Does your home insurance company have many customer complaints? Will you have problems placing a claim, or have a valid claim delayed or denied? Is your property (renters, home, condo, dwelling, or mobile home) 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 fifty largest insurance companies insuring residential property in Virginia and ranks them from best to worst, based on their 2010 national homeowners insurance complaint records (Accurate 2011 complaint records are not available yet).
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With my state reviews, I try to use state home insurance complaint data, to tell you if an insurance company has a better or worse home insurance complaint record in your state, compared to competing insurance companies.
Unfortunately, not every state’s insurance department provides complaint information. Virginia is one not providing it. Some states develop complaint ratios, to compare insurance companies and see if an insurance company has a better than average, or worse than average number of complaints, adjusted based on the insurance company’s market share.
A state’s department of insurance website is usually a good place to find out consumer information about insurance and insurance companies.
Here is the link to the Virginia Bureau of Insurance Website, which I used as a resource to find the 50 biggest companies with the largest homeowners insurance market share in Virginia.
As I wrote earlier in this blog post, it helps to have an home insurance complaint ratio to fairly compare an insurance company’s complaint record with another insurance company’s complaint record, or to the industry average.
I devised a letter grade system, using the national home insurance complaint ratios for the companies on the list below, 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.
Visit my web site to see more complaint ratios, and JD Power customer satisfaction & complaint satisfaction ratings, for additional insurance companies (or to find complaint information regarding automobile insurance) not on this list.
Here is my grading system. I also list the national home insurance complaint ratio (the lower the number the better the complaint record) for each company.
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 insurance company.
Insurance companies frequently have several subsidiary insurance companies insuring homes in the state. For example, Travelers has several companies on the list, including Standard Fire Insurance Company & Automobile Insurance Company of Hartford, CT, which from the sound of the name, you might mistake for being a subsidiary of The Hartford. I list the parent company when I know it, and when it’s needed to help you find out how to get a quote, or know the parent company of the insurance subsidiary insuring your home.
If you want to decrease the chance of having a problem with your insurance company, go with the highest ranked insurance company, although it could cost more. The good news is the best insurance companies often have very good rates. You can often go with a better insurance company & better coverage, 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. Not all these companies may be selling new home insurance policies. You may not be eligible or qualify for every company. Don’t worry. There are many good insurance companies wanting your business.
50 Virginia Home Insurance Companies Ranked from Best to Worst by Their 2010 National Homeowners Insurance Complaint Records
1. Citizens Insurance Company of America (The Hanover) = A+ (.11)
2. Pacific Indemnity Company (Chubb) = A+ (.13)
3. Federal Insurance Company (Chubb) = A+ (.18)
4. Cincinnati Insurance Company = A+ (.22)
5. Great Northern Insurance Company (Chubb) = A+ (.22)
6. Vigilant Insurance Company (Chubb) = A (.27)
7. United Services Automobile Association (USAA) = A (.28)
8. USAA Casualty Insurance Company = A (.30)
9. First Liberty Insurance Corporation (Liberty Mutual) = A (.31)
10. Amica Mutual Insurance Company = A (.32)
11. LM Insurance Corporation (Liberty Mutual) = A (.36)
12. Allstate Indemnity Company = A (.38)
13. State Farm Fire & Casualty Company = A (.44)
14. TravCo Insurance Company (Travelers) = A (.44)
15. Safeco Insurance Company of Illinois = A (.47)
16. Alfa Alliance Insurance Corporation = A- (.48)
17. Mid-Century Insurance Company (Farmers) = A- (.48)
18. Liberty Mutual Fire Insurance Company = A- (.49)
19. Central Mutual Insurance Company = B+ (.52)
20. Erie Insurance Exchange = B (.53)
21. Garrison Property & Casualty Insurance Company (USAA) = B (.53)
22. Donegal Mutual Insurance Company (Hanover) = B (.54)
23. Liberty Insurance Corporation (Liberty Mutual) = B (.54)
24. Automobile Insurance Company of Hartford, CT (Travelers) = B (.56)
25. Metropolitan Property & Casualty Insurance Company (Metlife) = B (.59)
26. Armed Forces Insurance Exchange = B (.64)
27. Peerless Insurance Company = B (.70)
28. NGM Insurance Company = B (.76)
29. Nationwide Mutual Fire Insurance Company = B (.76)
30. IDS Property Casualty Insurance Company (Ameriprise) = B (.78)
31. AIU Insurance Company (AIG / Chartis) = B (.83)
32. Auto-Owners Insurance Company = B (.83)
33. Rockingham Mutual Insurance Company = B (.85)
34. Standard Fire Insurance Company (Travelers) = B (.86)
35. Nationwide Property & Casualty Insurance Company = C+ (.90)
36. Allstate Property & Casualty Insurance Company = C+ (.90)
37. Empire Fire & Marine Insurance Company = C (.93)
38. Allstate Insurance Company = C (.99)
39. Farmers Insurance Exchange = C (1.07)
40. Unitrin Auto & Home Insurance Company = C (1.07)
41. USAA General Indemnity Company = C (1.07)
42. Virginia Farm Bureau Mutual Insurance Company = C- (1.08)
43. Foremost Insurance Company Grand Rapids, MI = D+ (1.14)
44. Property & Casualty Insurance Company of Hartford (The Hartford) = D (1.30)
45. Travelers Casualty & Surety Insurance Company = D (1.37)
46. Virginia Farm Bureau Fire & Casualty Insurance Company = D (1.53)
47. Travelers Property Casualty Insurance Company = D (1.58)
48. Hartford Insurance Company of the Midwest = D (1.61)
49. Homesite Insurance Company = F (2.14)
50. Balboa Insurance Corporation = F (5.08)
Now you know the complaint ratings for the biggest home insurance companies in Virginia. 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. Click the ad below and start shopping now!
Do you have any questions or commentary about these Virginia home insurance ratings or rankings? Tell me about it. Please leave a comment on my facebook page. Or, you can e-mail me at firstname.lastname@example.org if you have questions and would like my help. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.