Different companies offer different products. Some companies work with agents you can find in the phone book. Other companies prefer to deal directly with you.
One other key item you should think about before you buy is the financial security of the insurance company. As with most businesses, the security of a company depends on how it is managed, supervised, and controlled.
Rating your insurance company
One way to find out about your insurance company is to check its security rating. Several independent rating organizations monitor the financial strength of insurance companies. They also offer free rating information by phone and on the Web. These rating organizations include:
• A.M. Best Co., publisher of “Best Insurance Reports”
908-439-2200, www.ambest.com
• Moody’s Investor Service, Inc.
212-553-0377, www.moodys.com
• Standard & Poor’s
1-800-523-4534, www.standardandpoor.com
• Duff & Phelps
312-368-3100, www.dcrco.com
• Weiss Research
1-800-289-9222, www.weissratings.com
Be aware that each organization uses its own criteria to determine financial ratings. Even though all use some form of “A,” “B,” or “C” grading system, what is “AAA” for one might be “A+” or “A-“ for another.
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