Our verdict: Nationwide provides a solid insurance policy for less than $100 per month. You’ll also enjoy other financial services, such as banking and investing in the states where the company is available.
Besides home insurance, Nationwide offers banking, investing, and life event planning services. It was founded in 1926, and today, it is a Fortune 100 company that has processed over $1 billion in COVID-19 retirement plans. Nationwide home insurance provides among the best policies on the market with diverse coverage and discount options.
As one of the most significant US insurers, it has paid over $16 billion in claims and other benefits. In this review, you can read all about Nationwide’s services and how it compares to other companies. That will help you determine whether it is the right fit for your needs.
Nationwide Home Insurance Pros and Cons
Here’s a list of Nationwide’s strong and weak sides to get an objective look at the provider.
Pros
- Before giving you a quote, the website will direct you to an agent if necessary
- Helpful assistance from the quote calculating tool
- Bundling policies offers
- Excellent basic home insurance policy
- Useful add-ons
- Affordable policies
Cons
- The mobile app is not convenient for managing home insurance policies
- Not available in all states
Nationwide Homeowners Insurance Product Overview
Nationwide offers a range of services to cover losses in the events of theft, water backup, personal injury, and many others. The home insurance policy protects your home, personal belongings, and family members. It further provides financial security if someone files a lawsuit against you for property-related incidents.
With Nationwide, you can use add-ons to customize your policy and include any type of coverage you need. It offers a wide range of discounts to lower your fees.
Features of Nationwide Home Insurance
There are several property insurance policies that you can select based on where you live and the type of your home. Let’s look at the features of each.
Homeowners
A homeowners insurance policy can keep you on your feet in case of an unexpected adverse event. There are two plans you can purchase from Nationwide — Standard, and Optional.
The Standard policy includes the dwelling, other structures, content, and personal liability. This Nationwide house insurance also protects your belongings, medical payments to others and can help you rebuild after an incident. The Optional policy features add-ons that extend coverage.
There is also a “loss of use” feature that covers any living expenses if you’re unable to stay in your home after an accident. In addition, this policy includes credit card insurance, so you’ll be compensated for any unauthorized transactions. It also applies to checks and counterfeit money.
The available add-ons for the Nationwide homeowners insurance coverage include:
- ID Theft Protection
- Valuables Plus
- Replacement Cost Plus
- Water Backup
- Earthquake
- Flood
Replacement Cost Plus is an extra level of protection that can help you rebuild your home after a loss. You can insure particular items, such as jewelry or antiques, with the Valuables Plus add-on.
Condo
Nationwide provides two options for condo insurance, as well. The Standard policy covers:
- Contents
- Loss of use
- Building additions
- Personal liability
- Medical payment to others, etc
The Optional Nationwide home insurance coverage for condos includes:
- ID theft
- Valuables Plus
- Water backup
- Earthquake
Flood
Floods damage homes more than any other natural disaster in the US. Even if you don’t live in flood-prone areas, you might still need related coverage. Nationwide will connect you to the National Flood Insurance Program, and you can get a policy that will include:
- Furniture
- Clothing
- Certain cleanup costs
- Damage to heating or cooling systems
- Repair or replacement of flooring
Earthquake Insurance
As some states are more prone to earthquakes, Nationwide earthquake insurance might be a good option for you. It is available in all states besides California. The company works with ICAT and the California Earthquake Authority to provide alternative solutions there.
This feature doesn’t increase the policy liability limits and includes:
- Wide range of deductible options that apply to the total amount of insured loss
- Extended dwelling coverage in case of earthquake damage
- Coverage for a direct physical loss to property
- Protection for condo owners
- Extended loss assessment coverage when an earthquake is the cause of damage
Hazard
Nationwide hazard insurance might be necessary if you wish to get a mortgage loan for your home. It’s usually included in the home insurance policy, and it refers to the structure of your home.
It covers damage caused by:
- Fire
- Hail
- Lightning
- Theft
- Vandalism
- Fallen trees
- Explosions
- Car crashes into your home
Mold Coverage
Whether your insurance covers mold damages depends on what caused it and your additional coverages. There’s no specific Nationwide insurance mold coverage for the removal expenses.
