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Insurance companies are rated by several different kinds of rating companies, typically the most notable is AM Best. They are rated on several factors ranging from the degree liquidity to the amount of business on the books.
Many people have the mistaken notion that only a company with a superior ranking of A+ (or A++ depending on the service you evaluate the company with) is a reputable company, and that all others should be avoided. Nothing could be farther from the truth!
An insurance company must meet a required threshold of "availability to pay claims," to put it in layman's terms, before they can even do business. You can have the same degree of security doing business with a company rated B+ as you can with a company rated A+; the difference is simply the amount of money they have within the company, or premiums reported to be "on the books." It has little to do with the companies ability to pay claims.
Health Insurance
Medical coverage can be found in a variety of ways: HMO to private insurance coverage. Whatever the coverage may be, you should feel comfortable with what the product offers and feel good about the companies availability to contact them with concerns and questions. Customer support is a real issue that you should consider carefully when making a decision on purchasing medical coverage. More...
Auto Insurance
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Typically, most insurance companies will be very competitive at first and you will find the difference in insurance premiums minimal; that's why you want to look at what kind of promotions or discounts they offer. For example, many companies offer some kind of good student discount to reward young drivers for being responsible in school; also, many will consider your past driving record when they factor the amount of premiums you will pay. More...
Home Owners Insurance
Also known as liability insurance. Liability coverage offers protection, including the cost of legal representation, from covered claims made against you or a resident family member for property damage or bodily injury. This section of your Homeowner's coverage is broken into two parts:
Personal Liability coverage: Pays up to your limit of liability when you or a resident family member is found legally responsible for damage to the property of others or injuries to persons who are not members of your household. For example, a delivery person slips on the ice on your doorstep and is injured. If you are found legally responsible, your Personal Liability coverage will cover the damages (e.g., medical expenses, lost wages) incurred by the delivery person.
Medical Payments to Others: Pays medical bills if someone (outside of your family) is injured while on your property, or is injured by you or a resident family member away from your property. This coverage is available regardless of whether or not you are legally responsible for the injury. More...