Choosing the right home insurance company is much more than picking a company offering the lowest premiums. Owning a home is a major financial accomplishment. You must protect your investment by choosing an insurance company with the perfect blend of coverage options, financial strength and dedicated customer service. Although an affordable premium is an attractive option, it should never be the only option. Here are the best home insurance companies in the United States based on market share, ratings and discounts the companies offer on home insurance policies.
When it comes to comparing home insurance companies by market share, well-established companies tend to dominate the sector. Companies such as State Farm, Allstate and Liberty Mutual are the most prominent companies issuing the highest volume of direct premiums. Many homeowners choose the largest insurers with recognizable names since they are time tested and financially solvent. However, selecting an insurance company based on name does not guarantee that you will receive the best coverage. Here are the top home insurance companies by market share in 2015:
Some of the other well-known, well-established companies that were ranked among the top 10 by market share include Travelers, Nationwide, American Family Insurance, Chubb and the Erie Insurance Group.
When deciding on the homeowners insurance company that is best for you, you must consider other factors besides total market share and premium costs. Homeowners insurance is more than protecting the physical structure of your property. Choosing the best company also includes choosing the one with the best overall customer satisfaction, claims process satisfaction, policy offerings, interaction, billing and price.
Here are the best home insurance companies by ratings for 2016, according to J.D. Power:
| Insurance Company | JD Power Overall Satisfaction | JD Power Claims Satisfaction | AM Best |
|---|---|---|---|
| Amica | 5 | 5 | A++ |
| Erie Insurance | 4 | 3 | A+ |
| State Farm | 3 | 3 | A |
| Allstate | 3 | 3 | A+ |
| Farmers Insurance | 3 | 3 | A |
| Liberty Mutual | 3 | 3 | A |
5=Among the Best 4=Better than Most 3=About Average
*AM Best is well-respected rating agency
Allstate is the best company if you are a first-time homebuyer. The company’s website offers new homebuyers comprehensive tutorials that break down the intricacies of homeowners insurance. The most well-rounded firm is State Farm. The company’s mix of financial strength, customer service and claims satisfaction gives you plenty of options.
Amica offers the highest standard in coverage, and the company consistently ranks sky-high in customer satisfaction and claims processing, making it J.D. Power’s highest-rated home insurance company. Most customers report they are happy with their claim amounts to cover losses and receive the most hassle-free claims processing.
Erie Insurance ranked second behind Amica in overall satisfaction and claims processing. Erie also scored well in customer service and hassle-free claims processing. Travelers and MetLife receive an honorable mention since both companies maintain solid reputations for their home insurance policies.
Determining the financial solidity of an insurance company is crucial when you’re shopping for a policy to protect your home. Although most of the big name insurance companies are financially sound, the financial collapse of 2008 teaches that even the largest companies can fail. The rating agencies, such as A.M Best, analyze the insurance companies financial holdings and then determine how much insurance companies collect in premiums versus how much they pay out in claims. Remember that many of the major insurance companies are not single entities, but act as the parent company of smaller insurance companies with their own ratings.
Four principal rating agencies estimate the financial strength of insurance companies: A.M Best, Standard and Poor’s, Moody’s and Fitch. Each agency uses different criteria for rating companies, so one rating agency may rank a company financially stronger than another. A.M. best uses an A++ for its highest insurance company credit rating. A.M Best's ratings are given above.
The best home insurance companies offer an array of discounts, and you must look at them carefully or you could be leaving money on the table. The best companies offer multi policy discounts, protective device discounts, exclusive group savings, auto-pay discounts and home credits for new or remodeled properties. Here is a closer look at some of the discounts offered by the top-rated home insurance companies:
Company Name: State Farm
Currently use State Farm as my go to Home insurance policy. I think they have one of the best deals out there for people near this area. It's only around $300 a year. I covers everything as far as I'm aware. I'd easily rate them a 5 out of 5 if I were to have to give them a set number. I currently live in the Beckley WV area at 25801. So far I have been using State Farm for insurance for the past 5 years and I couldn't be happier. I don't really think there's a single thing I don't like about them. They're customer sservice is great and they're very cheap. Give them a shot.