For example, if your dishwasher breaks and the water leak results in mold, you’ll most likely qualify for reimbursement. On the other hand, the company won’t cover the costs if it appears after a flood and you don’t have the appropriate policy.
Better Roof Replacement
If you need to rebuild your roof after an accident, you can take advantage of this optional coverage. It’s insurance for better roof replacement includes the use of better materials that can withstand damage in the future.
Nationwide Mobile App
Nationwide has a great mobile app — you can see all your policies in one place, make changes, pay your bills, file claims, and much more. It is convenient primarily for auto insurance policyholders.
You can choose a repair shop, drive-in, or rental and call roadside assistance via the Nationwide insurance app. It also allows you to reach an agent and get an insurance quote.
The app supports face or fingerprint recognition, depending on your Android device. However, the latest user reviews aren’t positive. People complain about false starts, a slow login, and the lack of a location feature.
Financial Strength
The primary indicator of a company’s ability to pay out claims is its financial strength rate.
Nationwide insurance ratings are an A+ (Superior) by A.M. Best and S&P and an A1 by Moody’s. Nationwide is a Fortune 100 company that has paid $16.9 billion in claims and other benefits. Therefore, you shouldn’t face difficulties with your claims.
Customer Service
Nationwide’s website is convenient for paying bills quickly, track or file claims, set up an automatic payment, and customers are generally satisfied with it. Nationwide homeowners insurance reviews show it has fewer-than-expected complaints to state regulators.
If you have any questions about purchasing a policy, you can call customer support or explore your options online. There’s no live chat available on the website, but the members’ resources, such as quick links, FAQs, and self-help videos, contain all essential information.
The mobile app can connect you to an agent, however, it’s better suited for clients who have already purchased an insurance policy.
- NerdWallet — 5
- USNews — 3.7
- ConsumerAffairs — 4
- Clearsurance — 4.2
Insurance Cost
Your Nationwide home insurance quote depends on multiple factors. The location is among the primary concerns as it may require specific add-ons. Also, if you’ve secured your home with monitoring devices, you might be eligible for a discount, and bundling policies can save you even more.
Nationwide’s rates are affordable compared to the average national. Based on some estimates, if your home is worth $200,000, your annual premium would be around $990, while the national average is $1,241.
Nationwide Home Insurance Discounts
Nationwide helps you save with a variety of discounts. Let’s take a look at each.
Multi-policy
If you decide to bundle your auto, life, or other insurance with the property policy, you might get a discount.
Home Purchase
If you purchased a home in the last 12 months, consult with your agent to check if you’re eligible.
Protective Device
The installation of specific devices, such as smoke detectors, fire and burglar alarms, can lower your premium.
Prior Insurance
That Nationwide home insurance quote discount is suitable for new customers, and it depends on the time you spend with your prior provider.
Claims-free
If you remain claim-free for a certain amount of time, you may qualify for a lower premium.
Gated Community
If you live in a gated community and all vehicle entrances are protected by guards or key-lock devices, you might be eligible for this discount.
Home Renovation Credit
Renovating your plumbing, heating, cooling, and electrical systems can get you a discount.
Roof Rating
The age of your roof and the surface type can save you money on your Nationwide homeowners insurance premium.
Rates Comparison
The cost is an essential consideration when purchasing insurance. Nationwide offers cheaper fees than the national average, but here’s how it compares to other companies.
Nationwide vs. Allstate
The cost of its property insurance depends on the type, add-ons, deductibles, and location. Allstate’s quotes are higher than its competitors’ — the average annual premium is $1,730. However, the company offers a variety of discounts that will get your expenses down.
For comparison, the average Nationwide homeowners insurance quote for a property worth $200,000 is about $990 yearly.
Nationwide vs. Liberty Mutual
Liberty Mutual allows for policy customizations, but add-ons can raise the price of your premium. On average, its monthly fees range from $87 to $359, and it offers many discounts to help you save on your policies. In some states, it might cost less than the national average.
Compared to Nationwide, Liberty Mutual’s costs are slightly higher.
