Nationwide homeowners insurance review 2024

Nationwide homeowners insurance is among the most affordable options on the market, with numerous discounts that can lower your premiums even further.

We like that it has endorsements many competitors lack, including for dwelling replacement cost, identity theft and earthquake damage.

Basic policies also include credit card fraud protection, something else many competitors lack as a standard feature.

Pros

• Affordable rates: Nationwide is 25% below the nationwide average, with discounts available for bundling, staying claims-free and more
• Credit card fraud protection: Basic policies include coverage for unauthorized card transactions, forged checks and counterfeit money.  
• Replacement cash-out option: Allows you to buy or build somewhere else if your home is a total loss.

Cons

• Less-than-stellar customer service: Nationwide ranked below average on J.D. Power customer satisfaction surveys and has a slightly higher-than-average number of complaints
• Not available nationwide: Homeowners policies are not available in Alaska, Hawaii, Louisiana or Oklahoma.
• Private Client brand being retired: Nationwide is transitioning away from its high-net-worth line in late 2024.
• Can't buy policy online: While you can get a quote on the Nationwide website, you must speak with an agent to purchase a policy. 

Nationwide issues homeowners insurance in 46 states and Washington, DC. (Policies not issued in Alaska, Hawaii, Louisiana and Oklahoma.) It also offers renters insurance and coverage for condos.

Basic coverage

A standard Nationwide policy includes several types of coverage:

• Dwelling: Pays to rebuild or repair your home, including the physical structure and any permanent fixtures, appliances or attached structures.
• Contents: Pays to repair or replace items inside your house. Nationwide offers policies that cover the actual cash value or replacement cost value of your belongings.
• Other structures: Covers structures not attached to your house, such as a shed, fence or detached garage.
• Personal liability: Financial protection if you’re at fault for an injury or damage to someone’s property that occurs in your home.
• Medical payments to others: Pays for medical or funeral expenses of someone injured on your property.
• Loss of use: Pays for food, housing and other costs if you have to relocate while your home is being repaired after a covered incident.
• Ordinance or law insurance: Covers upgrades to meet current building codes after a covered loss.
• Credit card coverage: Pays for unauthorized transactions on your credit cards and debit/ATM cards, as well as forged checks and counterfeit money.

Riders and endorsements

There are many ways to tailor your Nationwide policy.

• Better Roof Replacement:^® Pays for upgrades to your roof after covered damage
• Brand New Belongings:^® After your policy pays the depreciated value of an item, this add-on can pay the difference for a brand-new replacement.
• Dwelling replacement cost: Pays up to twice your dwelling coverage if your home has to be rebuilt after a covered loss.
• Earthquake: Covers damage from an earthquake, with a separate deductible.
• Equipment breakdown coverage: Cover the cost of replacing a refrigerator, oven, HVAC or other malfunctioning appliance or system
• Identity theft: Reimburses up to $25,000 of out-of-pocket expenses relating to identity theft per incident, with access to resolution experts 
• Service line coverage: Pays to repair or replace utility lines running into your home.  
• Umbrella insurance: Extends coverage for property damage, injuries and personal liability beyond your policy's normal limit.
• Valuables Plus®: Increases the value of coverage for high-value items like jewelry or antiques.
• Water backup: Coverage if your sump pump overflows or water backs up through your drain or sewer.

Nationwide averaged $1,681 per year for $300,000 in dwelling coverage in July 2024, according to Bankrate, or about 25% below the national average. Individual quotes may vary based on your location, insurance score and claims history, as well as the size and age of the property and other factors.

Nationwide makes it easy to lower your premiums with a large number of discounts. Not all are available in every state and some may not be combined.

