Does your home owners insurance company have many customer complaints? Will you have problems placing a claim, or have a valid claim delayed or denied? Will you find out your insurance company is good or bad when you need them to help you? Many consumers fail to check the complaint records of their home-owners insurance companies. This blog post provides complaint information for the 34 largest New Mexico home insurance companies, and rates & ranks them, from best to worst, based on their 2010 national home insurance complaint records (Accurate 2011 complaint records are not available yet).
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With my state reviews, I prefer to use your state’s complaint data, to show your home insurance company has a better or worse home insurance complaint record in your state, compared to the state home insurance complaint records of competing insurance companies.
Unfortunately, not all state insurance departments provide complaint information. The New Mexico Insurance Department does not provide state insurance complaint ratios. Complaint ratios can be used to compare property insurance companies, to see if a property insurance company has a higher than average, or lower than average number of home insurance complaints, adjusted based on the insurance company’s market share, or as compared with other companies.
Your state’s department of insurance website is often a great place to find out consumer information about insurance and insurance companies.
Here is the link to the New Mexico Department of Insurance Website, which I used as a resource to find the thirty four largest insurance companies (by total amount of home insurance premium collected by the company in the state) selling homeowners insurance in New Mexico.
Below is the list of the major property insurance companies in New Mexico, ranked by their national homeowners insurance complaint ratios from my website. A complaint ratio of 1.00 is average. A ratio larger than one is worse than average. A ratio less than 1.00 is better than average. A complaint ratio of “0.00” means no complaints in 2010. The lowest complaint ratio has the best complaint record, & the highest complaint ratio has the worst complaint record.
For example, a complaint ratio of 1.20 has twenty percent more of the number of complaints (after adjusting for the company’s size) of the average company. A complaint ratio of .80 has 80% of the number of claims of the average home insurance company. A complaint ratio of 4.00 has a complaint record four times the number of complaints of the average company.
I devised a letter grade system, using the national complaint ratios for the property insurance companies in this blog article, to make it easy to tell an insurance company with a great or good complaint record, from a property insurance company with a poor or average complaint record.
Here is my grading system. I also list each company’s national home-owner insurance complaint ratio. Remember, 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 a property (home/renters/mobile home/condo) insurance company.
Insurance companies frequently have several subsidiary property insurance companies. For example, Foremost has three companies on this list — Foremost Signature Insurance Company, Foremost Property & Casualty Insurance Company, and Foremost Insurance Company of Grand Rapids, MI. Make sure you know the correct name of the insurance subsidiary quoting or insuring you, to check the proper complaint grade.
If you want to decrease the chance of problems with your property insurance company, choose the highest ranked property insurance company — even if it costs more. The good news is the best home insurance companies often have very good rates. You can choose 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.
34 Top New Mexico Home Insurance Companies Ranked from Best to Worst by Their 2010 National Auto Insurance Complaint Records
1. Foremost Signature Insurance Company = A+ (No home insurance complaints in 2010)
2. Foremost Property & Casualty Insurance Company = A+ (No home insurance complaints in 2010)
3. Chartis Property Casualty Company (AIG) = A+ (.12)
4. Pacific Indemnity Company (Chubb & Son) = A+ (.13)
5. Vigilant Insurance Company (Chubb & Son) = A (.27)
6. United Services Automobile Association (USAA) = A (.28) (USAA sells only to the military, their immediate family members, and honorably discharged veterans).
7. USAA Casualty Insurance Company = A (.30) (USAA sells only to the military, their immediate family members, and honorably discharged veterans).
8. Amica Mutual Insurance Company = A (.32)
9. Allstate Indemnity Company = A (.38)
10. Foremost Insurance Company of Grand Rapids, MI = A (.38)
11. Southern Insurance Company = A (.38)
12. Farmers Insurance Company of AZ = A (.40)
13. Associated Indemnity Company (Fireman’s Fund / Allianz) = A (.42)
14. State Farm Fire & Casualty Company = A (.44)
15. Liberty Mutual Fire Insurance Company = A- (.49)
16. Central Mutual Insurance Company = B+ (.50)
17. Garrison Property & Casualty Insurance Company (USAA) = B+ (.53) (USAA sells only to the military, their immediate family members, and honorably discharged veterans)
18. Amco Insurance Company (Allied) = B (.55)
19. Metropolitan Property & Casualty Insurance Company (Metlife) = B (.59)
20. Safeco Insurance Company of America = B (.67)
21. American National Property & Casualty Company (ANPAC) = B (.78)
22. Allstate Property & Casualty Insurance Company = C+ (.90)
23. Allstate Insurance Company = C (.99)
24. Great Northwest Insurance Company (Ocean Harbor Group) = C (1.00)
25. Farmers Insurance Exchange = C- (1.07)
26. Unitrin Auto & Home Insurance Company (Kemper) = C- (1.07)
27. USAA General Indemnity Company = C- (1.07) (USAA sells only to the military, their immediate family members, and honorably discharged veterans).
28. Travelers Home & Marine Insurance Company = C- (1.10)
29. Property & Casualty Insurance Company of Hartford (The Hartford) = D (1.30)
30. Hartford Insurance Company of the Midwest (The Hartford) = D (1.61)
31. Farm Bureau Property & Casualty Insurance Company (IA Farm Bureau Group) = D (1.62)
32. American Modern Select Insurance Company = F (2.58)
33. American Reliable Insurance Company ( Assurant ) = F (2.72)
34. Homesite Indemnity Company = F (5.21)
(Homsite partners with a few auto insurance companies — Geico, Esurance, Progressive, & GMAC to sell home insurance in some states. If you purchased home insurance through any of these auto insurance companies, check and see if Homesite is the actual company insuring your home.)
Now you know the complaint ratings for the major home insurance companies in New Mexico. 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.
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