Overall Competition Comparison
Price is not the only consideration when choosing an insurance provider. Let’s compare Nationwide’s customer services to some other popular companies.
Nationwide vs. State Farm
State Farm is focused on helping people manage risks and recover from adverse events. When it comes to its ratings, A.M. Best gives it the highest score of A++.
State Farm supports over 83 million active policies in the US. The company grew in the last few years, and its subsidiaries paid out almost $600 million in dividends.
As for Nationwide’s home insurance review, in its 2020 US Study, J.D. Power ranked it 15th, with a score of 808/1,000, and A.M. Best and S&P gave it an A+ rate.
Nationwide and State Farm are both excellent choices for home insurance policies.
Nationwide vs. Allstate
Allstate has a large cash balance and investments of $3.4 billion. It paid approximately $2 billion in dividends to the parent companies in the first quarter of 2020.
Allstate operates in 50 US states and Washington, DC, and owns several other insurance companies. On the other hand, Nationwide home insurance state availability doesn’t include Alaska, Hawaii, Louisiana, and Massachusetts.
Allstate also has discounts similar to Nationwide’s, and its wider availability makes it suitable for more customers.
Nationwide vs. USAA
USAA provides insurance services exclusively to active military members, veterans, and their families. It’s a financially strong company, rated highly by A.M. Best, Moody, and S&P.
USAA financial centers are located in 21 locations across the US. Discount-wise, both companies offer many ways to save on a property policy.
Nationwide home insurance is an excellent choice unless the military employs you.
Expert Thoughts
Nationwide is among the top ten insurers in the US. It offers standard home insurance policies with possibilities for upgrades and additional coverage. It has high ratings and fewer-than-average customer complaints. Additionally, it’s known for its financial stability.
Recent reviews reveal the company’s app is not as functional as advertised — its website is much more efficient. It’s filled with useful information, while the mobile app is great primarily for auto insurance owners.
Overall, Nationwide is a company you should consider when purchasing home insurance due to its reliable policies and available discounts.
People Also Ask
Nationwide is among the largest insurance companies in the US. It provides a variety of financial products besides insurance policies. Its homeowner insurance is solid, as it covers the most common things like dwelling, other structures, belongings, liability, and similar.
Nationwide also offers add-ons that can help you include various things in your policy. J.D. Powers ranks its customer service below the industry average. On the other hand, its financial strength ratings are high, so you shouldn’t have issues with your claims.
Home insurance rates vary based on your location, home age, policy type, add-ons, and other factors. The national annual average cost is about $1,312. Among the companies with the best services and lowest rates are USAA, Progressive, Nationwide, Travellers, and Erie.
However, they all have certain limitations. For example, USAA works exclusively with military members and veterans, and Erie is available in only 12 states.
That basic homeowners insurance policy from Nationwide covers the dwelling, other structures, content, and personal liability. This policy also protects your belongings and features medical payments to others, loss of use, and credit card insurance.
The available add-ons include ID theft protection, valuables, replacement cost, water backup, earthquake, and flood. With these, you can customize your primary policy and enjoy an extra level of coverage.
Your home insurance premium with both insurance companies will depend on your location. On average, State Farm charges about $133 per month, while Nationwide costs less than $100. Based on their financial ratings, both companies are reliable.
State Farm mobile app has more users and slightly better ratings than Nationwide’s. The companies offer excellent discounts, but Nationwide has a 20% discount for bundling home and auto insurance. State Farm, on the other hand, is available in all states.
The policy offered by Nationwide covers the dwelling, other structures, personal belongings, and the loss of credit cards.
Nationwide also has the Brand New Belongings feature to insure the important items in your home against damage or theft. The Valuables Plus add-on can help you insure your phone. You can contact an agent to find out more about this option.
You can find the water coverage as an add-on to the basic policy. It will protect you if water backs up through your sewers or drains or if your sump pump overflows.
If you’re worried about floods, Nationwide can connect you to the National Flood Insurance program. You can purchase a policy to insure furniture, clothing, cleanup costs, damage to heating and cooling systems, and repair or replace the flooring.
Based on your location, besides the standard Nationwide home insurance, this policy might also be a requirement.
