Choosing An Insurer

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• Review your current insurance, updating information as necessary. This will be your baseline for comparison.
  
  
• Ask family, friends and neighbors what they like or dislike about their insurers.
  
  
• Access your state’s department of insurance Web site to find out if there have been complaints about the insurers you are considering.
  
  
• Check each company’s financial strength through consumer ratings or by contacting one or more rating agencies.
  • A.M. Best Company, Inc.
    (908) 439-2200
  
  
  
  • Moody’s Investor Services
    (212) 553-0377
  
  
  
  • Standard & Poor’s
    (212) 438-2400

Factors Affecting Your Insurance Rate

• Claims history. Historically, the fewer claims you have, the lower your rate.
  
  
• Credit rating. Most insurers use credit history as a factor to set rates. Studies have shown that individuals who have good financial habits generally file fewer claims. You can check your credit rating at www.annualcreditreport.com or by calling (877) 322-8228.
  
  
• Home maintenance. You can avoid unnecessary and costly claims by inspecting your home, taking preventive action and making repairs. Use the Home Maintenance Checklist as a guide. The fewer claims you file, the lower your homeowners insurance rate.
  
  
• Home construction. Homes made of brick and masonry generally cost less to insure because they are resistant to fire, unless they are constructed in an earthquake-prone location.
  
  
• Location. Where your home is located and its likelihood of being damaged by certain natural disasters may affect your rate.