Does your property (homeowners/condo/mobile home/renters) insurance company have a huge amount of customer complaints? Will you have any problems placing a claim, or have a valid claim delayed or denied? Is your insurance company good or bad? Most consumers fail to check the complaint records of their insurance companies. This blog post provides complaint information for the major insurance companies selling property insurance in Vermont, and ranks them from best to worst, based on their 2011 JD Power homeowners insurance customer satisfaction rating. National homeowners insurance complaint ratings for their subsidiary companies are available by links to insurance company reviews on my website. I also list complaint ratings for several large regional home insurance companies selling property insurance in Vermont, not rated by JD Power.
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I prefer to use state complaint information in my state reviews, but not every state’s insurance department provides state complaint information. Vermont is one of them.
A state’s department of insurance website is usually a good place to find out consumer information about insurance and insurance companies. The Vermont Insurance Division website is where I found the largest insurance groups selling property insurance in Vermont, as of 2008, the most recent year where data is available.
Insurance companies usually have several subsidiary companies insuring homes in the state. For example, Vermont Mutual Group has Vermont Mutual Insurance Company, Granite Mutual Insurance Company, & Northern Security Insurance Company.
Since I don’t know the market share of the individual insurance company subsidiaries, I am ranking the leading property insurance parent companies, from best to worst, by their 2011 JD Power homeowners insurance study customer satisfaction rating: Among the best; Better than most; About average; The rest.
Most property insurance companies are rated average by JD Power. Each insurance company on the list is linked to its review on my website, so you can check the auto & home insurance complaint information for the property insurance subsidiary company insuring or quoting you.
Since insurance companies often have several subsidiary companies selling property insurance in your state, you will need to know the correct name of the subsidiary company insuring or quoting you.
Before you switch to a new auto or home insurance company, always get the quote in writing, so you can see the coverage, and you have documentation of the price you were quoted, in case there is a problem when the policy is issued. The quote they send you will have the full name of the insurance company on it. Or simply ask your agent or insurance company representative for the proper name of the insurance company insuring you, if you don’t know it.
Some major national insurance companies, like Amica Insurance, have a smaller market share, and do not make the list of the largest insurance groups in Vermont. However, these companies may have low rates, good customer service, and the right coverage for you.
Go to my web site to see complaint information, AM Best financial strength ratings, and JD Power customer satisfaction and claims satisfaction ratings, for additional insurance companies not on this list.
Some of the largest insurance groups in Vermont are regional insurance companies, such as Union Mutual Fire Group, and they are not rated by JD Power because they are not large national companies. Since I don’t have complaint ratings for these companies on my web site, I looked up their subsidiary companies and list their complaint ratings here.
I devised a letter grade system, using the national homeowners insurance complaint ratios for the regional 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.
A complaint ratio of “1.00” is average. Greater than 1 is worse than average and lower than 1 is better than average. A complaint ratio of .10 has 10% of the complaints of the average company. A complaint ratio of 4.00 has four times as many complaints as the average company.
Here is my grading system. I also list the national homeowners insurance complaint ratio for each regional insurance company subsidiary. 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!
Don’t choose an insurance company based on one year’s complaint rating alone. Consider these grades, along with price and other factors (as listed on my website), when choosing a property insurance company.
If you want to decrease the chance of having a problem with your insurance company, go with the highest rated insurance company, although it may cost more. The good news is the best insurance companies often have very good rates — you can go with a better insurance company and save money, too!
If you are like me, the best insurance companies for you have the lowest rates for the coverage you need.
People pay too much for auto & home insurance for two reasons: They don’t shop for better rates each year, and if they do shop, they don’t check the rates of ALL the major insurance companies. Be sure to shop with as many companies as you can!
If you decide to buy auto or home insurance direct from the company, without a local agent, and you have a problem, you have to deal with a call center, and you do not have an agent to provide personal service. You will have to be your own agent. Please be aware having a good agent can make insuring with even a mediocre insurance company a good experience for you.
Here is the list. Remember to shop with as many companies as possible, so you can find the best rates, service, & coverage for you.
Major Vermont Home Insurance Companies Ranked from Best to Worst by Their 2011 JD Power Homeowners Insurance Customer Satisfaction Rating
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Concord Insurance Group
Concord General Mutual Insurance Company = D (1.67)
Green Mountain Insurance Company, Inc. = A+ (No homeowners insurance complaints in 2010)
Co Operative Insurance Companies
Co-Operative Insurance Company = A+ (No homeowners insurance complaints in 2010)
Union Mutual Fire Group
New England Guaranty Insurance Company, Inc. = B (.74)
Union Mutual Fire Insurance Company = D+ (1.14)
Vermont Mutual Group
Vermont Mutual Insurance Company = B (.77)
Granite Mutual Insurance Company = A+ (No homeowners insurance complaints in 2010)
Northern Security Insurance Company = A+ (No homeowners insurance complaints in 2010)
Now you know how the major property insurance companies in Vermont are rated, don’t procrastinate and shop now to find the lowest auto & home insurance rates for you!
Do you have any questions about these Vermont home insurance company ratings and rankings? What’s your experience with auto insurance companies? Leave me a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.