25 October 2020

Nationwide Homeowners Insurance Review | Reviews.com

Nationwide Homeowners Insurance Review

Nationwide insurance is a popular option for homeowners across the country. Basic homeowners’ policies from Nationwide include dwelling, personal property, personal liability, and medical payments coverage, as well as ordinance insurance, loss of use, detached structures, and even credit card coverage.

For an added cost, Nationwide customers can get extra coverage for identity theft, valuables, water backup, earthquake and flood insurance. You can also elect to purchase roof replacement coverage and new belongings coverage, which pays to replace or repair lost or damaged items at full value.

Nationwide insurance is a great option for homeowners whose main priority is having extensive coverage for their home and their belongings. Home insurance from Nationwide isn’t always the cheapest, but the higher cost reflects the value of the coverage you’re getting.

The Homeowners Insurance Factors We Analyzed

Pricing

In J.D. Power’s 2019 Homeowners Insurance Study, Nationwide received two out of five stars for price, which is considered to be below average. But the actual cost of your premium will be different for everyone, and it’s based on a number of factors — some you can control, and others you can’t.

For instance, insurance companies will calculate your rate based on the state you live in, the size of your home, building materials, if you have home safety features installed, how old your home is, and more. Additionally, a few personal factors will influence your premium. Insurance companies will consider your age, gender, marital status, credit score, and even your income to determine how much you will pay for a policy.

Customer experience

Across the board, Nationwide gets decent reviews for customer service. According to J.D. Power’s 2019 Property Claims Satisfaction Study, Nationwide received three out of five stars for overall satisfaction, repairs, and settlement, which is above average. The most common reasons for complaints are related to unsatisfactory offers, delays in the settlement process, and denial of claims, based on data from NAIC.

Aside from reviews, Nationwide’s customer experience is excellent. The online application process is easy to use, and you can get a quote in a few minutes. If you prefer to meet with a live agent, Nationwide has representatives in almost every state. Customers can use the Nationwide mobile app to pay their bill, get an ID card, file a claim, and manage coverages.

Coverage

All of Nationwide’s homeowners insurance policies include dwelling, personal property, personal liability, medical payments, ordinance, detached structures, additional living expenses, and credit card coverage. Specifically, ordinance insurance pays to rebuild your home to current building codes after a loss, and credit card coverage pays for a portion of any unauthorized card transactions.

For an added cost, customers can choose to purchase extra coverage for new belongings, roof replacement, identity theft, valuables insurance, water backup, earthquake and flood insurance. To decide if you need these additional coverages, make sure you have a home inventory with the original cost of each item to determine the estimated value of your assets.

Deals, discounts, and add-ons

Nationwide offers a few different ways that customers can save money on their homeowners insurance premiums, and chances are, you’re eligible for at least one. Customers can save by bundling their policies, installing fire alarms or anti-theft systems, remaining claims-free, renovating the electrical or plumbing system, replacing the roof, being a new homeowner, and living in a gated community.

Customers can also lower their annual premium by raising their deductible, or the amount of money you’re required to pay out of pocket before the insurance company steps in. Raising your credit score can also help secure a better rate.

Nationwide Homeowners Insurance Overview: Financial Strength, Availability, and History

According to YouGov, Nationwide is the 10th most popular insurance company. A survey from YouGov determined that 37% of Americans have a positive opinion of the company, 45% have a neutral perspective, and just 9% have a negative outlook towards Nationwide.

The company is headquartered in Columbus, Ohio, and has been in business since 1926. For over 90 years, the company has expanded its presence across the country, and began offering various insurance coverages. Today, Nationwide is a highly regarded insurance provider that is trusted by people of all generations.

  • In business since: 1926
  • S&P Global financial strength rating: A+
  • Moody’s financial strength rating: A1
  • A.M. Best financial strength rating: A+
  • States served: All states except Hawaii, Louisiana, and New Hampshire

The Competition

J.D. Power 2019 U.S. Home Insurance Study Score

J.D. Power 2019 U.S. Property Claims Satisfaction Study Score

NAIC Customer Complaints

Nationwide

2/5

3/5

Fewer complaints than average

State Farm

4/5

3/5

Average number of complaints

Allstate

3/5

3/5

Fewer complaints than average

The Bottom Line

Overall, Nationwide is a solid homeowners insurance provider for people who want a high amount of coverage for their property and their personal belongings. The company offers a variety of additional coverage options that can be purchased to create a customized policy that meets the specific needs of any homeowner.

However, the expansive coverage options come at a premium. Nationwide isn’t known for being the most affordable insurance company on the market, but the value you get is well worth the price. And to keep costs manageable, Nationwide offers a number of discounts to help customers save on their annual premium.

Nationwide is not for the “no-frills” homeowner. The ideal customer is not worried about the cost of their homeowners insurance, because they already have items of value that they want protection for. Nationwide is also great for people who want some personal coverage, such as identity theft, credit card, and new belongings coverage.

Nationwide Homeowners Insurance FAQ

What other property insurance does Nationwide offer?

Nationwide offers property insurance for homes and condos, plus renters insurance for apartments.

How much home insurance do I need?

In order to determine how much homeowners insurance you should get, you’ll need to estimate the replacement cost of your home. Remember that it won’t be the same as the price you purchased the home for. To determine your home’s estimated replacement cost, it’s best to contact an insurance representative who can survey your home and provide an accurate number.

Where is Nationwide home insurance coverage available?

Nationwide homeowners insurance is available in every state except Hawaii, Louisiana, and New Hampshire.

How does Nationwide underwrite its home insurance policies?

Nationwide has its own in-house team of underwriters who handle home insurance policies.

What does Nationwide home insurance cover as it relates to foundational troubles (such as plumbing and mold)?

Nationwide does not offer coverage for wear-and-tear damage to foundation issues, nor does it cover damage due to old age. However, customers can purchase additional coverage to protect against water backups in the sewer or drain, or sump pump overflows.

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