Overview of Nationwide Home Insurance

Established as a mutual auto insurer in 1925, Nationwide began by offering quality coverage at low rates to Ohio farmers. Property insurance was added in 1934, and by 1955, it had grown to have a presence in 32 states, helping it to earn the name Nationwide. Since then, it’s grown to become a Fortune 100 company and one of the largest insurance and financial services companies in the world, with an impressive market share of 3.61 percent. Its insurance offerings include motorcycle, boat, pet, farm, life and commercial policies. Some things haven’t changed though: It’s still owned by its policyholders.

How Does Nationwide Home Insurance Rate?

Consumer Satisfaction Rating

These ratings are from the J.D. Power 2016 U.S. Household Insurance Study – Homeowners Insurance. The highest score for each category is five stars.The Nationwide Insurance Company subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.

Overall
Policy Offerings
Pricing
Billing & Payment
Contacting the Insurer
Claims
Customer Complaint Ratio

The National Association of Insurance Commissioners collects complaint information from state insurance regulators. The national median complaint ratio is 1. A score of less than 1 means a company has a less than average number of complaints, while a score higher than 1 means it has more than average. Find out more from the NAIC website.The Nationwide Insurance subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.

Last Updated: July 2017

Financial Strength Rating

A Best’s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best’s Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.

Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second “+” or a “-“ indicates the gradation of financial strength within the category. We can’t guarantee that the subsidiary of Nationwide Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best’s Financial Strength Rating Guide for more information.

Best’s Credit Ratings™ are under continuous review and subject to change and/or affirmation. For the latest Best’s Credit Ratings™ and Best’s Credit Reports which include Best’s Credit Ratings™), visit the A.M. Best website at http://www.ambest.com. See Guide to Best’s Credit Ratings™ for explanation of use and charges.

Best’s Credit Ratings™ reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of MoneyGeek.com or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best’s Credit Ratings™. Best’s Credit Ratings™ are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company.

Source A.M. Best
Rating A+

Effective Date: July 2016

Website Features
  • Rate calculator
  • Mobile app
  • Pay bill online
  • Make claim online
  • Household inventory tool

Pros and Cons of Nationwide Home Insurance

Pros

  • Before you can access the online quote tool, the website informs you that under certain conditions —– for example, if the home you want to insure is under construction or vacant — you need to speak directly with an agent to get a quote. This way you don’t waste your time entering data only to find out later you can’t get a quote.
  • If the tool can’t pull enough information on your house from public sources, it will ask you questions about the structure, and it gives helpful illustrations to accompany the architectural terms to help you understand the different building styles.
  • You can file a claim online, and the tool enables you to file on someone else’s behalf without logging in.
  • Nationwide is a large company that provides a lot of services, include insurance for a wide range of vehicles (snowmobiles, RVs and more), specialty lines (farm, weddings, pet, travel, etc.) and life. This means bundling your policies is easy.

Cons

  • The website has a link to an online home inventory tool provided by the Insurance Information Institute, but it’s not part of the online quote tool.
  • The mobile app will let you start a home quote or pay your home insurance bill, but most of the app is designed for auto policies.
  • Nationwide only gets an average rating of three stars for overall customer satisfaction according to the 2016 J.D. Power Homeowners Insurance study.

Nationwide Home Insurance Coverage

As one of the largest home insurance companies in the country, Nationwide’s policies offer solid standard homeowners coverage. It also offers its own versions of optional coverage that are similar to what other large insurance companies offer, except under registered Nationwide names.

Nationwide offers the same standard coverage that you’ll find at most home insurance companies. The company also provides brief, informative descriptions of the purpose of each type of coverage.

Dwelling

The online quote tool will set a replacement cost based on public data and information that you provide, and you won’t be able to adjust this coverage. If you have made improvements, or you believe your home has increased or decreased in value, you can call Nationwide to request an adjustment.

Other structures

Other structures are protected up to a limit of 10 percent of the dwelling coverage, and this is not adjustable. If you would like more coverage, you are instructed to call Nationwide.

Personal property

You can change this coverage to meet your needs, as long as the limit is at least 70 percent of the dwelling coverage.

Loss of use

Nationwide is one of the few companies that does not place a monetary limit on this coverage, but instead it will pay for the actual loss sustained, up to the limit on the Dwelling amount.

Personal liability

You have a nice range of options for liability, from $100,000 to $500,000, in hundred-thousand-dollar increments.

Medical payments

As is often the case, the medical payments coverage mirrors the liability coverage, and Nationwide lets you choose from $1,000 to $5,000.

Deductibles

Nationwide has separate deductibles for wind and for all-perils. The wind deductible can be $1,500; $2,500 or $5,000 or a percentage of the dwelling coverage (one, two, three or five percent). The all-perils deductible can be selected from choices that range from $500 to $10,000, or one, two or three percent of the dwelling coverage limit.

Special property coverage limits

The coverage for certain property such as furs and firearms, and for categories such as loss assessment or fire department service charge, are set by Nationwide and although you can see the limits, you can’t change them.

Nationwide offers several extra options for your home insurance policy, reflecting the fact that it is a top-ten home insurer with substantial resources behind them. Some of these extras can’t be added to the policy online; you will need to call to get them added to your policy.

Dwelling replacement cost

You can choose to add a buffer to your dwelling coverage. You can purchase additional protection up to either 125 or 150 percent of the original dwelling coverage limit.

Identity theft or fraud expense

The identity theft recovery option can be added for protection up to $25,000, and includes free credit monitoring and assistance if fraud has occurred.

Equipment breakdown

This covers repair or replacement to expensive home appliances, such as furnaces. You can add it to your home insurance policy to get coverage up to $50,000 per occurrence, with a $500 deductible.

Back up of sewer, drain or sump pump

If you choose to add this protection, you can get the protection in a wide range of coverage levels, from $5,000 up to $100,000.

Earthquake

To purchase earthquake coverage, you will need to speak with an agent.

Flood

Nationwide does not directly offer flood insurance, but it can help you get a separate flood insurance policy through the National Flood Insurance Program.

Valuables Plus

This is one of Nationwide’s featured options designed to provide extra protection for items that normally have special limits of coverage.

Brand New Belongings

This is Nationwide’s name for coverage to repair or replace certain items at replacement cost instead of depreciated value.

Better Roof Replacement

With this special option, if you have to rebuild your roof after a covered loss, Nationwide will help you make it stronger and more secure than it was before.

Available Discounts on Nationwide Home Insurance Coverage

Nationwide has several discounts available on its home insurance and is very open about how much savings each will provide.

Type of Discount Description
Multi-policy discount Bundle your home insurance with an auto policy from Nationwide and you could get a savings of up to 20 percent on your home insurance policy.
Protective device discount Burglar and fire alarm systems installed in your home could be worth up to 15 percent in savings.
Claims-free discount A record of not making claims on your home insurance could get you a significant discount.
Age of insured discount If you’re over 60, you could save money on your premium.
Affinity discount If you are a member of one of Nationwide’s more than 400 partner organizations, you could get even more savings.

How to Make a Home Insurance Claim with Nationwide

To start a home insurance claim at Nationwide, you can call the Claims Service number or go online. You’ll need to provide some basic information and then you’ll be assigned a claims representative. Depending on the extent of the damage, there might be an onsite inspection before the assessment and estimate are made. When you need repairs, you can choose a contractor from Nationwide’s On Your Side repair network, or you can choose your own. Settlement and closing of the claim occurs when Nationwide issues the claim payment, which is available in a variety of ways such as direct deposit or as a debit card.

How to Contact Nationwide Home Insurance

States Served
Updated: September 19, 2017