Homeowners generally choose a home insurance company based on how reasonably priced the home insurance quotes are. However, there are several other factors to be taken into consideration. The best home insurance companies are determined by considering their financial strength, customer service, and the speed at which claims are processed.
State Farm
State Farm has a financial strength rating of A++ (Superior) from A.M. Best and a rating of AA (very strong) from S&P Global. State Farm is rated very highly by homeowners in Phoenix. According to the National Association of Insurance Commissioners (NAIC), State Farm occupies the majority of the Arizona’s home insurance market with a 10.31% market share. State Farm allows homeowners to submit a claim online or through an agent, and track the claim status through the company’s website.
Farmers
Farmers Insurance received a financial strength rating of A+ (Superior) from A.M. Best and a rating of A2 (sixth-highest rating) from Moody’s Investors Service. The home insurance company provides three types of home insurance policies - Standard, Enhanced, or Premier. According to NAIC, Farmers holds 6.49% of the market share in the state of Arizona. Moreover, if homeowners go five or more years without filing a claim, Farmers waives off surcharges on home insurance rates.
USAA
USAA has a financial rating of A++ (Superior) from A.M. Best and AA+ (second highest rating) from S&P Global. USAA offers its home insurance services exclusively to army personnel and their families. The home insurance company has been around for 95 years and occupies 5.16% market share in Arizona. USAA makes it very convenient for homeowners to submit a claim and track the status through its mobile app.
Allstate
Allstate has financial strength rating of A+ (Superior) from A.M. Best and Aa3 (fourth highest rating) from Moody’s Investors Service. Allstate agents work with homeowners to design a policy based on their needs and budget.. The home insurance company offers 24/7 customer service for homeowners to clear their queries. NAIC reports that Allstate occupies a 5.03% market share in the state of Arizona.
Travelers
Travelers received a financial strength rating of A (Excellent) from A.M. Best, and AA (very strong) from S&P Global. The home insurance company provides substantial discounts on multi-policies and homes equipped with smart home technology. According to NAIC, Travelers occupies a market share of 3.69% in the state of Arizona.
