Does your property (renters, homeowners, condo, mobile 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 property insurance company is good or bad when you need them to help you? Many consumers fail to check the complaint records of their insurance companies. This blog post provides complaint information for the forty-eight largest Tennessee home insurance companies, and rates & ranks them, from best to worst, based on their 2010 national home-owners insurance complaint record (Accurate 2011 complaint records are not available yet).
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With my state reviews, I like to use your state’s complaint information, to show you if a company has a better or worse property insurance complaint record in your state, compared to the state property insurance complaint records of competing insurance companies.
Unfortunately, not all state insurance departments provide complaint information. The Tennessee Department of Insurance does not provide state insurance complaint ratios. Complaint ratios can be used to compare insurance companies, to see if an insurance company has a higher than average, or lower than average number of homeowners insurance complaints, adjusted based on the insurance company’s market share, or as compared with other insurance companies.
Your state’s department of insurance website can be a great place to find out consumer information about all types of insurance and insurance companies.
Here is the link to the Tennessee Department of Insurance Website, which I used as a resource to find the 48 biggest insurance companies (All companies earning 3 million dollars or more of Tennessee homeowners insurance premium in 2010) insuring homes in the state.
Below is the list of these major homeowners insurance companies in Tennessee, ranked by their national homeowners insurance complaint ratios as I use on 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 means no complaints in 2010. The lowest complaint ratio has the best complaint record, and the highest complaint ratio has the worst complaint record.
For example, a complaint ratio of .55 has only fifty five percent of the number of home insurance complaints (after adjusting for the company’s size) of the average company. A complaint ratio of 1.12 has 12% more of the number of claims for the average company. A complaint ratio of 3.50 has a complaint record 3.5 times the number of complaints of the average company.
I devised a letter grade system, using the national home insurance complaint ratios for the companies in this blog article, to make it easy to tell a property insurance company with a great or good complaint record, from an insurance company with a poor or average complaint record.
Visit my website home page to see more national complaint ratios, JD Power customer satisfaction ratings & AM Best financial strength ratings for these insurance companies, and other companies, including automobile insurance companies, not on this list.
Here is my grading system. I also list each company’s national home 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 an insurance company. All these companies insure homes in Tennessee, but not all of them may be selling new policies, or you may not meet their eligibility requirements. Don’t get upset once you are certain an insurance company won’t insure you. Shop for the company with the best rates and customer service willing to insure you.
Insurance companies frequently have several subsidiary insurance companies. For example, Travelers has two companies on this list — Standard Fire Insurance Company & Travelers Personal Security Insurance Company. I try to clarify the parent company when it’s important, and I know it. 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 insurance company, choose an insurance company with good customer service ratings & low complaint ratings — even if it costs more. The good news is the best insurance companies often have very good rates. You can choose a better insurance company & 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. To help you out, start with the companies with an asterisk (*) — They received above average scores for customer satisfaction in the JD Power 2011 US National Homeowners study.
48 Top Tennessee Home Insurance Companies Ranked from Best to Worst by Their 2010 National Homeowners Insurance Complaint Records
1. Westfield National Insurance Company = A+ (No home insurance complaints in 2010)
2. Bankers Standard Insurance Company = A+ (.06)
3. Tennessee Farmers Mutual Insurance Company (TN Farm Bureau, NOT part of Farmers Insurance Group) = A+ (.14)
4. Travelers Personal Security Insurance Company = A+ (.11)
*5. Cincinnati Insurance Company = A+ (.22)
6. Indiana Insurance Company = A (.27)
7. Massachusetts Bay Insurance Company (Hanover) = A (.27)
*8. United Services Automobile Association = A (.28) (USAA sells only to the military, their immediate family members, and honorably discharged veterans).
*9. USAA Casualty Insurance Company = A (.30) (USAA sells only to the military, their immediate family members, and honorably discharged veterans).
10. Grange Mutual Casualty Company = A (.31)
*11. Erie Insurance Company = A (.32)
12. Depositors Insurance Company (Allied) = A (.32)
*13. Amica Mutual Insurance Company = A (.32)
14. Economy Premier Assurance Company (Metlife / Metropolitan) = A (.36)
15. Allstate Indemnity Company = A (.38)
16. National Surety Corporation = A (.38)
17. Trustgard Insurance Company (Grange) = A (.39)
18. Chubb National Insurance Company = A (.42)
*19. State Farm Fire & Casualty Company = A (.44)
20. Mid-Century Insurance Company (Farmers Insurance Group) = A- (.48)
21. Alfa Alliance Insurance Corporation = A- (.48)
22. Liberty Mutual Fire Insurance Company = A- (.49)
23. Pennsylvania National Mutual Casualty Insurance Company = A- (.49)
24. Central Mutual Insurance Company = A- (.50)
25. Shelter Mutual Insurance Company = B+ (.52)
26. Liberty Insurance Corporation (Liberty Mutual) = B (.54)
27. Metropolitan Property & Casualty Insurance Company (Metlife) = B (.59)
28. State Auto Property & Casualty Insurance Company = B (.60)
29. Hanover American Insurance Company = B (.64)
30. Safeco Insurance Company of America = B (.67)
31. Nationwide Mutual Fire Insurance Company = B (.76)
32. American National Property & Casualty Company = B (.78)
*33. Auto-Owners Insurance Company = B (.83)
34. Standard Fire Insurance Company (Travelers) = B (.86)
35. Allstate Property & Casualty Insurance Company = C+ (.90)
36. Nationwide Property & Casualty Insurance Company = C+ (.90)
37. Cotton States Mutual Insurance Company (Country Companies) = C+ (.91)
38. Allstate Insurance Company = C (.99)
39. Farmers Insurance Exchange (Farmers Insurance Group) = C (1.07)
40. Foremost Insurance Company Grand Rapids, MI = D+ (1.14) (Foremost specializes in mobile home, manufactured home, & trailer insurance)
41. American Family Home Insurance Company (American Modern Group, NOT American Family) = D+ (1.18)
42. National Lloyds Insurance Company = D (1.29)
43. Property & Casualty Insurance Company of Hartford (The Hartford) = D (1.30)
44. American Bankers Insurance Company of Florida = D- (1.94)
45. Homesite Insurance Company of the Midwest = F (2.05) (Homesite partners with auto insurance companies, like Esurance, Geico, Progressive, & GMAC, to sell property insurance for them in some states)
46. American Modern Select Insurance Company = F (2.58)
47. American Modern Home Insurance Company = F (2.63)
48. Farmers Mutual of Tennessee (NOT a part of TN Farm Bureau) = F (6.56)
Now you know the complaint ratings for the major property insurance companies in Tennessee. 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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