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Choosing an Insurance Company

What should I look for in an insurance company?
There are thousands of insurance companies that are happy to sell you insurance.
Make sure the one you choose:

  • Has a good rating from a ratings agency like A.M. Best or Standard & Poor
  • Has a good business track record
  • Pays out claims quickly and fairly
  • Is customer-service oriented

Get ratings for different insurance companies

How do I make sure I don't get cheated?
There are companies that will take your money and then not deliver on their commitment to you. Making sure that you go with a company that has a good rating is important (check ratings for insurance companies). But you should also keep this advice in mind:

  • Do not buy the first policy you find: shop around and compare prices and features to make sure that you get the best deal for you.
  • Deal only with licensed insurance companies and agents.
  • Go somewhere else if the agent can't or won't answer your questions.
  • Don't sign blank application or claim forms.
  • Fill out your application or claim form carefully. It's a crime to supply false information on an insurance application or claim and, it can mean that you won't get any insurance.
  • Never pay premiums in cash. Always pay for insurance premiums by check or money order.
  • Get a copy of your policy from your agent and read through it immediately to insure that you are getting the coverage you discussed with your agent.
  • Keep copies of all insurance records including copies of all premium payments in a safe place. Store extra copies in a safe-deposit box, waterproof and fireproof container or with a friend or attorney.

What information will an agent ask for when I buy insurance?
The insurance agent will have lots of questions about your home and property, so he or she can work with you to determine how much insurance you need and how much it will cost.

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