Leading homeowners insurers identified by the massive organization.
According to the latest insurance news from Consumer Reports, which was released as the cost of homeowners coverage is notably on the rise, there are some insurers that stand out above the rest.
It did note that costs increases are most commonly the result of higher deductibles.
Consumer reports has noted that these higher initial payments are making it harder for homeowners to be able to rely on their insurers when disaster strikes. Moreover, this report also pointed out that many companies are making claims more difficult and are more stingy about the payments that they’re willing to make.
For this reason, Consumer Reports released insurance news that would identify the best companies.
This is meant to make it easier for consumers to balance the quotes that they receive with the actual service that will come with their premiums payments. This insurance news is meant to be used as a tool for decision making to ensure that true value comes with the monthly bill.
In its research, it discovered that there can be a significant discrepancy between what a homeowner expects to pay during a claim, and what is actually covered by an insurer. The Consumer Reports National Research Center did note in its report that this is not at all unusual and that this is a trend that has continued over many years.
It is very important for homeowners to go over their policies at least once per year and truly understand the type of coverage that is provided to them through the agreement. If any part appears confusing, it is recommended that the policyholder call the insurer or an agent to have the policy clarified and questions answered.
The Consumer Reports survey included the participation of over 11,000 subscribers who had filed homeowners claims within recent years.
According to Consumer Reports spokesperson Amanda Walker, regarding this latest insurance news, “We found for large claims, when the damage was $25,000 or more , 19 percent of the people we polled did not agree with the amount their insurers wanted to pay.”