Ratings
November 08, 2020A.M. Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.
A.M. Best's rating is NOT used to calculate the overall score but it is important information to consider when choosing an insurance company.
How likely to recommend?
Customer Complaint Ratio
About Nationwide
Homeowners policies offered
- Dwelling coverage
- Condo insurance
- Renters insurance
- Water backup of sewer
- Other structures coverage
- Personal liability
- Flood coverage
- Earthquake insurance
Additional policies include
- Auto insurance
- Life insurance
- Umbrella
- Small business insurance
- Pet insurance
- Dental insurance
Best Home Insurance Companies 2020: How Nationwide Home Insurance Measures Up
In the 2020 consumer survey looking for Best Home Insurance companies, Nationwide ranked 5th overall with a score of 87.18. Its highest showing for individual rating factors was 2nd for customer service, next highest was 6th place for ease of use of website and apps. For value for price and claims service, Nationwide claimed 7th place. Surveyed policyholders seem pretty pleased with their Nationwide home insurance and most, 93%, said they plan to renew with Nationwide and 83% said they are going to recommend the company to friends and family.
Gauging an insurance company
Before buying with a company it is wise to check on a company's financial strength and complaint record. The A.M. Best rating listed above gives you an idea of Nationwide's financial strength to pay claims. A complaint ratio can be found on the National Association of Insurance Commissioners (NAIC) site. The median complaint ratio from the NAIC is always 1.00. This means half of the insurers have a complaint ratio of under 1.00 and half have a ratio above. Basically, numbers lower than 1.00 are better with fewer complaints than the median and a number higher than 1.00 has more complaints than the median. For home insurance, Natiowide (NAIC# 23760) had a complaint ratio of 0.66 for 2018. 2019 complaint numbers will be available in 2020.
Company Background
Nationwide homeowner's programs
- Brand New Belongings -- When things inside your house are damaged, destroyed or stolen, you'll first receive funds for the actual cash value of your covered items (i.e., what you originally paid for them). Then after you buy the new replacements, or have them repaired, you'll send your receipt to Nationwide, and they'll pay the difference.
- Better Roof Replacement -- You don't want to just replace a worn roof with the same types of materials that wound up giving you a subpar roof. You want to replace it with something better that can stand up to extreme weather. Better Roof Replacement does just that.
From Ohio farmers to national coverage
Like a few of its competitors, Nationwide began in 1926 – with 1,000 policyholders – as an auto insurer for farmers – although strictly for farmers in Ohio. (Nationwide was and still is headquartered in Ohio's capital, Columbus.) In fact, because it was a regional operation, the insurance company was called Farm Bureau Mutual Automobile Insurance Company. But they soon began branching out, offering insurance to farmers in West Virginia in 1928, and soon after, to farmers in other states.
By 1955, painfully aware that Farm Bureau Mutual Automobile Insurance Company was outdated and inaccurate (they were offering far more than auto insurance), the company adopted the name, Nationwide. It was still a little inaccurate: Nationwide didn't yet offer insurance across the entire nation. But it would get there.
Today, the company is a powerhouse, one of the biggest insurance companies in the world.
Consider Nationwide if you want more services than only insurance
Nationwide doesn't only offer insurance. It can help you plan your retirement. You can get a mortgage loan or refinance your home through Nationwide. You can invest with CDs or get a home equity line of credit through Nationwide. Using one company to manage your finance life may be the way, at least for some people, to stay on top of everything.
Contact information
Nationwide Headquarters
One Nationwide Plaza
Columbus, Ohio 43215-2220
Customer service: (877) 669-6877
Types of special coverage
Unauthorized transactions. Pays up to your limit for unauthorized credit, debit and ATM card.
Discounts
Multi-policy. Discount for more than one type of policy with the same insurance provider.
Alarm systems and safety devices. Discount for having security and fire-suppression systems.
Claims-free. Discount if you don't file claims.
Home renovation. Discount if you make home renovations.
Roof rating. Discount depending on the age and state of your roof.
Recent home purchase. Discount for newly purchased home.
Prior insurance. Discount for new members who were previously insured.
Gated community. Discount for residents of gated communities.
In which states is Nationwide home insurance available?
Our survey asked policyholders to share experiences or give feedback that they would like to share with others looking to potentially buy from their current insurance company. Here's what they had to say:
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