My insurance company *seems* to be financially strong BUT what if what happened to AIG happens to them? Who pays my (small but big to me) homeowners insurance claim?

Yikes! I hadn't thought of that!

Given the economy right now, your question is a good one and likely on the minds of policyholders from coast to coast. But, you don’t really need to worry about this. For example, if your insurance company goes out of business, the state’s department of insurance will take over. This isn’t necessarily YOUR state’s department of insurance but rather the state where the insurance company is based.

From there, the state’s guaranty association will take over and either transfer your insurance policy to another insurance company or pay your claim to you directly. So, as long as your premiums are current and you have a legitimate insurance claim, your claim should be honored – even if your insurance company goes out of business.

Bear in mind that the process varies by state. Hopefully, this is just an exercise in “what if” and you will never have to experience this scenario firsthand.

On the home page of Alabama’s Department of Insurance, the insurance commissioner warns AIG policyholders to think twice before switching to a different insurance company. Remember, AIG didn’t go under. They’re being financially bailed out. There’s lots of good information on this Web site: http://www.insurance.alabama.gov/TopStory.aspx including questions and answers. If you have an AIG policy, AIG is financially solvent and able to pay claims.

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Insurance is regulated on a state-by-state basis, and insurers are required to have enough cash on hand to pay claims. Check with your state’s department of insurance.Most states have an insurance guarantee association that all of the insurers licensed to do sell insurance in the state must belong to or pay into in the form of assessments.
When a company goes under or gets taken up by another company, part of what they have to deal with is the outstanding policies that might be there. Most of the time, if your company is going under, there will be an option for all of the policy holders to be able to cash in their policies if they would like to do so, or transfer them to another company if that is the case.
Therefore, if your insurance company is going under or is being purchased by another company, it will be the responsibility of your insurance company to make sure that you are getting the money that you would be able to get from your insurance company.
Almost all business must have Workers Compensation insurance. If the business closes, the Workers’ Comp insurance company still stands in its place, and you are protected.

thanks for postings

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I was really looking for such kind of information, thanks for sharing here all of you guys!