Best Insurance Companies for “Claims Payout”
Post Best Insurance Companies Question (below)
Here are the best insurance companies for “paying claims”, rated not by the traditional methods – premium cost and financial strength – but by claims payout for:
- business claims for fire, water, wind, flood damage, etc.
The number and proportion of denied claims are also considered to bring you this list of insurers.
Note: These ratings are based on contributor Ron Cercone’s personal experiences in claim handling in California (as an independent adjuster for 15 years and as a public adjuster for 17 years). No warranties or guarantees are made for any of these companies. All things change. If a company decides to cut costs, it’s service could decline. If two companies merge, claims paying could change. Premium costs were not considered here, though higher premiums do not necessarily equal better insurance. Some companies pay their agents high commissions and skimp on claims payments.
While having a local sales agent can be helpful, most will not fight for you. They are legally agents for the insurer, not you. “Captive agents”, such as for Farmers Insurance and State Farm Insurance, are less likely to fight their only employer. Independents are a better choice for this reason.
Brokers are not recommended since their liability is very limited if you don’t have the proper policy or endorsements in place. Companies not listed here either fall between the recommend and avoid classification, or are so small or so good (such as Chubb) that our contributors have had little or no personal claims experience with them.
Generally speaking, the more a company advertises, the more you need to beware . Good quality insurers don’t need to advertise and they don’t need to replace customers they lost after a claim. That’s our best consumer insurance claim advice. Most honest and seasoned “independent agents” also know who the better insurers are, but be aware that they “can” earn higher commissions from lower quality insurers in some cases (so it pays to know your agent’s integrity well).
Here is a link (http://www.jdpower.com/consumer-ratings/insurance/ratings/909201507/2013-Property+Claims+Satisfaction+Study/index.htm) to a JD Power rating page for 2013 which, based on the subtitles, appears to give more weight to “claims paying” than in their previous years, such as in this link for their 2012 ratings (http://www.jdpower.com/consumer-ratings/insurance/ratings/809201402/2012-US+National+Homeowners+Insurance+Study/index.htm). It will be interesting to see if they change their sub menu in the coming years.
Best Homeowners Insurance
|The Maryland Insurance Group||800-852-7570||4|
|California Casualty Insurance||800-421-8768||5|
|Automobile Club Of Southern California||209-732-8045||6|
Note – While we have not had experience with Chubb Insurance claims, we have heard only glowing reports on how well they pay their claims.
Worst Homeowners Insurance
|CSAA (AAA of Northern California)||(Worst)|
|First American Specialty Insurance|
|Farmers Insurance Group (Fire & Truck Exchanges)|
|CSE (Civil Service Employees)|
|California Capital Insurance (Not Cal. Casualty)|
|Farmers Home Mutual||(Least)|
Best Car Insurance
Nationwide (800-421-1444) is the only one we strongly recommend. They beat all the others with fast claims service and a generous claim payout philosophy. Oddly enough, their premiums are among the lowest. While they do not have local sales agents in many areas, you can still get their insurance by calling a toll free phone number. Claims are reported to an 800 number. They get an adjuster on the scene quickly, often the same day the loss is reported. This oddly is in contrast to companies with local sales agents that usually take several days to get an adjuster on the scene and/or to inspect a damaged vehicle!
Worst Car Insurance (in the order listed)
|CSAA (AAA of Northern California, Fresno and North)|