Nationwide Home Insurance Review
Financially strong to pay your claims and multiple coverage options to choose from, Nationwide is popular amongst homeowners. We review the company to see why there are negative feedback for customer service and claims handling.
One of the most exceptional and well-established insurance companies in the United States is Nationwide. They offer not just insurance products but financial services such as investments, banking, and retirement plans. We will give our unbiased review about Nationwide's home insurance, from how they started to their pros and cons, in order to help you decide before getting a quote from them.
Back in 1925, Murray D. Lincoln founded the Farm Bureau Mutual Automobile Insurance Company to provide high-quality auto insurance for the farmers in Ohio at an affordable rate. After 3 years, the company began expanding in some states including Delaware, West Virginia, Vermont, North Carolina, and Maryland by the help of sponsoring organizations. They were offering insurance to motorists and began writing insurance policies for properties as well.
In 1955, Farm Bureau Mutual expanded their company even more, resulting in an additional number of states to serve. They also changed their name to Nationwide when their western expansion happened. Today, Nationwide doesn't only provide auto insurance for Ohio farmers, they also offer a comprehensive list of financial and insurance services across the United States.
The company proudly offers dependable home insurance policy and provides protection when and where you need it the most. You can get a quote online even if you're on the go, experience an efficient claims handling, receive quality coverage. 24/7 customer service will be there to assist you if you need inquiries or any help with your policy or claims.
Are Nationwide's Claims True?
In some of the most popular consumer satisfaction studies, Nationwide is getting a low rating. Price may be a big factor for this since their rates aren’t that affordable even though they have a wide variety of coverage options for their customers. However, the way they handle customers’ claims is one of the reasons for customer dissatisfaction as well. Even if they provide a 24/7 customer service, they still struggle to answer customer inquiries and claims.
Some customers aren't happy with their service because Nationwide fails to pay out the claims of their customers. Their quote and agent locator tool is failing to work most of the times as well, which brings a lot of inconvenience to customers. So some of Nationwide's claims aren't true.
On the other hand, when it comes to their comprehensive home insurance coverage, you can choose from a wide range of options. They offer a lot of discounts, especially if you get an auto and home insurance bundle. They also underwrite their own home insurance policies, unlike Progressive and Geico who both have a third-party affiliate in their home insurance options, which is a big advantage.
Nationwide Home Insurance Coverage
The coverage of their standard home insurance policy includes all of the major perils with additional perks such as law or ordinance coverage. Here are more coverage options that you can add in your home insurance policy:
- Inflation Protection: To keep the pace with inflation, this coverage will automatically increase limits to your dwelling, personal property, and other structures.
- Credit Card Coverage: If someone uses your credit or debit card without your permission, this will reimburse you up to your covered limit.
- Equipment Breakdown Coverage: If your expensive appliances need to be replaced or repaired, this will cover it.
- Flood Insurance: This has a separate deductible and policy. It will cover your personal belongings and your home against flood.
- Sump Pump Overflow Or Water Backup: If your sewage goes in a reverse direction, this will protect your items.
- Replacement Cost Plus: If construction prices exceed your dwelling limit, this will pay 20% more.
- Mine Subsidence: If a movement or collapse of a man-made mine happens and it damages your home, this will cover the costs.
- Better Roof Replacement Coverage: Pays the added expenses to replace your roof with better quality when it's damaged.
- Protection Boost: This will give you expanded protection for your luxury items, money, firearms, and others.
- Earthquake Coverage: A separate deductible like flood insurance, which will cover your home against earthquakes.
- Identity Theft: Reimbursed you for the cost of restoring your name in case someone steals your identity.
All of the Nationwide affiliated companies are now under one roof and under the Nationwide name. In other words, there was a decision to re-brand the company and join all of the small companies they've acquired over the years that were previously operating under their original names, to going solely under the Nationwide brand. Even the official websites of the affiliated companies are being redirected to the Nationwide official site. We reviewed some of the companies affiliated with Nationwide below:
Nationwide Home Insurance Discounts
As mentioned above, this company provides a lot of discounts to its customers. You will most likely get discounts if:
- You are insured for a number of consecutive years to your previous home insurance provider
- Your home was purchased within the last 12 months
- There are new or updated heating or cooling systems, wiring, and plumbing
- There are security guards, locked gates, or card-access systems in your entrances
- You are claim-free
- Get auto and home insurance bundle
- There are smart home devices, burglar alarms, and smoke or fire alarms installed in your home
- The roof you installed is new or the type that’s resistant to windstorm or hail
Nationwide was rated 3 out of 5 stars in the 2018 U.S. Home Insurance Study by J.D. Power, which translates to Nationwide having an About Average rating when it comes to overall customer satisfaction, how they handle claims and disseminate their policy and billing process information. Their rating is the same as what State Farm received from J.D. Power.
The financial strength of Nationwide is stellar, which is why the company is rated Superior or A+ by A.M. Best. It means that they can assist and follow through to their customers’ claims, even if a lot of clients file claims at the same time. However, State Farm and Geico got a slightly higher rating of A++ which is also translated to Superior financial strength by A.M. Best.
Nationwide's home insurance rating from customer reviews in Clearsurance is lower than other big names in the insurance industry. Online reviews rated the company 4.05 out of 5 stars. There are many 5-star reviews, however, a significant amount of customers gave Nationwide 2 and 3 stars, which made the rating lower than many other major competitors. Some of the customers complain about their insurance rates going up even if they don't file any claims, that their policies are being canceled with no explanations, and that they experienced terrible customer service.
Nationwide Home Insurance Pros And Cons
Here are the advantages and disadvantages of getting a home insurance policy from Nationwide to wrap everything up: