Arkansas Home Insurance Reviews: Complaint Ratings for 20 Major Companies

Does your homeowners insurance company have a large amount of customer complaints? Will you have problems placing a claim, or have a valid claim delayed or denied? Are you insured with a good or bad company? Most consumers fail to check the complaint records of their insurance companies. This blog post provides complaint information for the 20 largest Arkansas home insurance companies, covering 86% of the 2010 Arkansas home insurance market, and rates them based on their 2010 national complaint record (Accurate 2011 complaint records are not available yet). I also include a list of the 5 homeowners insurance companies with the most confirmed complaints in 2010, made by customers in Arkansas. Sort out the best companies from the worst companies.

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With my state reviews, I like to use the state complaint ratios, to tell you if an insurance company has a better or worse complaint record in your state, compared to competing insurance companies.

Unfortunately, not every state’s insurance department provides complaint ratios. Arkansas happens to be one of them. Arkansas does provide the number of confirmed complaints made against each home insurance company in Arkansas.

But the complaint ratio is needed to compare homeowners insurance companies, to see if the insurance company has a higher than average, or lower than average number of complaints, adjusted based on the insurance company’s market share.

For example, Farm Bureau Mutual Insurance Company of Arkansas, Inc, and Farmers Insurance Company, Inc. each had 5 confirmed auto insurance complaints in Arkansas for 2010.

But the Farm Bureau company’s market share is almost 19%, and the Farmers company is only close to 5%. The Farm Bureau company has about 4 times the number of customers than the Farmers company, but the same number of complaints.

A smaller home insurance company may have 3 complaints, equaling 1 complaint per 10,000 customers, and a large insurance company may have 6 complaints, but only 1 complaint per 100,000 customers. If you insure with the smaller insurance company, you are more likely to have a valid complaint than with the larger insurance company.

Here is a list of 5 of the 6 home insurance companies with the highest number of complaints in Arkansas for 2010. Considering market share.

I left Farm Bureau Mutual Insurance Company of Arkansas, Inc., out of the top 5. I chose to do this because 5 complaints, based on its larger number of customers, compared to other home insurance companies in Arkansas, with much fewer customers, is actually not a higher than average complaint record.

However, the largest Arkansas home insurer, State Farm Fire & Casualty Company, with 24% of the market, makes the list. It has 5% more market share than the Farm Bureau Mutual company, but over 3 times as many confirmed claims. Since State Farm is so much larger, you expect more complaints. But it has enough complaints, in spite of its large market share, to be included in the list.

The 5 homeowners insurance companies on this list should be a concern for you, if any of them are your insurance company.

5 Arkansas Homeowners Insurance Companies with the largest number of confirmed complaints in 2010

1. State Farm Fire & Casualty Company: 40 complaints placed, 18 complaints confirmed.

2. Allstate Insurance Company: 21 complaints placed, 6 complaints confirmed.

3. Farmers Insurance Company Inc.: 21 complaints placed, 5 complaints confirmed.

4. American Modern Home Insurance Company: 8 complaints placed, 5 complaints confirmed.

5. American Family Home Insurance Company: 5 complaints placed, 4 complaints confirmed.

A state’s department of insurance website is usually a good place to find out consumer information about insurance & insurance companies.

The Arkansas Insurance Department website has specific information for Arkansas consumers. You can access Consumer Complaint Reports, create a Complaints by Reason report, and find the reasons for the complaints for each insurance company on the list above, and all the other home insurance companies in Arkansas. You can also check the number of complaints for years prior to 2010.

Here is the link to the Arkansas Insurance Department Website, which I used as a resource regarding the number of Arkansas complaints and market share.

As I mentioned earlier in this blog post, you need to use a complaint ratio to fairly compare an insurance company’s complaint record.

Here is a list of the 20 largest homeowners insurance companies in Arkansas by market share, and ranking them by their national complaint ratios from my website.

I devised a letter grade system, using the national complaint ratios for the home insurance companies listed, to make it easy to tell an insurance company with a great or good complaint record, from an insurance company with a poor or average complaint record.

Please visit my web site to see more complaint ratios, and JD Power customer satisfaction ratings, for home insurance companies (or to find complaint information regarding auto insurance) not on this list.
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Here is my grading system. I also list the national complaint ratio (the lower the number the better the complaint record).

A+ = Insurance companies with complaints 25% or less than the average insurance company.

A = Insurance companies with complaints 50% or less than the average insurance company.

B = Insurance companies with complaints 90% or less than the average insurance company.

C = Insurance companies with complaints from 90% to 110% of the average insurance company.

D = Insurance companies with complaints from 110% to 200% of the average insurance company.

F = Insurance companies with complaints over 200% of the average insurance company. More than twice as much as average!

Consider these grades, along with price and other factors (as listed on my website), when choosing an home insurance company.

Insurance companies frequently have several subsidiary home insurance companies. Make sure you know the correct name of the insurance subsidiary quoting or insuring you, to check the proper complaint grade. This also applies to the 5 homeowners insurance companies with the most complaints in 2010 I listed above.

If you want to decrease the chance of having a problem with your insurance company, go with the highest ranked home insurance company — even if it costs more. The good news is the best homeowners insurance companies often have very good rates — you can go with a better insurance company AND save money.

Here is the list. Remember to shop with as many companies as possible, so you can find the best rates, service, & coverage for you.

20 Arkansas Home Insurance Companies Ranked (from best to worst) by Their 2010 National Complaint Records

1. United Services Automobile Association = A (.28) (USAA sells only to the military, their immediate family members, and honorably discharged veterans).

2. Farm Bureau Mutual Insurance Company of Arkansas, Inc = A (.30)

3. USAA Casualty Insurance Company = A (.30) (USAA sells only to the military, their immediate family members, and honorably discharged veterans).

4. Economy Premier Assurance Company (a Metlife Company) = A (.36)

5. Allstate Indemnity Company = A (.38)

6. Foremost Insurance Company of Grand Rapids, MI = A (.38)

7. State Farm Fire & Casualty Company = A (.44)

8. Shelter Mutual Insurance Company = B+ (.52)

9. State Auto Property & Casualty Insurance Company = B (.60)

10. Safeco Insurance Company of America = B (.67)

11. Nationwide Mutual Fire Insurance Company = B (.76)

12. Auto Owners Insurance Company= B (.83)

13. Standard Fire Insurance Company (a Travelers company) = B- (.86)

14. Allstate Property & Casualty Insurance Company = C+ (.90)

15. Allstate Insurance Company = C (.99)

16. American Family Home Insurance Company = C (1.09)

17. Travelers Home & Marine Insurance Company = C- (1.10)

18. Farmers Insurance Company Inc. = D (1.21)

19. Property & Casualty Insurance Company of Hartford (a Hartford company) = D (1.30)

20. American Modern Home Insurance Company = F (2.70)

Now you know the complaint ratings for the biggest home insurance companies in Arkansas. The next step is to get price quotes by shopping your auto insurance & homeowners insurance with ALL the leading insurance companies, you can get a great price AND great customer service & claims handling. Use my website to find all the leading insurance companies, evaluate their customer service, and find the best price for you.

Do you have any questions or commentary about these Arkansas homeowners insurance complaints, ratings or rankings? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.