Highest Rated Homeowners Insurance Company - State Farm is the largest home insurance provider in the country. The company writes twice as much as the second largest insurance business, Allstate - earning $19.7 billion in home insurance premiums in 2020. It is also the largest auto insurance company in the country, with $40 billion in premiums in that segment .
State Farm is the largest provider of home owner insurance 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. Not only is State Farm the most popular home insurance company overall - it's the top home insurance company in 39 states and Washington, DC
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The 10 largest home insurance companies account for 62% of the market, with approximately $69 billion in business.
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State Farm offers competitive rates to homeowners who want to work with local agents who value customer service.
State Farm is the largest home insurance company in the United States The company collects nearly 18% of the dollars spent on home insurance premiums in the country - twice as much as its closest competitor.
State Farm offers auto, home and property, small business, life, health, disability and pet health insurance. Overall, the company generated more than $66 billion in business in 2020. It also offers banking and investment products.
State Park has competitive insurance rates, with average annual premiums of $1,501 - 20% less than our study average.
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Allstate offers extended insurance options for homeowners, such as HostAdvantage for short-term rental guests and Digital Footprint to protect against identity theft.
Allstate is the second largest home 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. Home insurance rates are slightly below average, at $1,804 per year, and consumers can take advantage of a wide range of discounts to lower their costs, including:
Homeowners who qualify with USAA can take advantage of affordable policy premiums and superior 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 whose immediate family (parent or spouse) 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 total insurance premiums worth $25 billion.
USAA employs more than 35,000 people, although it has very few local offices. The company offers a variety of products, including auto, property, life, health, long-term care, business, pet, travel and special events insurance. USAA also offers banking products, personal loans, mortgages and investment services.
The average US annual rate for home insurance is $1,789 - 6% cheaper than average. Its plans include standard homeowners insurance with the option to add specialty coverage such as earthquake, flood and home sharing insurance.
Farmers is the fourth largest home insurance company in the United States, with 7.2 billion in direct premiums written in 2020. The company comprises 6% of the home insurance market.
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Farmers offers valuable insurance options to homeowners, such as a replacement cost guarantee, which ensures that it will cover the full cost of rebuilding your home, even if it is more than your insurance limit. It also offers rebuild insurance, which pays up to an additional $25,000 to homeowners who upgrade to green goods after a loss.
However, these additional insurances come at a higher price. The average annual home insurance rate for farmers is $2,112 - 11% higher than our study average.
For homeowners insurance, Farmers offers auto, life, business, umbrella and rideshare policies. Overall, the company recorded $24 billion in insurance business in 2020.
Liberty Mutual offers standard homeowners insurance, and rates vary widely by location. However, a long list of discounts can make insurance more affordable if you qualify.
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The fifth largest home insurance company is Liberty Mutual. With $7 billion in business, it sold just 2% less than the fourth largest insurer. Liberty Mutual employs approximately 37,000 people, and the entire company wrote $36 billion in insurance premiums in 2020.
Liberty Mutual home insurance rates vary widely based on where you live and can sometimes be expensive. However, the company has a long list of discounts available to reduce costs, including:
The parade was founded in 1853 in St. Paul, Minnesota since growing to become the sixth largest home insurance company in the U.S. The publicly held company earned $4.9 billion in home insurance premiums in 2020, up 15% from 2019.
Travelers offers a wide variety of property and casualty insurance products for individuals. Along with commercial insurance, the company has written a total of $28 billion in general insurance premiums.
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The average home insurance rate for travelers is 5% less than the national average of $1,802 per year. However, it is 37% more expensive than the cheapest insurance in our study, Nationwide.
American Family holds 4% of the homeowner insurance market, with $4.4 billion in business in 2020. With $11 billion in general insurance sales, the privately held company has the smallest insurance business among the top 10 home insurance companies. It employs more than 10,000 people.
At $1,812, the average annual American home premium is only 5% less than the national average. However, the company has a number of optional coverage options, including:
Nationwide has the cheapest home insurance rates of the 10 largest companies in the United States, along with special additional insurance.
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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 homeowners insurance you would expect, including personal liability, medical payments and home insurance. It also offers something a little harder to find, like better roofing replacement, which rebuilds your roof with stronger, safer material after a loss of coverage.
The top 10 insurance companies, Nationwide, have the cheapest home insurance rates. Her average annual income is $1,227 - 36% below average.
Chubb was founded in 1882 in New York City as a marine underwriting business. Since then, it has grown to become one of the most popular personal and commercial insurance companies in the U.S. Chubb has 3% of the home insurance market, with 3.1 billion written in business in 2020. That 'n 64% - or $ 1.2 billion - more than 10th largest insurance, Development.
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Chubb writes $24 billion in premiums across all lines of insurance, including auto, supplemental health, employer-provided benefits, natural disaster and commercial 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 counseling, home scanning for potential problems and electronic data backup. It also offers up to $100 million in liability insurance.
These are just some of the advanced coverage options that come with Chubb, which explains the higher premiums. On average, Chubb homeowners insurance policies cost $2,030 per year - 7% higher than average.
The 10th largest home insurance company, Progressive, sees a 15% increase in business in 2020, which translates to $1.9 billion in direct premiums. However, the company recorded business of $42 billion across all lines of insurance, with auto insurance accounting for $34 billion. Progressive is the best commercial vehicle insurance in the country.
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Advanced home insurance is basic and doesn't offer many options for extended coverage. Additionally, its liability coverage does not include personal injury coverage, which comes standard with most major insurance policies.
Progressive does not write homeowners insurance. Instead, it relies on other companies to underwrite its policies. Therefore, rates, insurance and discounts change based on the writing company in your area.
When shopping for an insurance company, there are many factors to consider. Although insurance companies are usually popular for a reason, that does not mean that the biggest company is the best 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 into one policy. On the other hand, major insurance companies may not offer specific insurance options if you have specific needs.
Home insurance rates and the home insurance can change 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 all received strong financial ratings from AM Best, which measures a company's ability to pay claims in tough financial times. State Park, Chubb, Walker and USAA received the highest possible rating - A++ (Superior).
J.D. Power conducts an annual survey that ranks the most popular home insurance companies based on customer satisfaction. USAA received the highest scores in 2021, and State Farm, American Family and Allstate were also above average, according to their customers.
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