Rating Of Homeowners Insurance Companies - State Farm is the nation's largest provider of home insurance. The company writes twice as much business as the second largest insurer, Allstate - which earns $19.7 billion in homeowner insurance premiums in 2020. It is also the largest auto insurance company in the country, with $40 billion in premiums in that category.
State Farm is the largest home insurance provider in the United States, with $19.7 billion in direct premiums written in 2020. That figure is twice as much as the second largest insurer, Allstate. State Farm is not only the most popular insurer overall - it is the top home insurance company in 39 states and Washington, D.C.
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The 10 largest home insurance companies account for 62% of the market, and nearly $69 billion in business.
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State Farm offers competitive rates to homeowners who want to work with local agents and value customer service.
State Farm is the largest home insurance company in the United States. The company collected nearly 18% of the dollars spent on homeowner insurance premiums in the country - twice as much as its nearest competitor.
State Farm provides auto, home and property, small business, life, health, disability and medical insurance for pets. Overall, the company brought in more than $66 billion in business in 2020. It also offers banking and investment products.
State Farm has competitive home owner insurance rates, with an average annual premium of $1,501 - 20% less than our study average.
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Allstate provides homeowners with expanded coverage options, such as HostAdvantage for short-term rental hosts and Digital Footprint to protect against identity theft.
Allstate is the second largest home owner insurance company in the United States. It was founded in 1931 and is a publicly traded company.
In 2020, Allstate sold $9.7 billion in homeowners insurance premiums and $39 billion across all lines of insurance – including auto, renters, motorcycle, business, life and more. Their home insurance rates are slightly below average, at $1,804 per year, and customers can take advantage of a wide range of discounts to lower their rates, including:
Homeowners who qualify for USAA can take advantage of their affordable policy premiums and excellent customer service.
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The third most popular home insurance company, USAA, has strict eligibility requirements. Only those who have served in the military or have close family members (parent or spouse) who are members of UDAA are eligible to purchase a policy. However, USAA is still responsible for 7% of the home owners insurance market, with 7.3 billion in premiums. The company brought in $25 billion across all of its insurance offerings.
USAA employs over 35,000 people, although it has very few local offices. The company offers a wide range of products, including auto, property, life, health, long-term care, business, pet, travel and special events insurance. USAA also provides banking products, personal loans, mortgages and investment services.
The average US annual rate for home insurance is $1,789 - 6% cheaper than average. Its policies include standard homeowners insurance with the option to add specialist coverage such as earthquake, flood and home sharing coverage.
Farmers is the fourth largest homeowner insurance company in the United States, with 7.2 billion in direct premiums written in 2020. The company represents 6% of the home insurance market.
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Farmers provides valuable coverage options for homeowners, such as guaranteed replacement cost, which ensures that it will cover the full cost of rebuilding your home, even if it exceeds your coverage limit. It also offers eco-build coverage, which pays up to $25,000 more to homeowners who upgrade to green materials after a loss.
However, these additional covers come at a higher cost. Farmers' average annual home insurance rate is $2,112 - 11% higher than our study average.
Along with homeowners insurance, Farmers provides auto, life, business, umbrella and travel policies. Overall, the company wrote $24 billion in insurance business in 2020.
Liberty Mutual provides standard homeowners insurance, and prices vary widely by location. However, a long list of discounts can make the coverage more affordable if you qualify.
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Liberty Mutual is the fifth largest home insurance company. With $7 billion in business, it sold just 2% less than the fourth largest insurer. Liberty Mutual employs nearly 37,000 people, and the entire company wrote $36 billion in insurance premiums in 2020.
Liberty Mutual home insurance rates vary based on where you live and can be expensive at times. However, the company offers a long list of discounts to reduce costs, including:
The Travelers were founded in 1853 in St. Paul, Minnesota and has since grown to become the sixth largest home owners insurance company in the United States. The publicly owned company earned $4.9 billion in home insurance premiums in 2020, up 15% from 2019.
