How to Select an Insurance Company

As with any major purchase, it is a good idea to shop around to make sure you are getting the most for your money.

When selecting an insurance company, it is wise to check on the company’s rating. Several organizations publish insurance company ratings, available in your local library or on the company’s Web site. These organizations include: A.M. Best Company, Duff & Phelps, Standard and Poor’s, Weiss Ratings Inc. and Moody’s Investors Service. Companies are rated on a number of elements, such as financial data (including assets and liabilities), management operations, and the company’s history. Before purchasing insurance, verify whether a company is an authorized insurer in Florida.

It is very important that you do business with an authorized insurer in Florida. In most circumstances, benefits would be guaranteed through FIGA and the Florida Life and Health Insurance Guaranty Association (FLAHIGA). FIGA pays the claims of property and casualty authorized insurers if the company becomes insolvent and cannot pay. FLAHIGA pays the claims of life and health authorized insurers if the company becomes insolvent and cannot pay.

Call the service office in your area or the Consumer Helpline toll-free at 1-800-342-2762 for more information.