Choosing an Insurance Company: One Little Researched Factor

When you're deciding which insurance carrier to use for your coverage needs, typically policyholders prioritize cost-related factors.
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There is one factor that is rarely researched that can have a significant financial impact:

claims response

Especially when suffering a large loss, most policyholders need their claims processed quickly in order to make immediate provisions for lodging or transportation.

The timeliness of responding can depend on the insurance company and the system they use in processing claims.   Here are a few reasons why the claims process may be delayed:

- outsourcing claims to a call center
- adjuster's workload
- complexity of the claim
- need for legal involvement
- multi-level approval process
- stance on holdback provisions (insurer holds part of the payment until a homeowner proves they've started repairs)

How do you research insurers' claims responses?

1) Look at market reputation.  Much of this information can be found by searching companies' reputations online.
2) One of the best ways is to work with an experienced independent insurance agent.  He will have first-hand knowledge of the timeliness and fairness of settlements for multiple companies. 

Need guidance finding an insurance company that best fits your needs?  Contact me for a timely review of your situation.