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Top 10 Largest Home Insurance Companies: Consumer Reviews, Rates (2021)
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The bigger the insurance company, the more experience they have with helping homeowners get the payouts they deserve after a claim. When considering home insurance companies, size really does matter.
For a less-than-glamorous product, large insurance companies sure know how to spend money on eye-popping advertising spending (no wonder we can’t get those commercials out of our heads). But does that advertising spending pay off for consumers?
With combined spending of over $6 billion in advertising across radio, television, and virtually every other medium, insurance companies are no stranger to showing off to potential customers. With all that noise from the dozens of home insurance commercials, how can a homeowner tell they’re getting the best insurance provider, not just the biggest one with the most advertising spend? Thanks to massive advertising budgets and the most clout, when you’re shopping for homeowners insurance, you’re likely going to opt for one of the nation’s largest providers.
When you shop for a homeowners insurance company, there’s a good chance you’ll end up picking one of the nation’s largest insurers. There’s a reason these companies reign supreme, though. With nationally recognized brands, time-tested customer service reputations, and financial stability, it’s no mystery why these ten companies hold more than 60 percent of the homeowners insurance market share. According to the Insurance Information Institute, these ten homeowners insurance companies hold the majority of direct premiums in the United States.
Some of the best home insurance companies are also the largest. These companies have the strongest financial strength ratings, protecting homebuyers and homeowners from everything from national disasters to dwelling coverage to liability coverage. Odds are, your insurance claim can be handled seamlessly with these large, trusted companies.
Though it’s easiest to choose a company based on insurance premium prices, it’s important to consider the deductibles, coverage limits, personal property, personal liability, and replacement cost coverages, and add-ons they offer policyholders. The best homeowners insurance companies aren’t always the biggest, but the majority of the list does match those with the best customer testimonials. Property and casualty insurance companies are not all made equal, it’s important to do your research before singing on the dotted line.
data from national association of insurance commissioners
Most of the insurance industry giants offer bundling options for policyholders. This can be a huge perk for consumers that helps them cut costs by sticking with a single insurance provider for all coverage needs. There are differences among the giants too, some may require you to give your credit score, others may require inspections. To find the best company with the highest ratings for your new home or auto insurance policy, use Insurify to compare dozens of quotes in a matter of minutes. Find the best insurance rates for your home and car insurance effortlessly.
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The largest homeowners insurance company by a wide margin, holding 18 percent of the market share, State Farm , has a 100-year history of serving customers and a well-known reputation across the United States. It offers homeowners insurance that’s feature-rich and prides itself on excellent customer service.
The Allstate motto, “You’re In Good Hands,” certainly rings true when it comes to homeowners insurance. Policyholders sing the company’s praises time and time again. Although rates for the insurance coverage might be on the higher side, there are plenty of options to choose from. This means customers can build a home insurance policy that’s right for them.
With a company model that aims to support both active-duty and retired military members and their families, USAA is a popular option across the United States. It offers homeowners insurance with an abundant number of options at relatively reasonable prices and has a solid record of customer satisfaction.
It’s nearly impossible to get Liberty Mutual ‘s catchy song out of your head once you hear it. Yet, despite its marketing jingles, customers tend to be quite happy with the company as a whole. Liberty Mutual offers homeowners a robust set of insurance products with many types of additional coverage to choose from. While no company is perfect, Liberty Mutual tends to be more costly than its competitors and may sometimes lack in customer service.
When shopping for a new insurance policy, people often tend to gravitate toward company names that they recognize. Farmers is one such company, with agents serving policyholders in all 50 states. Although it doesn’t boast much in the way of coverage options or discounts, Farmers tend to score high when it comes to customer satisfaction. Many like to take advantage of savings by bundling a Farmers homeowners policy with auto insurance. A home insurance policy is an important purchase, so it’s wise to do some research before you buy. Visiting the website of each insurance company and requesting a quote can be time-consuming, but how else can you find the best pricing available?
One of the most trusted names when it comes to insurance coverage, Travelers offers a vast array of options for homeowners. The company caters to the needs of customers with modern homes, including discounts for using green materials. While some are happy with Travelers as a whole, many complain about customer satisfaction and slow claims processing. Even J.D. Power and Associates has given the company a less than stellar rating, leaving some wondering if it’s the best choice for them.
Once named the Farmers Mutual Automobile Insurance Company, American Family no longer limits its insurance offerings to farmers. AmFam provides auto insurance, life insurance, homeowners insurance, and a few oddball products such as snowmobile insurance.
Famed for the slogan “Nationwide is on your side,” customers tend to have very positive experiences with this insurance company. By offering a wide range of coverage options, Nationwide can serve its policyholders through local agents and has a strong reputation when it comes to customer satisfaction. While some additional coverages increase rates dramatically, it is one of the more well-rounded options in the United States.
Chubb has homeowners, renters, and condo insurance policies. It also provides extra coverage options, such as equipment breakdown and flood insurance policies. Chubb has a HomeScan program, which sends a thermographer with an infrared camera to scan your home for potential issues.
Erie Insurance , headquartered in Pennsylvania, offers a huge variety of insurance products. Though not available throughout the entire United States, Erie serves most of the Eastern seaboard. As a Fortune 500 company, Erie’s huge service coverage can help you bundle your policies.
The largest homeowners insurance companies earn their ranks by obtaining the largest percentage of market share. Market share is the portion of an industry controlled by a particular company.
There are many factors that contribute to the ratings of different home insurance companies. From coverage limits to price points to replacement cost coverage, the rating of a home insurance company is often subjective. To find the best insurance company for you, your home, and your lifestyle, use Insurify to compare dozens of quotes at once.
Regardless of the size of your homeowners insurance company, you can find fantastic customer service, flawless records, and low insurance premiums. There are a few advantages that come with larger companies, but it’s no reason to switch if you have a positive relationship with your current insurer. If you’re looking to cut living expenses, using a quote comparison site will help you find a lower insurance quote, which will often result in opting for a larger insurance company. Conclusion: The best way to compare home insurance quotes
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The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.