score88Nationwide Home Insurance Review: Service, Cost, & More (2023)
MoneyGeek evaluated homeowners insurance companies for affordability, user experience and financial strength to help you find the best homeowner’s insurance for your needs. Based on this evaluation, Nationwide received an overall score of 88 out of 100, scoring highest in terms of affordability.
Advertising & Editorial DisclosureLast Updated: 10/25/2022
Edited By |
Morgan Hull
Written By |
Mark Fitzpatrick
score884/5
satisfaction
5/5
affordability
5/5
stability
pros
Excellent financial stability rating
Offers a range of discounts and coverage options for homeowners insurance
Provides several easy-to-use online account management tools
cons
Not available in Hawaii, Louisiana, New Jersey and Wisconsin
Average J.D. Power score for customer satisfaction
Verdict
Nationwide earns an overall score of 88 out of 100 from MoneyGeek for being a highly affordable company that reliably meets its financial obligations. It also offers more discounts and coverages than most of its competitors. Although customer service is technically Nationwide’s weakest category, the company still receives about half as many customer complaints as the national median.
Does Nationwide Have Good Customer Service?
MoneyGeek ranked Nationwide as one of the top home insurance providers in the U.S. with a score of 88 points out of 100 based on factors like affordability, financial stability and customer satisfaction. Its affordable rates are the company's top-selling point, but its customer service falls a little short.
Customer Satisfaction Rating
Customer satisfaction is a crucial factor to consider when choosing a homeowners insurance provider because it reflects the quality of the service you will receive. Nationwide received a customer satisfaction score of 3.86 out of 5 using MoneyGeek's internal ranking. Further, the J.D. Power 2021 U.S. Home Insurance Study ranked Nationwide as fifth among the top 15 homeowners insurance providers with an 812 score on a 1,000-point scale.
Customer Complaint Index
Nationwide
Customer satisfaction can also be gauged by a look at the National Association of Insurance Commissioners (NAIC) Customer Complaint Index. NAIC data shows Nationwide received a complaint index of 0.49 versus the national median of 1.00, which indicates that it receives significantly less complaints than the average insurer.
Financial Stability Rating
Another attribute to look for when choosing your insurer is its financial stability or the company's ability to pay its claims as they arise. AM Best, an institution that rates insurance providers across the globe, gave Nationwide an A+ rating for financial stability. This means that Nationwide has an excellent reputation for being able to consistently process claims.
What to Expect From Nationwide Homeowners Insurance
In buying insurance for the first time, you may find the application process confusing since each insurer requires different things. MoneyGeek outlines Nationwide's application process for its homeowners' insurance so you know what to expect when dealing with this insurer.
1
Getting a quote
Through its website, you can get a Nationwide homeowners insurance quote. The tool lets you enter your unique information so you receive a personalized quote tailored to your insurance needs.
2
Customer support
You can contact Nationwide by calling 1-877-669-6877 if you need help with getting your proof of insurance or paying your bills. This service hotline is available Monday to Sunday from 8 a.m. to 8 p.m. EST. They also offer an email support option, if you prefer.
3
Filing a claim
You can file a claim through Nationwide's website or by calling 1-800-421-3535 anytime. In filing your claim, you need to provide information such as personal details (name, contact information, and policy number), type of property damage claim (water, theft, fire, wind, etc.) and description of the damage to your property.
4
Canceling your policy
To cancel your Nationwide policy, you need to contact your agent and request a policy cancellation. Nationwide has an online tool on its website to help you find your agent. If you don't have an insurance agent, you may call 877-669-6877 during business hours.
FILING A HOMEOWNERS INSURANCE CLAIM WITH NATIONWIDE
Nationwide provides several ways to file a property claim. You can file a property claim online through Nationwide's website or anytime by phone at 1-800-421-3535.
STATE AVAILABILITY
Currently, Nationwide offers homeowners insurance in 46 U.S. states as well as in Washington, D.C., with the exception of Hawaii, Louisiana, New Jersey and Wisconsin.
How Much Does Nationwide Homeowners Insurance Cost?
Homeowners insurance costs an average of $1,979 per year but this can change based on several factors like your age and the location and construction type of your home. To learn how much your Nationwide homeowners insurance will cost according to your unique profile, you can speak with a representative or get a quotation online through Nationwide's website.
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- Dwelling CoverageAnnual Premium
- 100,000$1,010
- 250,000$1,951
- 500,000$1,841
Nationwide's homeowners insurance premiums are determined by several factors. These include where you live, how much coverage is in place for your dwelling and your deductible amount.
The amount of home insurance coverage you need depends on your home's value, but a good starting point is $250K. It's also important to consider other coverage limits because they will affect your premium.
To estimate how much you might need to pay based on your specific coverage limits, use MoneyGeek's home insurance calculator below.
Home Insurance Calculator
State
Alabama
Dwelling Coverage
$100,000
Deductible
$500
Liability
$300,000
Personal Property
$20,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
MONEYGEEK EXPERT TIP
By lowering your coverage limit and deductible, you may be able to reduce your premiums. Even though it may seem appealing to lower your coverage limits to save on monthly premiums, you may have to pay more out-of-pocket costs in the future. When disaster strikes, having adequate coverage will give you peace of mind.
What Discounts Does Nationwide Offer?
