4 Tips on Choosing the Best Homeowners Insurance Company in New York State

By David Clausen

Finding the best home insurance company requires a little bit of legwork but you’ll be happy you did your homework if you have a major claim.

1.) Check the insurance company’s A.M. Best Rating

A.M. Best is known as the “industry standard” for financial rating and can be a great tool to determine the insurance company’s financial strength & creditworthiness.  Ideally, you want an insurance company with an A+ rating but poor credit and/or multiple claims could make you ineligible.  You can visit www.ambest.com to check an insurance company’s rating.

2.)  Choose an admitted company

This is a biggie!  Home Insurance companies are divided into 2 categories; admitted and non-admitted.   Always choose an admitted carrier if possible.  Let’s take a look at the differences between the two.


Non-admitted insurance companies

  • Not licensed to do business in New York State.
  • Not backed up by New York State or the New York State guaranty fund.
  • Not required to submit to New York State for rate approvals or coverage approvals.
  • Typically have high rates with very limited coverage.

Admitted insurance companies

  • Licensed to do business in New York State
  • Coverage forms and rates have been approved by New York State.
  • Backed up by New York State’s guaranty fund (NYS guaranty fund provides settlement of claims should the insurance company become insolvent and unable to pay claims.)
3.) Claims History

Once you find an admitted A+ A.M. Best rated company then ask your agent for his/her experience with the company’s claims handling.  See if he/she can give specific examples of customer satisfaction during the claims process.  Be wary of online reviews, usually only the super happy or the super unhappy (mostly the unhappy) post on the review forums.

4.)  Get the best rate

Premium is one consideration when purchasing insurance but the old additive applies, “you get what you pay for”.  Use the criteria above to determine a few insurance companies that fit your situation then drill down to the lowest premium by requesting “apples to apples” quotes from all of them.

If you’ve found an admitted company with an excellent A.M. Best rating that has competitive rates and has the seal of approval from your agent, then you have just picked the best insurance company for your situation.  For more information on how to get the best rate on your homeowners’ see our article on 5 ways to find the most affordable homeowners insurance.



View the Coastal Insurance Video Library  to find helpful video’s explaining everything from, how to save money on Homeowners Insurance to an easy explanation of Flood Insurance. Call today (631-782-3175) to speak with one of our underwriting experts.  Fast Quotes, A.M. Best Rates & Free Advice.

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