The National Association of Insurance Commissioners (NAIC) has recently released its market share data for all lines of property and non-life insurance (P&C), including home insurance, and presents the largest suppliers in the United States. These are the 10 largest home insurance providers based on the association’s latest data.
Market share: 24.26%
Direct Premier: $ 22 billion
Direct Premiums Earned: $ 20.7 billion
State Farm is not only the largest home insurance provider in the United States – the insurance giant headquartered in Illinois is also the country’s largest car and non-life insurance provider. State Farm has more than 58,000 employees and 19,000 agents who service 83 million insurance and accounts nationwide.
It offers standard coverage for most homeowners’ insurance, but customers can choose multiple supplements. These include the increased housing limit, which automatically increases the replacement cost coverage to 20% if a home is insured at least up to the estimated replacement cost.
Policies can also be upgraded to include coverage for earthquake damage, identity fraud, vandalism and to replace refrigerators and heaters with energy efficient units. State Farm has among the highest customer satisfaction ratings in JD Power’s latest survey, with 835 points on a 1,000-point scale, good for a draw third place.
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Market share: 11.56%
Direct Premier: $ 10.5 billion
Direct premiums earned: $ 10 billion
Allstate operates through seven segments and serves more than 145 million current insurances, including an estimated 35 million property and liability insurances. Its home insurance products are under the Allstate Protection segment, which also includes car insurance.
Allstate offers standard insurance for all types of homes, including condos, apartments and RVs. Policyholders can also choose from a range of supplements, including water backup, green enhancement, electronic data recovery, identity theft restoration, garden and garden coverage and corporate property.
Owners who rent out their homes through Airbnb or other vacation rental platforms can opt for home delivery insurance, which provides up to $ 10,000 per rental period to help pay for repairs not covered by standard home insurance. Allstate has above-average customer satisfaction in the JD Power index.
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Market share: 8.79%
Direct Premier: $ 7.9 billion
Direct Premiums Earned: $ 7.6 billion
USAA offers a range of insurance and financial products to members of the United States Armed Forces, Reserves and Veterans, along with their families. Apart from standard enclosures, the insurer provides earthquake protection in selected states, as well as home subdivision coverage, a feature that is tailored for those renting out their homes.
Some homeowners may even be eligible for identity theft protection and umbrella insurance. When it comes to discounts, USAA offers packages with other insurance products. Although not eligible for the JD Power ranking, it has achieved the survey’s highest score of 882, leading to the next ranked company by one mile.
Read more: USAA lowers prices for homeowners and renters in three states
Market share: 6.12%
Direct premiums: $ 5.5 billion
Direct premiums earned: $ 5.1 billion
Travelers offer home insurance in 45 states and Washington, DC Homeowners can customize their policies with a variety of supplements, including green home coverage, that pay for the use of environmentally friendly materials in repairing or remodeling the property. It also offers optional coverage for identity theft and valuables.
A disadvantage, however, is the number of complaints the company has received regarding customer experience and complaint handling. Travelers’ customer satisfaction ratings are below the industry average in the JD Power index.
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Market share: 3.88%
Direct premiums: $ 3.5 billion
Direct premiums earned: $ 3.4 billion
Nationwide offers one of the cheapest insurances of all the insurance companies on the list. Policyholders can save further with a range of interest rate reduction options, including home renovation credit, new home discount and previous insurance discount.
Nationwide also offers other benefits that competitors do not have, such as ordinance or legal insurance, which covers the cost of rebuilding the home to current building codes, and credit card protection that pays for unauthorized transactions and counterfeit checks. However, the insurer received below the industry average in JD Power’s customer satisfaction.
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Market share: 3.53%
Direct premiums: $ 3.2 billion
Direct premiums earned: $ 3.1 billion
Chubb is the country’s largest commercial insurance company and accounts for more than one tenth of the total market share. It offers a range of personal insurances, including car, accident, life and rental insurance cover in addition to homeowners protection. Chubb’s Masterpiece Homeowners policy is designed to include features that other homeowners insurance providers offer as extras, such as replacement costs, water backup coverage, and cyber and identity theft insurance.
The company will even restore data if a policyholder’s computer is the subject of cybercriminals and install new locks in their homes if they lose their keys. It also offers earthquake protection and its own flood insurance as an alternative to the National Flood Insurance Program that most insurance companies use.
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Market share: 2.98%
Direct Premier: $ 2.7 billion
Direct premiums earned: $ 2.6 billion
American Family Mutual Insurance provides personal and commercial non-life insurance nationwide. This includes car, homeowner, travel, farm and ranch, retail and commercial liability insurance. It also offers life insurance, annuity and supplementary health plans.
For the company’s regular home insurance, coverage for pump spills and backup of drains, identity theft, equipment loss, matching side tracks and home corporate responsibility and property protection can be added. American Family is ranked sixth in JD Power’s customer satisfaction, with a score of 831.
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Market share: 2.44%
Direct premiums: $ 2.2 billion
Direct premiums earned: $ 2 billion
Progressive offers homeowners insurance through its Progressive Home Advantage network of insurers, including its own American Strategic Insurance unit. It also gives customers access to their online tool HomeQuote, which allows them to compare quotes from different home insurance companies.
Progressive gives policyholders many opportunities to receive discounts, including when they make advance payments, take out insurance in advance and choose to receive documents by e-mail. Among the optional features that the company offers are water backup, personal liability and personal injury protection.
Read more: Progressive declining coverage for 56,000 Florida homes
9. Erie Insurance
Market share: 2.15%
Direct Premier: $ 1.9 billion
Direct premiums earned: $ 1.8 billion
In addition to homeowners’ policies, Erie Insurance sells specialized coverage for apartment owners, RV owners and tenants. It is also among the few companies that offer compensation costs as part of the standard coverage.
Erie offers policyholders a range of discount options, including packaging policies. In terms of supplements, the insurer offers home delivery, identity restoration and criminal defense compensation of up to $ 25,000. Erie ranks third in JD Power’s customer satisfaction index.
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10. Car owners
Market share: 2.11%
Direct Premier: $ 1.9 billion
Direct premiums earned: $ 1.8 billion
Auto-Owners Insurance operates in 26 states and is represented by more than 6,200 independent agencies, consisting of 48,000 agents. It offers car, home, liability and occupational injury compensation protection to more than five million policyholders. The Better Business Bureau-accredited (BBB) insurer offers all standard homeowners insurance, including homeowners insurance, liability insurance, personal property and additional living expenses coverage.
The policies can also be adapted to include several supplements such as guaranteed change of home, ordinance or law coverage, identity theft protection and coverage for leakage of appliances and food spoilage due to power outages. Auto-owners is ranked sixth in JD Power’s customer satisfaction index.