General sources of insurance information include the American Council of Life
Insurers, the Insurance Information Institute, the National Association of Insurance
Commissioners, and your state insurance department.
When buying insurance:
- Find out whether your state insurance department offers any information
concerning insurance companies and rates. This is a good way to get a feeling
for the range of prices and the lowest-cost providers in your area.
- Check several sources for the best deal. Try getting quotes from a website such as
www.insweb.com, but be aware that many online
services may provide prices for just a few companies. An independent insurance
agent that works with several insurers in your local area might be able to get
you a better deal.
- Check the financial stability and soundness of the insurance company. Ratings
from A.M. Best,
Standard & Poor's,
Moody's Investors Services , and Weiss Ratings, Inc. are available online and at most public libraries.
- Research the complaint record of the company. Contact your state insurance department or visit the website of the National Association of Insurance
Commissioners), which has a
database of complaints filed with state regulators.
- Find out what others think about the company's customer service. Consumers can
rate homeowner insurance companies at www.jdpower.com/homes/insuranceratings.
- Once you pay your first insurance premium, make sure you receive a written
policy. This tells you the agent forwarded your premium to the insurance
company. If you don't receive a policy within 60 days, contact your agent
and the insurance company.
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