In 1992, 9 insurance companies went belly-up after Hurricane Andrew caused irreparable damages to their financial status. More than 23,000 hard-working, premium-paying customers had to wait over 6 months for their claim check from their applicable state guarantee fund (the insurance company of the insurance companies). You really want to take every possible precaution do that this scenario doesn’t happen to you.
You pay your annual insurance premium with the hopes of never needing to use it, all while feeling safe and comfortable that you have it. But we’re not talking about the typical U.S. homeowner- you’re talking about you. No matter how high of an insurance risk your state is, there are insurance companies that will stand by you and your claim, those that will try to settle for a lesser amount, or even try to avoid paying you at all. Therefore, we have comprised a list of 5 relatively national insurance companies that have a stable track record for paying claims in a timely and responsible manner- the way it was meant to be. *
- Amica Mutual Number one on our list, this mutual insurance company is owned by its policyholders, not stock-holders as the majority of insurance companies are. The theory behind such a company is much like a credit union compared to a bank, resulting in lower premiums and better service, existing solely for their policyholders benefit. There are no stockholders breathing down anyone’s neck demanding a profit.
- Electric Insurance began in 1966 to serve the needs of General Electric employees. Consistent 96% and 97% customer satisfaction ratings make Electric number 2 on our list.
- United Fire & Casualty is the first insurer on our list that is a publicly traded company, complete with stockholders in fancy suits attending meetings and sipping lattes. Since its humble beginnings in 1946, United Fire & Casualty and it’s subsidiaries, have scored very well (A) from the industry’s analysts AM Best Company and Standard & Poor’s. Customer satisfaction is always a high priority.
- Franklin Mutual another mutual company that doesn’t have greedy stockholders!
- EMC Insurance Corporation and its affiliates, National Coverage, Local Attention is the slogan and attitude that brings EMC to our number 5 spot.
(*Please note: Not all insurance companies can or will write policies for every state in the U.S.) The information contained herein is a combination of customer satisfaction surveys, complaints filed with NAIC and many polls conducted by Fight Bad-Faith Insurance Companies- FBIC for short, a name taken from the term ”bad-faith insurer’s”, commonly given to insurance companies that deliberately and consistently do not settle, investigate, or make insurance payments within the “reasonable time period” as required by law.
