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Nationwide Homeowners Insurance has deep, mid-western roots. In 1926, the former Farm Bureau Mutual Automobile Insurance Company acquired financing (to the tune of $10,000) and sold its first auto policy in Columbus, Ohio. Eight years later, the company wrote its inaugural property insurance policy before changing its name (and mission) in 1955: to sell its insurance products nationwide.
In the ensuing decades, Nationwide has evolved to meet customers' needs from coast to coast. Today, the Fortune 100 company offers a full range of homeowners insurance and other complementary personal insurance products and is ranked among the world's largest entities providing insurance and financial services.
Types of Homeowners Insurance Plans from Nationwide
Basic Homeowners Insurance from Nationwide comes with comprehensive coverage, including:
- Dwelling coverage pertains to the physical structure of your home plus built-ins (from cabinets and countertops to cabinets and tile) in the event of a covered loss.
- Personal property coverage protects your personal belongings (furniture, clothes, and electronics). $100,000 for a condo insurance policy. Many times, we forget how much clothing and computer equipment we have. More importantly, many people underestimate the cost of their furniture. Experienced homeowners insurance agents we've talked to recommend at least $300,000 in personal property coverage for houses. Even if you don't have a grill, patio furniture, or other outdoor belongings, $300,000 ensures you have enough to replace everything you lose.
- Personal liability coverage can help pay for injuries or property damage someone else experiences on your property. If you run a business or work from home, you may want to consider increasing your coverage due to the increased foot traffic. You may also want to increase your liability coverage if you have an older home or a dog. Minor maintenance issues can lead to broken stairs and, in severe cases, falling ceilings or similar problems. Likewise, even a friendly dog can bite under the wrong circumstances. Personal liability accounts for all these things.
- Medical payments to others offer specific coverage for the costs associated with medical or end-of-life expenses if someone is injured on your property.
- Ordinance or law insurance covers the costs of rebuilding your home, following a covered loss, or renovations to meet current building codes.
- Other structures coverage pertains to structures on your property (like a barn, shed, garage, or gazebo) not attached to the dwelling.
- Loss of use covers the cost of hotel stays, rent, food, and other everyday expenses if your home is inhabitable following a covered loss.
- Credit card coverage pays for unauthorized transactions (including those on a bank or ATM card) up to policy limits.
- Brand New Belongings® provides extra protection against the damage to or theft of your personal belongings in case of a covered loss. This coverage is twofold. First, it reimburses you for the depreciated value of your covered items. Then, it pays the difference for you to have your items repaired or replaced (so long as you save the receipts). Unfortunately, the actual value can leave homeowners unable to replace lost belongings with items available on the market.
- Better Roof Replacement® provides an extra layer of coverage for your roof. Similar to its Brand New Belongings® coverage, it pays for homeowners to replace roofs with more robust, safer materials in case of a covered loss. The roof is the first line of defense to prevent leaks and immediate and long-term damage. The Better Roof Replacement® ensures your roof isn't left vulnerable.
Additional Coverage Options (Riders)
Flood Insurance plans are available for homes in key flood zones. This is a separate insurance policy backed by the NFIP (a part of the federal government). Buyers can manage Nationwide quotes and policies on its portal. However, in a natural disaster, the NFIP would pay your claim.
Earthquake Insurance policies are sold alongside homeowners policies to fill gaps left by earthquake coverage exclusions. It protects your home and its contents in the event of damages incurred by an earthquake; a separate deductible applies to this coverage.
Water backup is a common and often cheap homeowners insurance rider. It provides coverage in the event of damages associated with water backing up from a sewer, drain, or sump pump overflow. Faulty appliances and pipes are common culprits, and flood insurance would not cover this type of flooding.
Dwelling Replacement Cost provides an extra layer of protection, up to twice your dwelling coverage, in the event of a total loss. Especially with the fluctuating construction costs, this rider ensures insurance covers the rebuilding process.
Valuables Plus® provides added protection for valuables and collectibles, including jewelry, artwork, and other rare items.
Identity Theft protects your personal data (from credit cards and bank accounts to Social Security numbers and passports) from the myriad risks associated with cybercrime.
How Much Does Nationwide Homeowners Insurance Cost?
Homeowners insurance cost often matches the price of your home and neighborhood. For example, if you buy a $1 million house, you should expect the cost of homeowners insurance to be higher than someone buying a $300,000 condo. However, insurers look at a more comprehensive picture, sometimes leading to unexpectedly high premiums. Your location (concerning natural hazards), home type, claims history, and credit score are common factors used to set annual premiums.
While things like beachfront access raise your premiums, the benefits you're eligible for drop substantially. In short, the risk of water damage increases when you're close to the water. However, the property's value is based on the land, and insurance only insures the structure, personal belongings, etc.
Average annual Nationwide homeowners insurance rates range from a low of $895 in Ohio to $1,212 in Maryland. Unsurprisingly, Nationwide homeowners insurance rates rank among the cheapest in the country.
