Preferred Mutual Insurance Company?

Question

Has anyone dealt with this insurance company before? I am considering using them for my "home rented to others" (i.e., landlord) policy. They are cheaper by about 14%, of the two companies I'm considering (the other is Franklin Mutual Insurance Company). Both are "A" rated, whatever that means.

Answer 1

they look like a good company with Best.

But... look at the history of Mission Insurance Company  LOL

Does anyone remember Mission?????

Highest rating you can get with Best... withing 6 months they were belly up.... lol

But that was a special case.. bad management.  PMIC is a good company.  Just thought you could use some humor..lol

Answer 2

According to AM Best (a rating agency), they are A rated (superior claim paying ability), and a smaller company, between 100 and 250 million in net written premium.  AM Best indicates that Franklin Mutual is somewhat larger ($250mm to $500mm) and A+ rated.  Any carrier rated A- or above is considered to be generally stable and safe, meaning that they will have the assets to pay your claims in the event of a loss.  Price is just one consideration, however.  DP (Dwelling Fire) policies and endorsments differ a fair bit.  Example; DP1 is basic form (limited perils) while DP3 is special form (risks of loss less exclusions; a superior coverage format).  Be sure to do your best to compare the policies and endorsements side by side rather than just focusing on price (same is true for your auto and homeowners).  Also, check with the Department of Insurance in the state in question to see what their complaint history is like.  With this information you should be in a position to make a good decision.