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Insurance Rating Services

When faced with making major purchases, smart consumers comparison shop, ask questions and may even conduct research regarding the product. Since the cost of insurance may be higher than many of the other purchases regularly made by consumers, research should be part of insurance selection process too. Factors to consider when shopping for insurance should include service, price, claims payment history and the company’s financial condition.

To assist consumers in obtaining information regarding a company’s financial standing, a number of organizations rate the financial condition of insurance companies. Many of these rating services provide this information free of charge via their Web sites, making it easier than ever for consumers to do their homework. Information about some of these rating companies is provided.

Rating the raters

Since each rating service establishes its own set of rating standards and has a unique rating or “grading” system, it prevents easy comparisons of one agency’s ratings of an insurer with another’s. For instance, an A+ rating may be the highest rating with one service, while it is the fifth highest with another. When contacting a rating agency, ask for a written explanation of its rating standards and the grading system used.

Insurance Rating Services

A.M. Best
Ambest Rd.
Oldwick, NJ 08858
908-439-2200 www.ambest.com

Provides ratings for insurance companies. No charge for company ratings. Full written reports are available for $75 per report. Free rating information is available via the company’s Web site noted above. Phone hours are 8:30 a.m.–4:30 p.m., weekdays.

Demotech, Inc.
2941 Donnylane Blvd.
Columbus, OH 43235
1-800-354-7207 www.demotech.com

Provides financial stability ratings for P/C and title insurance companies. There is a small fee to the insurance company being rated; information is free to consumers. Information needed: Insurance company name. Free rating information is available via the company’s Web site noted above. Phone hours are 9:00 a.m.–5:00 p.m., weekdays.

Fitch
55 E. Monroe St., Suite 3500
Chicago, IL 60603
1-800-853-4824 www.fitchratings.com

Provides ratings for 1–5 insurance companies over the phone at no charge. Information needed: insurance company name. A fee is charged to the insurance company being rated. Free rating information is available via the company’s Web site noted above. Phone hours are 8:00 a.m.–6:00 p.m., weekdays.

Moody’s Investors Services
99 Church St.
New York, NY 10007
212-553-0377 www.moodys.com

Provides ratings for 1–5 insurance companies per call at no charge. Information needed: insurance company name. Free rating information is available via the company’s Web site. Phone hours are 8:00 a.m.–6:00 p.m., weekdays.

Standard and Poor’s Corporation
55 Water St.
New York, NY 10041
212-438-2400 www2.standardandpoors.com/NASApp/cs/ContentServer?pagename=sp/Page/HomePg

Provides in-depth ratings for 1–5 insurance companies per call at no charge. Information needed: insurance company name. There is a small fee to the insurance company being rated. Free rating information for up to 10 companies is available via the company’s Web site. Phone hours are 8:00 a.m.–5:00 p.m., weekdays.

Weiss Research, Inc.
15430 Endeavor Dr.
Jupiter, FL 33478
1-800-289-9222 www.weissratings.com

Provides ratings for insurance companies. There is a $19 charge for a verbal rating (over the phone) for one company. Information needed: insurance company name and state of domicile. Rating information is available on the company’s Web site. Fees, starting at $14.99, vary depending on the type of information or report requested. Phone hours are 8:00 a.m.–8:00 p.m., weekdays; 9:00 a.m.–5:00 p.m., Saturdays.

Pennsylvania and Vermont are the only two states that have not enacted laws or regulations governing insurers' use of credit background to grade customers, according to the National Association of Mutual Insurance Companies. The study, released in October 2004, found five states have some credit scoring prohibition in place and 27 have a form of legislation that insurers favor.

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Rating the raters

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Insurance Rating Services