Company Name: State Farm
Location: Shelby, NC 28150
I am located in Shelby NC and live at 28150. I have state farm insurance on my home. I have been with them for 11 years. I really like my current agent. She is very easy to access and always ready to answer questions. I pay a good rate and I know that since the company is big they will cover my loses. I am 34
Company Name: State Farm
Location: Shelby, North Carolina 28150
We have our home owners with State Farm. We pay about $100 a month for it. We are located in Shelby North Carolina at 28150. We have been with them since 2006. We have full coverage and also have a balloon on it. I am 38 years old
Company Name: The Hartford
The Hartford is easily the best home insurance I have ever had and probably will ever own. I currently pay only $350 a year for home insurance through them. It's cheap enough as it is
Company Name: Nationwide
I do not pay that much for mine. I use a local agency with Nationwide. They are run by a family that has had the place since 1981. The daughter that owns it is a local teacher. They are very good. My house is about 50 years old and has about 1600 square feet. It has two bathrooms
Company Name: AAA
Me and my wife have AAA for our house insurance. We didn't even know they offered it until we started shopping for it.We are in NH and the cold winter rolled in. We had a pipe burst about 5 years ago causing severe water damage on one end of the house. They quickly had a clean up crew on site drying everything possible. Everything was replaced with some loss to depreciation. All in all the work was satisfactory and the results are completely acceptable. We don't pay what I would call a crazy amount per year and get a discount when we tie it to the vehicles. Will continue to give them our business
The top property/casualty insurance companies in the nation dominate the total market by state. State Farm is the largest home insurance company in the U.S, and holds most of the market share in each state. The overall market share for the nation’s top 10 home insurance companies stood at 61.1 percent in 2015, according to Insurance Business Magazine. Here are the top home insurance companies by market share in each state by percentage(Source: NAIC market share report for property and casualty companies)
| State | Market share |
|---|---|
| Alabama | State Farm(30.16%),Alfa Insurance(13.29%), AllState(11.09%),USAA(6.73%),Farmers Insurance(5.9%) |
| Alaska | State Farm(32.94%), AllState(21.6%), USAA(17.02%), Country Financial(8.39%), Liberty Mutual(8.16%) |
| Arizona | State Farm(19.99%), Farmers Insurance(14.14%), AllState(10.22%), USAA(8.01%), American Family(7.43%) |
| Arkansas | State Farm(26.13%), Farm Bureau(15.87%), AllState(8.32%), Shelter Insurance(7.99%), Farmers Insurance(7.44%) |
| California | State Farm(19.73%), Farmers Insurance(16.07%), AllState(7.59%), CSAA Insurance(6.65%), AAA(5.9%) |
| Colorado | State Farm(21.51%), Farmers Insurance(10.99%), USAA(10.26%), AllState(9.93%), American Family(9.74%), Liberty Mutual(8.15%) |
| Connecticut | Liberty Mutual(12.21%), Chubb(9.57%), Travelers(9.54%), AllState(7.36%), State Farm(5.19%) |
| Delaware | State Farm(26.26%), Nationwide(13.42%), Liberty Mutual(11.04%), AllState(6.82%), USAA(6.01%) |
| District Of Columbia | State Farm(22.95%), Travelers(20.6%), Chubb(10.28%), USAA(9.74%), AllState(9.11%) |
| Florida | Universal Insurance(8.54%), Tower Hill Insurance(7.62%), State Farm(7%), Citizens Property Insurance(5.74%), Monarch Delaware(4.67%) |
| Georgia | State Farm(28%), AllState(13.89%), USAA(8.75%), Liberty Mutual(6.38%), Travelers(6.16%) |
| Guam | Chung Kuo Insurance(31.89%), AIG(23.77%), First Net Insurance(11.41%), Dongbu Insurance(8.57%), Tokio Marine Holdings Insurance(7.38%) |
| Hawaii | State Farm(32.33%), Ocean Harbor(20.37%), Tokio Marine Holdings Insurance(8.57%), USAA(8.2%), AllState(5.73%) |
| Idaho | State Farm(16.62%), Farmers Insurance(12.12%), Liberty Mutual(12.03%), AllState(9.16%), Farm Bureau(9.12%) |
| Illinois | State Farm(33.59%), AllState(12.61%), Country Financial(8.54%), Farmers Insurance(5.9%), American Family(5.22%) |
| Indiana | State Farm(27.57%), Indiana Farm Bureau(8.06%), AllState(7.5%), Liberty Mutual(7.24%), American Family(5.79%) |
| Iowa | State Farm(26.83%), Nationwide(14.18%), Iowa Farm Bureau(9.17%), American Family(8.21%), IMT Holding(3.5%) |
| Kansas | State Farm(22.54%), American Family(14.89%), Iowa Farm Bureau(8.77%), Farmers Insurance(8.56%), Liberty Mutual(5.45%) |
| Kentucky | State Farm(25.18%), Kentucky Farm Bureau(22.16%), Liberty Mutual(10.49%), AllState(7.23%), USAA(4.36%) |
