Most people shop around for quotes before they commit to a home insurance policy. However, the insurance company you choose can be a stock or mutual insurance company. Texas County Mutual Insurance operates the latter in Licking, MO. Here, they explain what a mutual insurance company is, and why you should choose one for your coverage needs.
What Is a Mutual Insurance Company?
The difference between a stock and a mutual insurance company lies in ownership. While a stock company is owned by shareholders, a mutual insurance company is owned by policyholders, the people who are insured by the company. When you purchase home insurance from a mutual insurance company, you become one of the shareholders. As such, you are entitled to receive some of the income generated by your mutual insurance company, as well as have a say in how the company conducts business.
What Are the Benefits of Using a Mutual Insurance Company?
Most mutual insurance companies operate as private corporations. They are not traded on the stock market and subject to less regulatory oversight than stock insurance companies. The biggest advantage a mutual insurance company provides is a voice within the company. When it’s time to make policy decisions, you can participate in the vote.
Because of how they operate, mutual insurance companies also offer attractive rates for building, property, and home insurance. Additionally, they offer comprehensive coverage. If members of management decide to change course and displease their policyholders, the policyholders have the power to remove such members of management.
Are you looking for a home insurance quote for coverage you can count on? Give the staff at Texas County Mutual Insurance a call at (573) 674-3125. They offer a variety of attractive insurance policies, including farm insurance. Visit their website to learn more about the services they offer.