when buying auto insurance. It comes into play however, in all lines of insurance. After finding a few comfortable rates look into the company.
Here’s a small piece of advice, which most people already seem to now, about insurance companies.
Website reviews of insurance companies, coming from the general public, can often be misleading. Folks have to remember one thing about bad reviews from the general public. In this Industry people often assume things are covered that are not. Make sure you read contract and always know what you’re getting into before you sign anything.
Now I’m not saying insurance companies and lawyers aren’t out there taking advantage of people. They are, it happens every day. That’s why it is imperative to find a comfortable rate and research the company offering the rate.
Researching an insurance company gives you information you can use to help compare company “A” to company “B”. When you start learning about financial ratings you’ll find they use letters like when you were in school. You look for companies like Standard and Poor’s or A.M. Best as these are two of the biggest names in rating insurance companies. Although, people have speculated, these ratings are for sale like so many other things
Aside from a grade that tells you about their financial stability you may very well use your state Dept. of Insurance to compare insurance companies. Find out how many complaints, if any, have been filed and for what. It’s one thing to fire off a random post into the wide open world of the internet about your unhappiness with a situation and your current carrier. It’s a whole different thing when someone has to personally file a complaint with the state.
Your third line of defense is your fellow insured’s. Talk to people. If your neighbor has a tree fall on his house or something like wind damage happen wait until it’s repaired. Find out about the company’s response time and how they handled it. Were they fast, friendly and courteous? Or did they fight him/her every step of the way? Every one of them advertises excellent claims coverage. It’s fine to say, it’s another to actually perform when something does happen.
So to make sure I emphasize what I’m saying and drive the point home let me tell you a real life story. And my friend isn’t the only one this happened to. It happens to folks every day and all they have to do is read.
Shortly after a friend had purchased an annuity, and the free look period had expired of course, he was reading a product brochure for a very similar annuity from a company who was a grade above his current one. Come to find out had he just looked around and done a little more research he would have found an extra 1.5% for his money with a company who has an even better financial standing. Withholding the “companies can buy their rates opinion”, I don’t know how much research is the right amount, but you should definitely compare insurance companies.

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