| Louisiana | State Farm(28.06%), AllState(12.7%), Liberty Mutual(7.29%), Louisiana Farm Bureau Insurance(5.21%), USAA(5.16%) |
| Maine | State Farm(12.4%), Liberty Mutual(12.1%), AllState(7.03%), Concord(5.83%), Hanover Insurance(5.64%) |
| Maryland | State Farm(19.25%), AllState(12.83%), Erie Insurance(10.97%), Travelers(10.22%), USAA(10.08%) |
| Massachusetts | Mapfre Insurance(13.37%), Liberty Mutual(11.05%), Arbella Insurance(7.38%), Safety(7.24%), Andover(5.9%) |
| Michigan | State Farm(18.42%), Auto-Owners Insurance(14.36%), Automobile Club(13.69%), AllState(9.38%), Hanover Insurance(7.72%) |
| Minnesota | State Farm(26.8%), American Family(13.6%), Farmers Insurance(8.5%), AllState(5.4%), Auto-Owners Insurance(5.07%) |
| Mississippi | State Farm(27.54%), Southern Farm Bureau(17.04%), AllState(9.97%), Nationwide(7.6%), Liberty Mutual(6.5%) |
| Missouri | State Farm(26.41%), American Family(15.21%), Liberty Mutual(8.73%), Farmers Insurance(7.87%), Shelter Insurance(5.38%) |
| Montana | State Farm(24.5%), Liberty Mutual(15.59%), Farmers Insurance(13.41%), Mountain West Farm(9.43%), USAA(5.04%) |
| N. Mariana Islands | First Net Insurance(34.79%), Dongbu Insurance(34.37%), Pacific Ind Insurance(14.18%), Tokio Marine Holdings Insurance(13.9%), AIG(2.76%) |
| Nebraska | State Farm(25.78%), Farmer Mutual Insurance(12.19%), Iowa Farm Bureau(9.51%), American Family(9.06%), Nationwide(7.26%) |
| Nevada | State Farm(20.9%), Farmers Insurance(15.73%), AllState(11.02%), Liberty Mutual(7.02%), USAA(6%) |
| New Hampshire | Liberty Mutual(15.29%), State Farm(10.49%), AllState(8.5%), USAA(6.19%), Concord(5.24%) |
| New Jersey | State Farm(11.47%), Liberty Mutual(9.13%), AllState(9%), New Jersey Manufacturers(8.87%), Chubb(6.43%) |
| New Mexico | State Farm(21.33%), Farmers Insurance(19.71%), Liberty Mutual(9.71%), AllState(9.67%), USAA(9.01%) |
| New York | State Farm(14.57%), AllState(14.34%), Travelers(9.22%), Chubb(8.95%), Liberty Mutual(8.35%) |
| North Carolina | State Farm(19.09%), North Carolina Farm Bureau(12.51%), Nationwide(12.16%), USAA(7.36%), AllState(7.32%) |
| North Dakota | State Farm(17.96%), American Family(12.18%), Farmers Union Mutual Insurance(9.07%), Nodak Mutual(7.79%), Auto-Owners Insurance(6.69%) |
| Ohio | State Farm(22.15%), AllState(10.81%), Nationwide(8.15%), Liberty Mutual(7.84%), Grange Mutual Casualty(5.71%) |
| Oklahoma | State Farm(28.35%), Farmers Insurance(17.06%), Liberty Mutual(9.87%), AllState(6.62%), USAA(6.44%) |
| Oregon | State Farm(24.49%), Farmers Insurance(16.27%), Liberty Mutual(12.85%), AllState(8.1%), USAA(5.97%) |
| Pennsylvania | State Farm(18.39%), Erie Insurance(15.33%), AllState(14.14%), Nationwide(8.93%), Liberty Mutual(8.53%) |
| Puerto Rico | Universal Insurance(61.55%), Mapfre Insurance(21.43%), Cooperativa De Seguros Multiples(14.81%), Antilles Insurance(1.78%), USAA(0.26%) |
| Rhode Island | Amica(14.27%), AllState(13.88%), Liberty Mutual(9.02%), Nationwide(7.17%), USAA(5.84%) |
| South Carolina | State Farm(23.29%), AllState(10.8%), USAA(7.72%), Nationwide(5.57%), Travelers(5.48%) |
| South Dakota | State Farm(21.12%), American Family(11.48%), Farmers Insurance(7.33%), Nationwide(7.22%), Farmers Insurance(6.97%) |
| Tennessee | State Farm(25.05%), Tennessee Farmers(19.19%), AllState(7.76%), Liberty Mutual(7.58%), USAA(5.9%) |
| Texas | State Farm(21.76%), AllState(12.86%), Farmers Insurance(10.67%), USAA(9.52%), Liberty Mutual(8.56%) |
| U.S. Virgin Islands | Cooperativa De Seguros Multiples(42.77%), Mapfre Insurance(12.26%), Lockhart(5.77%), Topa Equities(3.81%) |
| US | State Farm(19.65%), AllState(8.89%), Liberty Mutual(6.72%), Farmers Insurance(5.93%), USAA(5.61%) |
| Utah | State Farm(18.76%), Farmers Insurance(14.09%), AllState(11.35%), Bear River Mutual Insurance(7.24%), Liberty Mutual(5.49%) |
| Vermont | Vermont Mutual(11.84%), Liberty Mutual(11.13%), Co Operative Insurance(10.72%), State Farm(7.44%), Union Mutual Fire Insurance(6.4%) |
| Virginia | State Farm(19.93%), USAA(15.9%), AllState(9.88%), Travelers(9.09%), Nationwide(8.87%) |
| Washington | State Farm(18.12%), Liberty Mutual(13.18%), Farmers Insurance(13.11%), AllState(10.76%), USAA(7.84%) |
| West Virginia | State Farm(24.89%), Erie Insurance(17.62%), Nationwide(11.83%), AllState(8.09%), Liberty Mutual(5.76%) |
| Wisconsin | American Family(21.85%), State Farm(16.92%), AllState(4.18%), West Bend Mutual Insurance(4.09%) |
| Wyoming | State Farm(22.97%), Farmers Insurance(17.7%), Mountain West Farm(17.6%), Liberty Mutual(8.28%), AllState(5.17%) |