Nationwide Homeowners Insurance Review in 2023

Nationwide Homeowners Insurance Review

Nationwide Homeowners Insurance Review in 2023

The Ohio-based Farm Bureau Mutual Automobile Insurance Co. issued its first insurance in 1926, long before it was known as Nationwide by name or geographically. Its name was changed to Nationwide Insurance in 1955.

Along with annuities, mortgages, mutual funds, pensions, long-term savings plans, and specialty health services, Nationwide provides a variety of insurance products and financial services across the United States, including auto, motorcycle, boat, homeowners, renters, pet, farm, business, and life insurance. One of the biggest insurance firms in the US, Nationwide has assets worth more than $295 billion.

In our ranking of the Top Home Insurance Providers for 2023, Nationwide and Erie are tied for fifth place. In addition to several coverages that consumers won’t find among many rivals’ typical offerings, the insurer offers basic coverage that incorporates the most popular forms of protection.

Nationwide includes protection against the misuse of credit and debit cards among its basic coverages, in addition to dwelling coverage, personal property coverage, and personal liability coverage. Unauthorized charges and fake checks are both covered by credit card coverage.

Other fundamental protections include support with living costs if a home cannot be occupied following a loss, medical payments in the event that a visitor is injured on a policyholder’s property, and coverage for other structures. Ordinance or law insurance is a basic policy benefit that can assist in rebuilding a home to comply with current building codes in the event of a loss.

Identity theft protection, water backup coverage, covering for priceless objects, and earthquake coverage—which has a separate deductible—are all optional add-ons.

The business offers price reductions for bundling insurance, rebates for installing safety and security systems, and claim-free opportunities.

Our sample policy has a monthly rate of $145 for Nationwide. The insurance has an AM Best rating of A+.

Bottom Line: Nationwide offers baseline protection against credit card fraud and assistance in reconstructing a destroyed house in accordance with code standards, which aren’t something all competitors provide. The insurer also offers a number of add-on coverages, such as earthquake insurance, as well as a number of discounts. However, Nationwide does not offer home insurance in a number of states.

Which options for homeowners insurance coverage come standard from Nationwide?

The following coverages and safeguards are included of a Nationwide standard homes insurance policy:

Dwelling: This insurance covers the replacement or repair of your home’s physical structure, including decks and associated garages.

Other structures: This includes harm to separate buildings on your land, such as a fence or gazebo.

Personal property: This safeguards your home’s possessions.

Personal liability: If you or a member of your family is accused of causing property damage or third-party injury, this comes into play.

Medical payments for visitors: This covers their medical costs if they are hurt on your property or unintentionally by a member of your family.

Loss of use: Also known as additional living expenses, this type of insurance pays out if a covered loss forces you to leave your home and causes you to incur additional costs for lodging, food, boarding for pets, and other living expenses.

Ordinance or law insurance: If your home is found to be out of compliance with local construction standards following a covered loss, this coverage can help pay to get it up to speed.

Credit card coverage insures you against expenses incurred due to check fraud, receiving fake cash, or unlawful debit or credit card transactions.

What Other Homeowners Insurance Coverages Does Nationwide Provide?

You can use the additional homeowners insurance coverages Nationwide provides to create the perfect home insurance package for your needs:

Your home and its belongings will be covered by earthquake insurance in the event of damage. Its deductible is distinct.

Nationwide sells coverage under the National Flood Insurance Program, like many other insurance providers. (NFIP).

Totally New Items: Change the personal property coverage to replacement cost, which covers the difference between depreciated value and brand-new things, as opposed to real cash worth with depreciation.

Better Roof Replacement: In the event of an insured loss, this insurance will upgrade the materials used to repair your damaged roof.

Identity theft: If you become a victim of cybercrimes, you may be eligible for up to $25,000 in compensation.
To ensure that your home may be rebuilt following a covered claim, even if expenses are higher, increase your dwelling coverage amount by at most two times.

If your sump pump malfunctions and overflows, or if water or sewage backs up into your drains, this insurance will pay.

The website Valuables Plus offers appraised values for pricey objects like jewelry, fine art, and antiques.

Location affects the price and accessibility of optional coverages. To learn more, speak to a Nationwide representative.

What Does Nationwide Homeowners Insurance Cost?

Nationwide ranks third in our list of the cheapest homeowners insurance providers for 2023, making it one of the least expensive firms we have evaluated. We estimated a monthly cost of $144.97 with Nationwide for a $500,000, 2,400-square-foot townhouse in Naperville, Illinois, used for comparison reasons. Your expenses will differ based on your home’s location, size, and age, among other things.

What Discounts Does Nationwide Offer on Homeowners Insurance?

Numerous homeowner’s insurance discounts are available from Nationwide Insurance, including:

Multi-policy: Nationwide advertises a 20% savings if you combine your auto and house insurance policies. The combination of life, renters, motorbike, and boat insurance policies may also qualify for discounts.

Homes within gated communities that are guarded by a security guard, a key-lock mechanism, or residential access cards are eligible for this discount.

Protective equipment: Having a smoke detector, fire alarm, burglar alarm, or other acceptable equipment may result in a reduction in your premium.

Claims-free: You may be able to save more money by delaying filing a homeowners claim for a longer period of time.

Renovating your home requires modernizing its appliances, including its heating, cooling, plumbing, and electrical systems.

Savings will vary depending on the kind of roof materials and the age of your roof, according to the roof rating.

New home purchase: This is relevant to policyholders who recently bought a house.

Prior insurance: You may be eligible for this discount on your policy if you maintained continuous coverage with your previous insurer.

Homeowners who install a Notion Smart Home Monitoring System can access a smart home in a few states.

Not all states grant discounts, though. To learn what you are eligible for, speak with your Nationwide insurance agent.

How do I purchase homeowners insurance from Nationwide?

To purchase a homes insurance coverage from Nationwide, follow these steps:

Identify the coverage you require. Determine the type and cost of the coverages you require. To ascertain this, you might need to perform a house inventory and evaluate the age of your home’s appliances. Note any recent renovations’ date, nature, and cost.

Amass significant papers. You must include details about your house, including the time it was built, the materials used in its construction, and any special features. Additionally, you should have information about your current insurance coverage, including the company it is with, the length of time the policy has been in effect, and your history of claims.

Request a quote. Nationwide has a number of ways to request a quotation. Select the method that best suits your needs: online, over the phone, or in person with a nearby Nationwide agent.