Nationwide Homeowners Insurance – Product Review

Nationwide Insurance Company headquarters

There are probably many Nationwide Homeowners Insurance reviews that can be found online but having one more is certainly not a bad thing.

For most homeowners or “soon to be” homeowners, their house will likely be their most valuable asset and as such, it should be important to you to mitigate the financial risk associated with owning it.

In almost every case, homeowners don’t have a choice when it comes to insuring their home because most of us have a mortgage and the lender will require that we have the proper insurance on our home; the collateral for the loan.

 

NOTE: We are not Nationwide Insurance Company. If you want to contact a Nationwide representative, you can reach them at (877) 669-6877 or contact them through their website at Nationwide.com or you can speak with a neighborhood agent during normal business hours.

Nationwide Insurance Headquarters
One Nationwide Plaza
Columbus, Ohio 43215-2220

 

About Nationwide Mutual Insurance Company

Nationwide Mutual Insurance Company was founded in 1926 as the Farm Bureau Mutual Automobile Insurance Company. The company was established with the intent to make affordable insurance products available to farmers in the state of Ohio.

As the company grew its customer base and product line, management in 1955 decided to change the company name to Nationwide Insurance Company and expand its footprint to every state in the country.

Through the work of a highly-skilled network of insurance professionals along with the embracement of 21st Century technology, Nationwide posted impressive operating and sales numbers for 2018:

  • Total Sales: $46.9 billion
  • Operating Revenue: $26.9 billion
  • Operating Income: $1.3 billion
  • Total Assets: $225.5 billion
  • Continual membership in the list of FORTUNE 100 Companies

 

Nationwide Insurance Annual Report and Financial Ratings

 

 A.M. BestStandard & Poor’sMoody’s
Nationwide Mutual Insurance CompanyA+A+A1
Nationwide Life Insurance CompanyA+A+A1
Nationwide Life & Annuity Insurance CompanyA+A+A1

 

Nationwide’s Insurance Portfolio

 

Although Nationwide offers an extensive list of personal lines insurance products, there is no shortage of products in the company’s commercial lines portfolio as well.

HomeAutoRecreationLifeSpecialty
HomeownersAuto InsuranceBoatTerm InsurancePet Insurance
RentersMotorcyclePersonal WatercraftWhole LifeDental Insurance
Condo InsuranceClassic Car InsuranceATVVariable LifeAccident Insurance
Private ClientScooterGolf CartUniversal LifeTravel Insurance
Flood InsuranceSnowmobileWedding Insurance
Personal UmbrellaIdentity Theft

 

Nationwide offers almost every coverage imaginable, including auto insurance and home insurance.  For this article, we’ll focus on Nationwide Homeowners Insurance.

 

Nationwide Homeowners Insurance Policy

 

 

Like most of the highly-rated insurance companies that offer homeowners insurance, Nationwide starts with the standard HO3 policy form and then adds on from there with various choices to meet each homeowner’s individual needs.

 

Type of CoverageWhat it CoversTypical Limit of CoverageDeductible Applied
DwellingCovers the structure of the home and any attached/built-in appliancesClaims are generally based on replacement cost of the home (land or lot not covered)Yes - Flat amount or % of structure value
Other StructuresCovers any structures on the property not attached to the house such as fences, barns, workshopsUsually 10% of dwelling limit. Can be increased if needed.Yes
Personal PropertyPersonal belongings inside and outside of your home50% of dwelling limit but can be increased or decreased as neededYes
Loss of UsePays for temporary relocation expenses while the home is under repair20% of dwelling limitYes
Personal LiabilityPays for medical expenses and legal expenses if found liability for injuries or property damage to a third-partyTypically available limits are $100,000 to $1 millionNo
Medical PaymentsPays medical expenses for third-party injuries regardless of faultTypical limits are $1,000 to $10,000No

 

In addition to the coverages listed above, Nationwide’s homeowners’ policy includes Ordinance or Law coverage that covers additional costs to meet new building codes after a covered loss and Credit card coverage that reimburses the policyholder for unauthorized transactions made on a stolen debit or credit card; up to the limit selected.

Nationwide also offers numerous optional coverages to make certain your most valuable asset is properly protected:

  • Brand New Belongings® – When you have a covered claim for damage to your contents and belongings, Nationwide will pay you the depreciated value of your covered items. Once you have replaced or repaired any or all of the items, just send them the receipt and they will make up the difference.
  • Better Roof Replacement® – If your roof is damaged because of a covered peril and must be replaced, Nationwide will pay for a new roof with stronger and safer materials.
  • Water Backup – Water backup coverage takes care of the cost of damages due to water backup from your sewer or drains or if your sump pump overflows.
  • Replacement Cost Plus – Nationwide will extend your dwelling coverage limit up to 20% if the cost to rebuild your own is higher than your policy’s limit.
  • Valuables Plus® – With this optional coverage, additional coverage is added to your policy for items considered high-value like jewelry, watches, fine art and antiques.
  • Earthquake Coverage – This option provides coverage to your home due to an earthquake. A separate deductible will apply.
  • Flood Coverage – Nationwide offers flood coverage through a separate policy that is issued through the National Flood Insurance Program.

 

Nationwide Homeowners Insurance Claim Service

 

When it comes to filing a claim, Nationwide believes soon is better. Even if you don’t have all the information the claim manager or adjuster might need, it’s best to get your claim filed so the claims department can start the process.

Nationwide makes filing a claim painless and easy because you can start your claim with a telephone call to (800) 421-3535 or go online and complete as much of the first notice of loss as possible.

Once you have completed your first notice of loss (FNOL) report, a Nationwide claims associate will be assigned your case and will contact you to begin the following:

  • Gather facts about the damage to your property
  • Explain the coverages you have and what deductible, if any will apply
  • Schedule an inspection of the damage to your home if needed

After the information needed has been gathered, an estimate will be completed and presented to you for review and the company will issue payment (subject to your deductible) according to the terms of your policy.

 

What Nationwide customers and former customers are Saying?

 

It’s certainly helpful to review the feedback about a company you’re considering online but be wary of reviews that don’t appear authentic. Often disgruntled former employees or competitors will upload negative reviews in hopes of damaging a company’s reputation.

We recommend using established company review platforms that are known to be honest about reviews they’ve collected and have done their best to verify them. Here’s what we found for Nationwide Homeowners Insurance:

  • WalletHub: 4 out of 5 stars (208 reviews)
  • Clearsurance: 4 out of 5 stars (2,915 reviews)
  • D. Power: 3 out of 5 stars (claim satisfaction)

 

 

Frequently asked Questions

Does Nationwide’s home insurance cover earthquake damage?

Nationwide will allow applicants to add earthquake coverage with a separate deductible that will apply.

How much does Nationwide charge for homeowners insurance?

Although we cannot provide the cost of your homeowners insurance without the needed underwriting information, you should know that Nationwide’s homeowners insurance is very affordable compare to other companies.

What is the Nationwide homeowners insurance phone number?

You can contact Nationwide homeowners insurance company at (877) 669-6877 or call an agent in your neighborhood.

Does Nationwide offer discounts on homeowners insurance?

Life insurance at 38.

Yes, Nationwide offers discounts in seven categories:
Multi-policy discount
Smoke Detectors and burglar alarms
Claim-free
Home renovation credit
New purchase
Prior insurance
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