Whether you’ve just purchased your first home and are in the market for home insurance or you’re ready to switch home insurance companies, it’s important to make sure you’ve done your research beforehand.
With so many resources available on the Internet, researching home insurance companies can quickly become a daunting and challenging task.
To help you out, we’ve rounded up the top reviews and ratings to look for when researching home insurance companies.
Financial Stability Rating: Demotech
Long-term financial stability is an excellent indicator of quality insurance. Rating systems provide you with a quick overview of a company’s financial performance, even during times of economic hardship. These ratings reveal an insurance company’s ability to pay claims, especially when you need it most.
In Florida, the top rating service is Demotech. Demotech rates roughly half the companies that insure homes in the Florida market.
What sets Demotech apart from other rating services in Florida is that they require insurance companies to show them their reinsurance contracts. In this way, Demotech “dives much deeper into reinsurance matters than others who do not have access to detailed, internal corporate information,” said Demotech President Joe Petrelli. “The insurance companies that we review and rate at the A level or above are acceptable to lenders, agents, umbrella insurance markets and other informed professionals that have an interest in the financial stability of insurance companies.”
Click here for the latest Demotech Financial Stability Rating® for People’s Trust Insurance
Policyholder Reviews Service: Better Business Bureau (BBB)
Providing excellent customer service is a must in the home insurance industry. In the aftermath of a home-related disaster, you want the comfort of knowing you can trust your insurance company to respond to your claim and provide prompt service. No homeowner should have to deal with an unfriendly customer service representative following a stressful incident.
Policyholder ratings are based on customer satisfaction, which illustrate how the insurance company handled a particular situation and whether the issue was resolved. High ratings indicate that a company has a strong reputation while low ratings indicate a significant number of customer complaints.
Beware review services that restrict the policyholder’s ability to update their complaint, or that don’t allow the company in question to respond to or resolve complaints. Oftentimes, the best customer service experience occurs when a company exceeds expectations, going over and above to resolve an issue. Policyholders and insurance companies should be able to provide their full story, and unfortunately few review services offer them that opportunity.
The Better Business Bureau (BBB) has been widely considered the nation’s top customer review service for more than 100 years. The Better Business Bureau provides customers with a simple and straightforward rating based on a company’s adherence to the BBB’s Standards for Trust, a comprehensive set of best practices for how businesses should treat the public in a fair and honest manner.
BBB ratings are directly based on the following factors:
- A business's complaint history with BBB, including number of complaints filed, whether the business made a good faith effort to resolve complaints in a timely manner, and the age of resolved complaints
- Type of business and its time in business
- Transparent business practices
- Failure to honor commitments to BBB, including commitments to abide by a mediation settlement or an arbitration award
- Licensing, government actions, and advertising issues
Click here for the latest BBB Rating & Accreditation Status for People’s Trust Insurance