Nationwide vs. State Farm: Home Insurance Comparison


In MoneyGeek's comparison of Nationwide vs. State Farm for homeowners insurance policies, State Farm ranks fifth across the U.S., while Nationwide ranks 10th.

State Farm offers home insurance products in 48 states with an average premium of $2,138 per year. It offers 12 optional coverages and seven discounts. In contrast, Nationwide is only available in 47 states, with an average annual premium of $1,917. It provides policyholders with eight optional coverages and eight discounts.

Understand the differences between Nationwide and State Farm’s homeowners insurance offerings regarding cost, customer service, coverages and discounts before purchasing a policy from either company.

Comparison Overview: Nationwide vs. State Farm

Both State Farm and Nationwide offer home insurance in most states. However, State Farm fares better for customer satisfaction and is more financially stable than Nationwide. It also offers a wider range of optional coverages. However, Nationwide typically has lower rates, with an average annual premium of $1,917. State Farm charges around $2,138.

Feature
Nationwide
State Farm

Total Score

89

91

Satisfaction

3.9

4.0

Stability

4.5

5.0

Affordability

4.78

4.67

Average Annual Premium

$1,917

$2,138

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COMPARE NATIONWIDE TO OTHER HOME INSURANCE COMPANIES

MoneyGeek ranked companies based on nationally recognized data from leading consumer reporting agencies, including J.D. Power for customer service, AM Best for financial stability and Quadrant Information Services for affordability. Learn more

Which Company Is Cheaper Overall?

Nationwide is a cheaper home insurance provider than State Farm. On average, Nationwide’s home insurance policies cost $1,917 per year, while State Farm’s policies cost an average of $2,138 per year — $222 more.

Average Annual Homeowners Insurance Premium of Nationwide vs. State Farm

homeInsurance
Nationwide

Average Annual Premium

$1,917
homeInsurance
State Farm

Average Annual Premium

$2,138
State Farm’s homeowners insurance costs on average:$221 more

This is 12% more expensive.

The actual cost of your home insurance policy can rise or fall depending on two major factors: your dwelling coverage amount and your location. Your dwelling coverage pays to replace your house's actual structure — you should have sufficient coverage to rebuild the home at current prices. Learn which insurer is cheaper for you based on the dwelling coverage amount and state.

Which Company Is Cheaper Based on Dwelling Coverage Amount?

Across all dwelling coverage amounts from $100K to $3 million, Nationwide is the cheaper insurer, offering significantly lower premiums than State Farm.

For instance, Nationwide’s average premium for $3 million in dwelling coverage is $24,431 per year, while State Farm charges an average of $31,612 per year. Even with lower dwelling coverage of $100K, Nationwide is still more affordable at an average of $1,211 a year, while State Farm costs $1,917 per year.

Average Premiums for Nationwide vs. State Farm
Nationwide$100,000$1,211
State Farm$100,000$1,917
Nationwide$250,000$1,932
State Farm$250,000$2,427
Nationwide$500,000$4,337
State Farm$500,000$5,666
Nationwide$750,000$6,427
State Farm$750,000$8,051
Nationwide$1,000,000$8,480
State Farm$1,000,000$10,202
State Farm$2,000,000$20,611
Nationwide$2,000,000$16,565
Nationwide$3,000,000$24,431
State Farm$3,000,000$31,612

How Much Does Each Company Cost by State?

Where you live also impacts the cost of home insurance, but all providers weigh this factor differently when determining premiums. For instance, Nationwide’s premiums are the most expensive in Maryland, costing an average of $3,099 per year. Meanwhile, State Farm’s rates in Maryland average just $1,509 per year.

On the other hand, Texas is the most expensive state for home insurance with State Farm, with an average annual premium of $3,994. Conversely, Nationwide charges Texas homeowners a much lower average rate of $2,981 per year.

Average Premiums for Nationwide vs. State Farm
State FarmAK$1,176
NationwideAL$1,511
State FarmAL$1,482
NationwideAR$1,317
State FarmAR$1,680
NationwideAZ$1,006
State FarmAZ$1,224
NationwideCA$1,841
State FarmCA$1,681
NationwideCO$2,938
State FarmCO$2,833
State FarmCT$1,665
State FarmDC$2,216
NationwideDE$654
State FarmDE$817
NationwideFL$1,500
State FarmFL$2,200
NationwideGA$1,892
State FarmGA$2,883
State FarmHI$1,013
State FarmIA$1,052
State FarmID$2,020
NationwideIL$1,422
State FarmIL$1,787
NationwideIN$747
State FarmIN$1,037
State FarmKS$1,726
State FarmKY$1,168
State FarmLA$940
State FarmMA$1,705
NationwideMD$3,099
State FarmMD$1,509
NationwideME$1,099
State FarmME$1,088
State FarmMI$2,518
State FarmMN$2,497
State FarmMO$2,279
NationwideMS$1,549
State FarmMS$1,782
State FarmMT$3,186
NationwideNC$1,905
State FarmNC$2,404
State FarmND$2,703
NationwideNE$2,171
State FarmNE$3,464
NationwideNH$810
State FarmNH$982
State FarmNJ$1,107
State FarmNM$1,548
State FarmNV$1,186
NationwideNY$1,185
State FarmNY$994
NationwideOH$792
State FarmOH$783
State FarmOK$2,582
NationwideOR$634
State FarmOR$965
NationwidePA$1,605
State FarmPA$1,662
NationwideRI$1,513
State FarmRI$765
NationwideSC$2,747
State FarmSC$1,368
State FarmSD$2,847
State FarmTN$2,230
NationwideTX$2,981
State FarmTX$3,994
NationwideUT$790
State FarmUT$1,055
NationwideVA$895
State FarmVA$1,191
State FarmVT$1,068
State FarmWA$1,250
State FarmWI$1,323
NationwideWV$757
State FarmWV$955
State FarmWY$2,100

