Are the biggest US home insurance companies providing the best coverage for your needs? Find out if protection from size really matters.
Does size really matter when it comes to home insurance and selecting the best protection for your house? According to the National Association of Insurance Commissioners (NAIC)’s most recent market share data, nearly two-thirds (64%) of the US home insurance market was held by the top ten home insurance companies. It appears that many homeowners in the country share this sentiment. home Insurance Companies
When compared to smaller competitors, these industry giants provide homeowners with better financial security, more competitive rates, and a wider range of coverage options.
This article can be helpful if you’re a homeowner seeking the best coverage or an insurance professional helping clients locate the best protection for their homes. Based on market share and direct premiums written, we will rank the top ten home insurers in the nation here and discuss the kinds of coverage each offers. Based on the most recent property and casualty (P&C) market data from NAIC, these are the biggest home insurance companies in the United States.
The top ten home insurance companies in the US
State Farm
- Market share: 18.4%
- Direct premiums written: $24.4 billion
- Direct premiums earned: $23.2 billion
State Farm has over 19,000 local agents across the country who are available to help with inquiries and claims, and the company provides home insurance in all 48 states as well as Washington, D.C. Although all of the features included in its homeowners’ policies are standard, policyholders have the option to add riders for additional protection. For example, the increased dwelling limit add-on automatically increases your replacement cost by 20% if your home is insured for at least the estimated home Insurance Companies
replacement price. In addition, you can add identity theft, earthquake damage (limited to California), inflation, and the option to replace your old, inefficient heating and cooling systems with more energy-efficient models to your home insurance policy.
In the most recent J.D. Power survey, State Farm received one of the highest ratings for customer satisfaction—829 out of 1,000, which is higher than the industry average. In addition to being at the top of our list for home insurance, the company holds the largest market share—nearly 17%—among the biggest auto insurance companies in the US. home Insurance Companies
Allstate
- Market share: 9%
- Direct premiums written: $12 billion
- Direct premiums earned: $11.2 billion
All fifty states offer Allstate home insurance policies. All kinds of homes are covered by the policies you can buy, including:
- Flats
- condominiums
- mobile homes
- Leases
If you rent out your house on Airbnb or other vacation rental websites, you can purchase HostAdvantage, the insurer’s home-sharing policy, which provides coverage in the event that your possessions are pilfered. In addition, the policy offers up to $10,000 in coverage per rental period to assist with covering repairs that are not covered by standard home insurance. In addition, you have a variety of add-on options to select from, such as:
Liberty Mutual
- Market share: 7.3%
- Direct premiums written: $9.7 billion
- Direct premiums earned: $9 billion
For homeowners who would rather do their shopping online rather than through an insurance agent, Liberty Mutual is a viable choice. Choosing the mutual insurer as your home insurance provider has several advantages, one of which is having access to its user-friendly website that offers a variety of jargon-free educational resources regarding your coverage. Additionally, you can use the insurer’s mobile app on your smartphone to manage your policy.
The standard features of Liberty Mutual’s home insurance policies are complemented by the opportunity to increase coverage through add-ons, such as inflation protection and identity theft expense coverage. The insurance company is renowned for offering a wide variety of discounts. If you have a paperless policy, recently installed a new roof, or choose automatic monthly transfer payments, you might qualify for lower premiums.