Traveler's Home Owners Insurance: Peace of Mind and Strong Financial Backing
Written: May 03 '07
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Pros: Highly rated company financially; Good experience with reps
Cons: They don't correspond with policy holders very much
The Bottom Line: Traveler's is a very good insurance company but I wish they would take the time to contact their policy holders on a periodic basis.
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| Bryan_Carey's Full Review: Travelers - Home |
Home owner’s insurance is a must for any home owner. Even if your property is located in a region not prone to natural or man- made disasters, it still pays to have the peace of mind that a home owner’s policy provides. I have used a few different insurance providers in my day and the one I am using to insure my property right now is Traveler’s, a large property and casualty insurance company.
Facts About This Company:
Traveler’s offers insurance products in many areas, including auto, life, property, and casualty. The company has been around for a long time, tracing its roots back to 1864 when it was founded in Hartford, Connecticut. Today, it has offices/agents in every one of the 50 U.S. states as well as in Canada, the U.K., and Ireland.
Traveler’s ranks number two among all insurers in the United States for commercial property casualty insurance. It’s large size and high value of assets makes it a safer bet than other companies when it comes to covering home owner’s insurance claims. Its property claims division in the United States is rated A+ by A.M. Best and AA- by Standard & Poors.
In the home insurance category, Traveler’s offers protection for private, detached houses, condos, and apartment dwellers who pay rent but want insurance against fires, theft, and other disasters. Also offered under the home category is flood insurance. This is separate from home owners insurance so if you live in an area prone to flooding, you will need to purchase this as a separate part of your policy.
Premiums/Fees
Traveler’s insurance premiums for home owners policies are very competitive with other insurance companies and they vary from property to property based on many factors, such as age of the home, location, value of the home and its contents, likelihood of a natural disaster striking, etc. If you would like to inquire into the cost of a policy, you can request a quote by calling an agent or by logging into the web site, travelers.com, and requesting an on- line quote.
What is Covered?:
Every home owner’s policy is different, but Traveler’s includes several basic coverages with any home owner’s policy. Besides the physical home structure, Traveler’s also insures any other detached buildings on the property, like barns, storage sheds, garages, etc. The contents of your household are also insured up to an agreed upon dollar limit. The company also pays you for loss of use of your home and for personal liability, in case anyone is injured while on your property and files a lawsuit.
Final Thoughts:
Traveler’s is one of a few insurance companies from which I have purchased property insurance over the years and it also ranks as one of the best. This company offers solid financial footing, thousands of claims specialists, and low basic insurance rates to make it one of the better home owner’s insurance providers.
I’m generally not very choosy when it comes to insurance. I will switch and try something new in an instant, provided the price is right and the company has a strong reputation for paying its claims and operating in an ethical manner. I switched to Traveler’s Home Owners Insurance last year and replaced my old policy (with Erie Insurance) after three years, following some trouble with my previous insurer. I didn’t have a dispute over a claim or anything like that. No, my battle was over my escrow account and the problems between the mortgage company and the insurer. The problems arose over payments of escrow money, with each side proclaiming innocence and placing me in the middle. I was more upset with the insurance company than the mortgage company so I decided it was time to change my policy (besides, it isn’t that easy to switch mortgage companies). I began looking for a policy on- line and ended up with Traveler’s.
What initially led me to Traveler’s wasn’t an on- line insurance quoting service. It was Geico insurance. I have my auto policy with Geico and when I contacted them to see if they offered home owner’s insurance, they said they didn’t, but that they were affiliated somehow with Traveler’s. I then contacted Traveler’s and established my new policy. My reason at first was to, hopefully, get a cut in my rates since the two companies were “partnered” and thus would consider this a bundled discount, like many insurance companies do. But I learned that there is no such partnership- Geico only recommends Traveler’s insurance. It does not offer any discounts.
Nevertheless, I liked the rate I was quoted and signed up immediately. I did get a few, less expensive offers but I checked the ratings on the companies and they were not very solid. I decided to play it safe and go with Traveler’s home owners insurance since it offered the best price among equally rated and financially secure insurance companies.
So far, I have been very satisfied with my experience with Traveler’s Home Owners Insurance. I have not had a claim, so I cannot judge the company based on that. However, I can judge based on billing, customer service, and other encounters with the company and its people. My initial encounter was very positive because, unlike many other insurance companies that offer on- line quotes, I did not get harassed by phone calls or pressured to sign up for a policy. I got a single phone call (plus an e-mail) explaining my options and what I needed to do to activate a new policy. After a quick comparison, I decided that Traveler’s offered the best deal among the financially strong companies so I accepted the offer.
Billing with Traveler’s is generally positive and I like the fact that I can escrow the money by adding the monthly premium to my monthly mortgage payment. Customers can switch back to a direct payment policy if they wish, and Traveler’s will allow its customers to select among different payment options. Payment for the full year can be made up- front, or you can elect to make smaller, more frequent payments during the year. One thing I would like that I don’t get with Traveler’s is a quarterly or semi- annual notice showing me a quick wrap- up of my current policy. I know the escrow has been paid because my mortgage company says so. But given my escrow payment issue with Erie Insurance, I would feel better if I got a notice every few months. It would also be nice to see a summary of my policy; reminding me of the available discounts if I add extra security to the house; discounts for insuring my cars through Traveler’s, etc. It would be nice to get a periodic reminder and it would benefit Traveler’s, too, because they just might pick up an additional sale of another service.
Customer service with Traveler’s Home Owner’s Insurance has been positive. I have only had a few dealings with them and I have never had a home owner’s claim (knock on wood), but the experiences I have had were all positive. Besides the initial sale, I have talked to Traveler’s Insurance reps about possibly activating my home security system and how much it would save me in annual premiums. I got the direct, no pressure answer I wanted and the rep sent me on my way. I was never pestered to go through with this. The rep told me to call back if I activated the security system and that was that.
Overall, my experience with Traveler’s Insurance has been positive and I will likely continue to use this service for as long as I own my present property. Courteous, respectful customer service reps, reasonable rates, strong financial statements, and easy billing make this an insurance company worth considering for the property owner or renter.
Recommended:
Yes
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