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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jan 26, 2012

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Insurance Question from Charleston, SC

Asked on 01/26/2012

AM Best ratings I'm considering moving my homeowners insurance to a company with an AM Best rating of B+. (Banker's Insurance Group) The agent offering this policy tells me that AM Best is the most stringent ratings co out there and what's really important is what kind of re-insurance the company has. The Bankers quote is around $1700 less than my current carrier (Travelers). Is there a huge risk with the $1700 savings?

Answer given on January 29, 2012

AM Best’s guide is regarded as one of the better rating agencies for insurance companies. The higher ratings, in the A to A++ are the most desireable. While B+ isn’t a terrible rating, you should contact your lender to see if they will accept a B rated company. Some lenders require that the insurance company be rated at least A-.Reinsurance is a portion of the rating of an insurance company. However, that figure of reinsurance could change if the cost for reinsurance were to increase, as your insurance company may choose to purchase less reinsurance.There are many insurance companies available for home insurance. You should shop around to get the best rate, and the best insurance company. Check with the Dept of Insurance in your state to find out how the insurance company is rated for claims handling. Price is not the only issue when buying insurance, just as it is not in making any major purchase.

IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and AS IS. It has not necessarily been reviewed by the management staff of nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on to represent you.

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