Homeowners in Chesapeake, VA, generally choose a home insurance company based on how reasonably priced the home insurance quotes are. However, determining the best homeowners insurance companies goes beyond the home insurance rates provided to homeowners.
State Farm is one of the very few home insurance companies to receive a financial strength rating of A++ (Superior) from A.M. Best in Chesapeake. This means that State Farm is financially superior in granting potential claims of current policyholders. State Farm also holds a rating of 4/5 from J.D. Power. When it comes to market share, State Farm occupies the majority of the Virginia market share with 10.20%.
USAA has a financial rating of A++ (Superior) from A.M. Best and a rating of 5/5 from J.D. Power. USAA offers its home insurance services exclusively to army personnel and their families. According to the National Association of Insurance Commissioners (NAIC), USAA occupies 9% market share in the state of Arizona.
Progressive has a financial strength rating of A+ (superior) from A.M. Best and a rating of 3/5 from J.D. Power. Even though J.D. Power gave an average rating, customers expressed their satisfaction when it came to policy offerings and cost. According to NAIC data, Progressive occupies a market share of 5.03% in the state of Virginia.
Nationwide received a financial strength rating of A+ (superior) from A.M. Best and a rating of 3/5 from J.D. Power. Nationwide provides optional coverages such as replacement value coverage, upgraded roof insurance, and umbrella liability insurance, in addition to its standard home insurance policy to attract more Chesapeake homeowners. Nationwide has a market share of 5.69% in Virginia.
Travelers received a financial strength rating of A (Excellent) from A.M. Best and a rating of 3/5 from J.D. Power. Travelers provides substantial discounts on multi-policies and Chesapeake homes equipped with smart home technology. NAIC reports that Travelers has a market share of 4.98% in the state of Virginia.