Which Company Has Better Customer Service?

Based on MoneyGeek’s analysis, State Farm performs well across customer satisfaction, financial stability and affordability, earning a MoneyGeek score of 91 out of 100. Similarly, Nationwide also earned strong scores in these three categories, with an overall MoneyGeek rating of 89.

However, when comparing State Farm and Nationwide, the latter typically offers cheaper rates, but note that premiums vary considerably based on which state you live in. State Farm, on the other hand, is a great choice for those who want the best customer service, and it also offers more coverage options.

Nationwide Vs. State Farm: Customer Service Scores
Score
Nationwide
State Farm

MoneyGeek Score

89

91

Satisfaction Score

3.9

4.0

Stability Score

4.5

5.0

Affordability Score

4.8

4.7

Optional Coverages Offered by Nationwide vs. State Farm

A homeowners insurance policy typically includes a range of coverages, such as dwelling, personal property, liability and more. However, in addition to these standard coverages, many insurance companies also offer optional coverages to allow homeowners to tailor the policy to their needs.

With eight options available, Nationwide offers most of the common coverages but has fewer optional coverages. On the other hand, State Farm has a broad selection of 12 optional coverages that you can use to supplement your policy.

Coverage
Nationwide
State Farm

Sewer backup coverage
Covers the cost of
water damage from
a sump pump,
drain or sewer overflow.

Identity theft coverage

Covers some of the
costs incurred due to
identity theft or fraud.

Extended reimbursement

Extends your limits for
certain coverages.

Scheduled personal property coverage

Covers the cost of
valuable items like
jewelry, furs, fine art, etc.

Building ordinance or law coverage

Covers the cost to
rebuild or upgrade a
home so that it
meets the most up-to-date
building codes after a
covered loss.

Nationwide has a few key coverages not offered by State Farm. For instance, Nationwide offers extended reimbursement coverage, which pays up to 20% of your property coverage limit if you have to rebuild your home after a loss. The company also offers contents replacement cost coverage, which covers the depreciated value of your covered items and pays you the actual cost difference after repairing or replacing the item.

State Farm also has a few coverages that Nationwide doesn’t. For instance, State Farm offers mold coverage, which protects you up to a limit of $20,000 in case there is fungus or mold in your home. It also provides loss assessment coverage for Homeowners Association (HOA) members — if your HOA assesses expenses to all members due to a covered loss, State Farm will cover them.

MoneyGeek checked each company's website manually, and it's possible that these companies offer a wider range of coverages behind the scenes than what they advertise online.

Discounts Offered by Nationwide vs. State Farm

Discounts allow you to reduce the cost of your home insurance. The more discounts you qualify for, the cheaper your policy will be. Generally, all providers offer some form of discount, but some have more than others.

There are six common discounts for homeowners insurance policies — State Farm offers all six, while Nationwide provides five. In terms of total discounts, State Farm offers seven overall, while Nationwide has eight.

Discount
Nationwide
State Farm

Protective device discount

Discount for having
theft or fire protection
devices, such as alarms
or sprinklers.

Insurance bundling discount

Discount for bundling
your homeowners insurance
policy with another product,
like auto insurance.

Claims-free discount

Discount for going
several years without
filing a claim.

New home discount

Discount for homes that
have been recently constructed.

Home renovation discount

Discount for homes that
have been recently renovated.

Both State Farm and Nationwide offer a range of common discounts — giving policyholders more opportunities to save.

Note that MoneyGeek manually checked each company's website for discounts. Nationwide and State Farm may offer a broader range of discounts not disclosed on their websites.

How Much Could Your Homeowners Insurance Premium Cost?

The best homeowners insurance company is one that can offer both affordable policies and great customer service. However, note that costs rely on (and can change depending on) various factors, including the cost to repair or replace your home, its location and more. To get a more accurate estimate of your premium, use our homeowners insurance calculator.

Home Insurance
Calculator

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Rates updated:

Nov 08, 2024

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About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.