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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.
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