A.M. Best rates insurance companies for their financial stability, with an 'A' rating or higher being the best. File image
Most consumers already know their way around online shopping carts and checkout options — but as the insurance industry shifts toward a virtual arena, one’s choices may not be that evident at the outset.
Shopping for insurance online resembles browsing for material items in some respects. For example, Kin Insurance, a Chicago-based property insurance provider, advises customers to vet companies by researching reviews — just as they would for tangible products.
“Consumer reviews can tell you about how the company stacks up to competitors,” Kevin Turner, Kin’s director of insurance product management, said. “Customer reviews are a good indication of satisfaction with coverage and service.”
Also, consider how your home’s location impacts your needs; compare deductibles; and research whether your top pick covers needs specific to your abode. While coverage standards remain constant, electronic platforms can introduce a learning curve.
“Buying insurance online is becoming the norm for many consumers, but there’s always room to better equip consumers with information,” Turner said. “For example, Kin’s application explains in quick and simple terms what each [type of] coverage does so customers can make informed decisions … in real time.”
See if your potential insurer can recognize and anticipate questions sufficiently. If you want extra policy options, ask your potential agents to find the best deals possible.
“We use our data to write risk better, which means homeowners are paying for what they actually need – no more, no less,” Turner said. “That data also means we are able to find every discount they are eligible for, [such as]… wind mitigation credits or home security discounts.”
Kin stays ahead of the competition by partnering with service providers, not only rendering clients eligible for deeper discounts, but bundling services in sensible packages to keep homes safer.