Travelers offers a wide range of property and casualty insurance products for individuals. Along with commercial insurance, the company wrote a total of $28 billion in general insurance premiums.
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Travelers' average annual home insurance rate is 5% less than the national average of $1,802 per year. However, it is 37% more expensive than the cheapest insurer in our study, Nationwide.
American Family has a 4% share of the homeowner insurance market, with $4.4 billion in business in 2020. With $11 billion in general insurance sales, the privately held company wrote the smallest insurance business of our top 10 home insurance companies. It employs just over 10,000 people.
At $1,812, American Family's average annual premium is only 5% less than the national average. However, the company has some unique optional covers, including:
Nationwide has the cheapest home insurance rates of the 10 largest companies in the United States, as well as unique additional coverages.
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Nationwide is the eighth largest home insurance provider in the U.S. The company recorded $3.3 billion in business in 2020 – up 3% from 2019 – and employs 26,000 people.
Nationwide homeowners insurance policies provide the basic homeowner coverage you would expect, including personal liability, medical payments and dwelling protection. It also adds a few harder-to-find extras, like better roof replacement, which rebuilds your roof with stronger and safer materials after coverage is lost.
Of the top 10 insurance companies, Nationwide has the cheapest home insurance rates. Its average annual premium is $1,227 - 36% below average.
Chubb was founded in 1882 in New York City as a marine underwriting business. Since then, it has become one of the most popular personal and business insurance companies in the United States. Chubb has a 3% share of the home insurance market, having written 3.1 billion in business in 2020. That's 64% — or $1.2 billion — more than the 10th largest insurer, Progressive.
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Chubb wrote $24 billion in premiums across all lines of insurance, including auto, supplemental health, employer-provided benefits, natural disaster and business insurance.
Chubb homeowners insurance includes a number of unique features tailored to high value homes, such as the option to choose a cash settlement, risk consultation, home scanning to identify potential problems and electronic data recovery. It also offers up to $100 million in liability insurance.
These are just some of the advanced coverage options that come standard with Chubb, which explains its higher premiums. On average, homeowners insurance policies with Chubb cost $2,030 per year - 7% higher than average.
The 10th largest home insurance company, Progressive, has seen business grow 15% in 2020, bringing it to $1.9 billion in direct premiums. However, the company wrote $42 billion in business across all lines of insurance, with auto insurance accounting for $34 billion. Progressive is the nation's leading commercial auto insurer.
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Progressive home insurance is basic and doesn't offer many options for more coverage. Additionally, his liability coverage does not include personal injury coverage, which is standard with most major insurers.
Writing his own homeowners insurance is not progressive. Instead, it relies on other companies to underwrite its policies. Therefore, rates, coverages and discounts vary based on the underwriting company in your area.
When shopping for a homeowners insurance company, there are many factors you should consider. While large insurance companies are usually popular for a reason, that doesn't mean the biggest company is always the best fit for your home.
There are benefits to choosing a great insurance company. Larger companies tend to have more advanced technology, which allows you to manage your policy and file a claim online.
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All of the top 10 home insurance companies offer multiple lines of insurance, allowing you to bundle your policies with one insurer. On the other hand, major insurance companies may not provide specialized insurance options if you have unique needs.
Home insurance rates and coverage can vary based on where you live, your insurance history and the age of your home. Apart from price, it is important to consider the replacement value of your home and personal property, as well as your liability exposure.
As you might expect, the top 10 home insurance companies received strong financial ratings from A.M. Best, which measures a company's ability to pay claims in difficult financial times. State Farm, Chubb, Travelers and USAA received the highest possible rating - A++ (Excellent).
J.D. Power's annual survey ranks the most popular home insurance companies based on overall customer satisfaction. USAA received the highest marks in 2021, while State Farm, American Family and Allstate were also above average, according to their customers.
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