Are there industry recognized ratings of an insurers financial strength I should consider before buying insurance?
Major rating agencies, such as A.M. Best and Standard & Poor’s, use their own rating criteria to grade an insurance company’s financial strength and claims paying ability. The federal government does not guarantee insurance products. Therefore, you should carefully evaluate the financial ability of your insurer to be there when you make a claim. Depending on your state of residence, your excess personal umbrella insurance will be provided by either National Liability & Fire Insurance Company or National Indemnity Company. These companies are both ultimately owned by Berkshire Hathaway, Inc. and have been given the highest possible ratings by Standard & Poors (AAA, Extremely Strong Insurer Financial Strength Rating) and A.M. Best (A++, Superior).
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