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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. You can also visit www.insure.com
When buying insurance, whether its home, life, auto, rental or other:
- 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.
- Make sure the insurance company is licensed and covered by the state's guaranty fund. The fund pays claims in case the company defaults. Your state insurance department can provide this information.
- 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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