How to File a Claim
Homeowners should file eligible claims as soon as possible. If you're unsure about a small claim, you can get a quote from a vendor first. However, preventative treatment should start immediately. Water damage repairs are costly. But early mold prevention goes a long way to reduce your out-of-pocket costs. More importantly, homeowners avoid potential denials associated with mold (as it's commonly considered a sign of neglect. Regardless of the damage or other events that may coincide, negligence is not covered by insurance.
If you're ready to file a claim with Nationwide Homeowners Insurance, you can file online or by phone at 1-877-On-Your-Side (1-877-669-6877).
A few critical things to keep in mind in the hours after you discover damage to your home include:
- Document the damage to your property with photos/videos
- Make temporary repairs to secure your property from further damage
- Keep track of living expenses, like food and lodging, in the event your home is unlivable
Nationwide Homeowners Insurance FAQs
The short answer is yes. In addition to providing peace of mind and protection against covered losses to your home, Nationwide homeowners insurance meets mortgage standards at an affordable price for many homeowners. Mortgage lenders want assurance you have protection for the structure. Nationwide can help you decide how much coverage you want for your personal property, liability, and more.
All flood insurance policies in the US are underwritten by the NFIP, which also sets annual premiums. Nationwide can quote flood insurance and bind your policy. However, any claims will be processed by the NFIP.
Homeowners insurance does not cover damage incurred by tenants. If you have a rental, speak to your Nationwide agent about landlord insurance to protect your property against damage. Then encourage your tenant(s) to obtain renters insurance to protect their personal belongings. Despite common misconceptions, a landlord's homeowners policy does not cover renter belongings, even in the event of a destroyed home.
Methodology: What Went into Our Nationwide Homeowners Insurance Review
Policies offered, customer reviews, average premiums, and the claims process are some things considered when reviewing (and comparing) companies providing homeowners insurance. In addition, we consult JD Power and AM Best ranking as detailed in our insurance rating methodology.
The financial stability of each company, coupled with customer experiences following the claims process, receives careful attention as this information reveals how well each company can manage financial obligations. This ranking system allows us to assign objective ratings and get to the heart of what buyers want.
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AAA Home Insurance
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Allstate Homeowners Insurance
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Progressive Homeowners Insurance
Compare Nationwide vs. Automobile Club Group (AAA)
Despite an overwhelming association with automobiles (and, by extension, auto insurance), AAA Home Insurance comes with the peace of mind associated with a trusted name. So naturally, bundling homeowners and auto insurance is a prime perk. The company boasts competitive rates and deep discounts, which may balance the drawback of membership fees. A vast network of branch locations nationwide makes AAA perfect for customers who prefer in-person agents instead of doing business online or over the phone. It also has a dedicated line for Spanish-speaking customers, which earns AAA important bonus points for inclusivity.
Depending on where you live, you may be covered under different AAA-brand companies. However, while Nationwide is available in all 50 states and Washington, DC, AAA home insurance is only available in select states. Buyers must also be AAA members to purchase homeowners insurance (purchases can be finalized after getting a free quote).
Bottom line? If you're already a AAA member, it might be worth bundling your home and auto insurance policies for savings likely exceeding your annual membership fee. However, non-members will probably find more comprehensive coverage options from Nationwide at a lower price point, especially when bundling with Nationwide auto insurance.
Compare Nationwide vs. Allstate
When compared with competitors in the homeowners insurance space, Allstate Homeowners Insurance offers affordable premiums with lower-than-average customer complaints. Pet owners listen up: Allstate offers coverage for most dog-friendly homes without banned breed exclusions, which is a huge bonus. Underwriters look at any bite history of dogs in the home, and the company encourages homeowners to ensure they have an appropriate amount of liability insurance and act responsibly with their dogs.
Allstate also offers specialty coverage for musical instruments, sports equipment, and extensive landscaping, among other things. Like Nationwide, Allstate is available in all 50 states, and both companies allow customers to bundle policies with auto, life, and other insurance products. That said, guaranteed or extended replacement cost coverage in case of a covered loss is not an option with Allstate. Allstate customers are encouraged to consider an umbrella policy to supplement homeowners and auto policies. Regardless, Allstate is often more expensive than Nationwide coverage with or without an umbrella policy.
Despite trailing Nationwide on JD Power's Home Insurance Study in overall customer satisfaction, customers with proper coverage, like Lawrence of Conyers, Georgia, seem pleased with the Allstate claims process. "Last time I had a roofing incident with trees, they came out immediately without an appointment and were checking everything out, taking photos, and asking if my family was okay," he said in a MarketWatch review.
Compare Nationwide vs. Progressive
Progressive Homeowners Insurance offers affordable homeowners insurance on its easy-to-navigate platform. Many customers quote online. Both companies now sell homeowners insurance policies through broker insurance agents as well. Brokers can quote for any insurance company they partner with, which means you can more easily compare quotes for your house side-by-side.
Progressive has various recreational insurance policies (i.e., boats, motorcycles, etc.) it's working on expanding. The two companies are similar in terms of pricing and coverage for homeowners. Depending on the specific buyer, one may be a little cheaper. However, if you're looking to bundle your home, auto, boat, motorcycle, and other recreational vehicle policies, Progressive offers more robust options.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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