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How to Compare Home Insurance Companies

 1. Compare statewide costs and insurers

When it comes to insurance, you want to make sure you are going with a provider that is legitimate and credit worthy. Your first step should be to visit your state’s Department of Insurance website to learn the rating for each home insurance company licensed to conduct business in your state, as well as any consumer complaints lodged against the insurance company. The site should also provide a typical average cost of home insurance in different counties and cities.

These will help you determine which carriers you want to compare.

2. Do a company health check

Investigate home insurance companies you’re considering via their scores on the websites of the top credit agencies (such as A.M. Best, Moody's, J.D. Power, Standard & Poor's) and those of the National Association of Insurance Commissioners  and Weiss Research. These sites track consumer complaints against the companies as well as general customer feedback, the processing of claims and other data. In some instances, these websites also rate a home insurance company's financial health to determine whether the company is able to pay out policies in the event you need to file a claim.

3. Look at claims response

Following a large loss, the burden of paying out-of-pocket to repair your home and waiting for reimbursement from your insurer could place your family in a difficult financial position. A number of the insurers are outsourcing core functions including the handling of claims.

Before purchasing a policy, find out whether licensed adjusters or third-party call centers will be receiving and handling your claims calls. “Your agent should be able to provide feedback on his or her experience with a carrier, as well as its market reputation,” says Mark Galante, senior vice president and chief marketing officer at the PURE Group of Insurance Companies. “Look for a carrier with a proven track record of fair, timely settlements and make sure to understand your insurer’s stance on holdback provisions, which is when an insurance company holds back a portion of their payment until a homeowner can prove that they started repairs.”

4. Current Policyholder Satisfaction

Every company will say they have good claims service. However, cut through the clutter by asking your agent or a company representative what percentage of policyholders renews each year. Called the insurer’s retention rate, many companies report retention rates between 80% and 90%. You can also find satisfaction information in annual reports, online reviews and good old-fashioned testimonials from people you trust.

5. Get multiple quotes

“Obtaining multiple quotes is important when looking for any type of insurance; however, it is especially important for homeowner's insurance since coverage needs can vary so much," says Eric Stauffer, former president, ExpertInsuranceReviews.com. "Comparing several companies will yield the best overall results."

How many quotes should you get? Contact five or more companies so that you know what people are offering and you have leverage in negotiations. But before collecting quotes from other companies, request a price from insurers you already have a relationship with. As previously mentioned, in many instances, a carrier you’re already doing business with (for your auto, boat, etc.) may offer better rates because you're an existing customer.