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Insuring Your Property

How to Evaluate Your Homeowners Insurance Agency

Homeowners insurance is one of those services everyone hopes to never need. Despite paying premiums each and every year, few things are worse than discovering your homeowners insurance agency isn't able or willing to cover your claim when needed. After hurricane Katrina, many people were stunned to learn they were under-insured, still others found the delay in payments presented an additional hardship to an already challenging situation. So, what can homeowners do to assure their homeowners insurance is able and willing to pay a claim should the need arise?

Take time to shop. Homeowners insurance prices vary significantly. Don't assume every agency offers the same policy. Compare your coverage with the quoted rates and obtain information from your state insurance regulator about the insurance provider.

Research consumer experience, complaints and other information about your homeowners insurance agency: inquire with the National Association of Insurance Commissioners. Don't shop by price alone! It is important to have a company that will be there when you need them so it may be worth paying a little more to stay away from insurance companies that have received a lot of consumer complaints.

Research the financial stability of the homeowners insurance provider you are considering. Companies are rated according to their financial stability just like consumers so it is a good idea to check the financial health of the company before doing business with them.

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