Nationwide offers eight discounts for homeowners insurance, which is more than the industry average. However, other providers offer similar savings, so none of these discounts are unique.
- DiscountDescription
Bundle
With Nationwide, you can save money on home insurance when you bundle your property and auto insurance.
Home Buyer
If you purchased a home within the last 12 months, you will be eligible for a discount.
Protective Device
With Nationwide, you can take advantage of discounts if you own smoke detectors, fire alarms, burglar alarms and other qualifying devices. In addition, you can receive credit for smart home technology.
Continuously Insured
Discounts are also available to new members who have been continuously insured by their previous carrier for a certain period of time.
Claims Free
If you stay claims-free on your home insurance, you may qualify for a lower premium.
MONEYGEEK EXPERT TIP
Nationwide offers multi-policy discounts wherein you can bundle your homeowners insurance policy with auto insurance to reduce the cost of your annual premium. This is a great way to save money, while also ensuring all your assets are adequately protected.
Which Coverage Types Does Nationwide Offer?
You can tailor your Nationwide homeowners' insurance policy to fit your needs by adding additional coverage. With eight add-ons available, you have more than the industry average of five add-on coverages.
Although Nationwide doesn’t offer any unique coverages, they do have two coverages that aren’t commonly offered by most insurers. An example of this is its better roof replacement coverage wherein your roof is replaced with stronger and safer materials after a covered loss. Furthermore, you can purchase additional coverage for earthquake-related expenses.
You can see below each endorsement you may be able to get with Nationwide homeowners insurance.
1
Building Ordinance or Law
If you suffer a covered loss, you may be able to receive a reimbursement for rebuilding expenses up to current building codes.
2
Contents Replacement Cost
Your covered items are reimbursed for their depreciated value first. Then, once you have purchased replacement items or had your items repaired, Nationwide will reimburse you for the difference.
3
Better Roof Replacement
Your roof will be replaced with stronger, safer materials after a covered loss.
4
Cyber Event / ID Theft
Covers the costs of loss of personal data associated with identity theft.
5
Back-Up of Sewer or Drain
Provides coverage in the event that your sump pump overflows or water backs up through your sewers or drains.
6
Scheduled Personal Property
This coverage is extended to high-value items, such as jewelry, watches, antiques and fine art.
7
Extended reimbursement
If your home needs to be rebuilt after a loss, this can cover 20% of your property coverage limit.
8
Earthquake
Covers damage caused by earthquakes, though a separate deductible applies.
You should consider more than just price when looking for homeowners insurance. Getting multiple quotes for coverage from homeowners insurance companies is the most effective way to ensure that your property is fully covered.
It’s important to take note that most policies do not include coverage for flood, earthquake or insect damage. If you live in areas that are considered high-risk for any of these, you may need to purchase additional endorsements to adequately protect your home.
Regardless of the additional coverage your home requires, make sure your policy includes these standard coverages:
What Online Homeowners Insurance Tools Does Nationwide Offer?
Nationwide provides several tools and features to improve the user experience for their policyholders. Below we have outlined some of these online tools that can make filing a claim or contacting customer service easier.
Other Nationwide Insurance Products
Nationwide offers more than just homeowners insurance. You can also find policies that cover your vehicle, life, small business and pets. If you're shopping around for homeowners insurance providers that also offer other types of insurance, Nationwide can be a convenient option.
Below you'll find a list of Nationwide's insurance products. Bundling multiple insurance policies will help you save money on your annual premium.
- Type of ProductDescription
Vehicle Insurance
Nationwide's auto insurance covers collision, liability, comprehensive, medical payments and more. You may also find policies for other recreational vehicles including boats, snowmobiles, ATVs, motorcycles, RVs, trailers and more.
Life Insurance
Nationwide offers term life insurance as well as permanent life insurance. Term life insurance provides coverage for a set period of time, usually ten, 20 or 30 years. In the event of your death, your chosen beneficiaries will receive the payout. A permanent policy covers your whole life and builds cash value over time, but it's more costly than term life insurance.
Personal Umbrella Insurance
In the event of a serious auto accident or property damage, a personal umbrella insurance policy provides extra liability protection for your wages, house, investments, cars and boats.
Travel Insurance
Nationwide's travel insurance covers accidents, illnesses, injuries, canceled flights, lost luggage and more incurred during your trip.
Pet Insurance
With Nationwide pet health insurance, you can insure your dog, cat, bird and exotic pet. This policy covers eligible costs such as accidents, injuries, illnesses, testing and diagnostics, etc.
Methodology
To evaluate Nationwide as a homeowners insurance company, MoneyGeek analyzed the Nationwide website, manually collected quotes and consulted consumer intelligence organizations such as J.D. Power, the NAIC and AM Best.
About the Author
sources
- J.D. Power. "Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds." Accessed April 28, 2022.
- Nationwide. "Contact us about insurance." Accessed April 28, 2022.
- Nationwide. "Property insurance claims." Accessed April 28, 2022.
- Nationwide. "Auto and property insurance FAQs." Accessed April 28, 2022.
- Nationwide. "Insurance & protection." Accessed April 28, 2022.
- Nationwide. "Life insurance." Accessed April 28, 2022.
- Nationwide. "Travel insurance." Accessed April 28, 2022.
- Nationwide. "Pet insurance." Accessed April 28, 2022.