• Claims-free: Stay claims-free and lower your premiums
• Gated community: Available if all vehicle entrances are protected by guards, swipe cards or key-lock devices.
• Home purchase: Available if you bought your home in the past 12 months.
• Home renovation credit: Receive a discount if you recently updated your plumbing, heating, cooling or electrical systems.
• Multi-policy: Bundle your home and auto policies with Nationwide and save up to 20%
• Prior insurance: Get a discount based on how long you were insured by your previous carrier.
• Protective devices: Discounts for fire alarms, burglar alarms and other safety and security features.
• Roof discount: Lower your rate based on your roof's age and surface material.
• Smart home: Install free monitors provided by Nationwide and save on fire, theft and water coverage

Nationwide scored just below average for customer satisfaction in J.D. Power 2023 U.S. Home Insurance Study, which surveys customers on price, policy offerings, interactions and the billing process. It did significantly better on J.D. Power's survey on the claims process, coming in sixth out of 19 insurers. 

The Better Business Bureau gave Nationwide an A+ rating, its highest score, and according to the National Association of Insurance Commissioners (NAIC), Nationwide received a slightly more-than-average number of complaints about homeowners insurance compared to other providers of equal size.

A.M. Best gave Nationwide a financial strength rating of A, its second-highest grade and a good indicator of the insurer's ability to pay out claims.

One of the biggest insurance companies in the U.S., Nationwide Insurance provides many types of policies, including:

• Auto insurance
• Life insurance
• Condo insurance 
• Renters insurance
• RV insurance
• Business insurance
• Pet insurance

According to Nationwide, bundling your home and auto policies can save you as much as 20%.  

Here’s how Nationwide Insurance stacks up against two major players in the home insurance space.

Nationwide wins handily on price, at about half the cost of Farmers for $300,000 in dwelling coverage. If you’re eligible for some of Farmers' 14 discounts, though, your rate could be significantly lower.

While both companies have numerous endorsements to expand your coverage, Nationwide offers important riders that can cover floods, earthquakes, equipment breakdown and service line coverage.

Neither is a customer service standout, but Nationwide landed in eighth place out of 21 providers on J.D. Power's survey, compared to 16th place for Farmers. Customers are more happy when it comes to the claims process, though: Farmers scored fourth out of 19 in J.D. Power's claims satisfaction survey, while Nationwide came in sixth.

Farmers received far fewer complaints about homeowners insurance than Nationwide, according to the NAIC's complaint index.

Nationwide vs. State Farm

Nationwide and State Farm are fairly evenly matched on price but Nationwide has more than twice the number of discounts for homeowners insurance. If you qualify for enough, that could make a big difference in your premiums.

It's a bit of a draw when it comes to customer service: State Farm scored above average in J.D. Power's customer satisfaction study, but Nationwide did slightly better than State Farm in a separate survey on the claims process.

While Nationwide received an A from AM Best, indicating excellent financial strength, State Farm's financial strength rating was downgraded in 2024 to a B or "fair."

State Farm has a slight edge in availability, with policies issued in 48 states to Nationwide's 46.

You can get a rate quote on the Nationwide website, from a local agent or by calling 855-807-4314. You’ll need to provide information about yourself and your home, including the location, age and distance from the nearest fire station.

Nationwide home insurance policies aren't available online, but you can file a homeowners insurance claim and check its status on the site or by calling Nationwide's claims department at 800-421-3535.

When filing, be sure to have:

• Your policy number
• Pictures of the damage
• Contact info for any witnesses
• Relevant police or fire reports 

Nationwide's app allows you to file claims for property policies, as well as pay bills online and change due dates. While Nationwide doesn't have a chat feature online, it does offer a text messaging program that allows you to manage payments and claims. Policyholders can also call Nationwide at 877-669-6877 to manage your policy.

Nationwide is a smart choice if cost is a major concern, with lower-than-average premiums and numerous discount options.

It should also be on your list if you're looking to customize your policy. It has riders that cover earthquake and flood damage, pay for upgrades to your roof and provide increased coverage for valuables.

While its reputation for overall customer service isn't impressive, Nationwide customers have more favorable opinions of how the company handles the claims process.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every homeowners insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of homeowners insurance. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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