Nationwide Home Insurance Review

Initially founded in 1926 as Farm Bureau Mutual Automobile Insurance Co., the insurance company changed its name to Nationwide Mutual Insurance Company in 1955 to reflect their expansion across the United States.

Nationwide is currently headquartered in Columbus, Ohio, and provides a comprehensive range of insurance and financial services across the country. 

Nationwide offers home insurance as well as car, motorcycle, boat, pet, farm, commercial, and life insurance. 

It also has financial offerings such as mortgages, pensions, and long-term savings plans.

Today, the insurance company has an annual income of $2.8 billion, employs over 25,000 people, and has relationships with over 11,00 independent insurance agents across the U.S.

If you’re in the market for homeowners insurance, read our Nationwide home insurance review to find out how they compare to other homeowners insurance companies. 

The Pros And Cons of Nationwide Insurance

State Availability

Despite their name and large national footprint, Nationwide is not available in all U.S. states. You cannot purchase an insurance policy from them if you live in one of these states:

• Alaska.

• Hawaii.

• Louisiana.

• Massachusetts.

• New Jersey.

What Third-party Ratings Does Nationwide Have?

Third-party ratings from independent rating companies are a reliable indicator of a company’s performance based on the real experiences of customers who have used their services.

The third-party ratings we have examined are those from ConsumerAffairs and Better Business Bureau (BBB).

Consumer Affairs

The nonprofit company, Consumer Affairs, has assigned Nationwide a 3.9 out of 5 star rating in their satisfaction rating.

Most people giving the company 4 or 5 stars. At the time of publishing, Nationwide’s score is based on 160 submissions.

source: ConsumerAffairs

BBB

Nationwide has an A+ rating from BBB (Better Business Bureau). This is the highest rating that the BBB offers, which shows that customers are confident that the company is able to provide its services. . 

Although Nationwide has 197 complaints listed on the BBB, these complaints are across all of their offerings and services, not just their homeowners insurance.

Cancellation Policy

 Customers can cancel their Nationwide insurance policy by contacting their PolicyScout insurance agent or calling Nationwide on 877-669-6877.

Nationwide does not require an early cancellation or penalty payment. So, if you cancel your insurance before the end of your policy term, you will not need to pay a penalty.

If you have already paid for your insurance policy in full, Nationwide will refund the portion that you have not used.

Remember, you shouldn’t cancel your insurance policy due to life changes or financial issues. If you cancel your insurance and experience a loss or damage, you could end up in an even more difficult financial situation.

If you can no longer afford to pay for an insurance policy, take these steps before canceling your policy:

• Call your insurance agent to find out whether you are eligible for discounts or a lower rate.

• Examine the add-ons and benefits included in your policy, and find out whether you can cancel additional benefits to lower the overall cost of your policy.

• Call other insurance companies to find out whether they can offer you coverage at a lower rate than your current insurer.

Home Insurance Coverage Available Through Nationwide Insurance

Nationwide offers a range of standard homeowners insurance coverage inclusions, along with a variety of discount options for customers who have multiple policies with them—for example, auto insurance along with homeowners insurance. In the insurance industry, this is called ‘bundling’ and can result in saving on your overall insurance premium.

Nationwide also offers all of their policyholders a free insurance assessment, called the On Your Side Review. In this review, a Nationwide insurance agent will meet with you to ensure you:

• Understand your insurance policy.

• You have the right level of coverage.

• Are making the most of discounts and benefits.

Here are some of the standard homeowners insurance coverage types Nationwide provides: 

Dwelling Coverage

Nationwide’s dwelling coverage will pay out in the event that the structure of your home is damaged or destroyed, for example if your house burns down or sustains damage from a falling tree.

This is one of the most important parts of a homeowners’ insurance policy, because these repairs are often costly to carry out.

Some of the structures of your home that are protected by dwelling coverage include the roof, foundation, floors, windows, doors, and walls. 

It won’t cover additional structures built on your property or the land your property is built on. 

Additional cover would need to be taken out to cover any other structures on your property that are not your home.

Other Structures

Nationwide home insurance doesn’t only cover the structure of your home, it also provides extra coverage for other structures on your property that are not attached to your house, such as a shed, fence, or guest house. 

If these structures are damaged, for example during a storm or fire, Nationwide may pay out to have them repaired.

Personal Property Coverage

This coverage type will protect your personal belongings inside your home, like electronics or furniture, if they are damaged or destroyed during a covered loss. 

If you rent out your home to tenants, their personal property will not be covered in a loss.

Liability Coverage

If a guest injures themselves on your property, you may be held liable for the expenses that arise, such as legal bills, medical bills, and their loss of income. 

Liability coverage will cover these costs on your behalf, so you don’t need to pay them out-of-pocket.

Loss of Use Coverage

If your home is damaged in an event that is covered by your insurance company (for example, a fire), and are forced to temporarily move out while your home is rebuilt or repaired, Nationwide’s loss of use coverage will cover the cost of a hotel or rent for a temporary home.

Credit card coverage

Nationwide’s credit card coverage covers you in the event your credit card is stolen or unauthorized transactions are made on your card. It pays up to your chosen limit for unauthorized transactions on your credit card or debit card, and covers you for forged checks or counterfeit money.

Home Insurance Add-Ons Offered by Nationwide 

While the standard coverage offered by Nationwide homeowners insurance is comprehensive enough for the average  homeowner, you may want to consider taking out optional add-ons for further coverage. 

This type of additional coverage is especially useful if you have valuable items stored in your home or live in a state with a high chance of natural disasters.

Here are some of the add-ons Nationwide offers their policyholders:

Identity Theft

As incidents of cybercrime and identity theft continue to rise, this helps keep your personal data secure and covers you in the event your identity is stolen.

For more information on Identity Theft Protection, what it is and why you need it you can visit our our page on identity theft.

Valuables Plus®

The valuables in your home may not be covered by a standard homeowners insurance policy. 

Items like jewelry, watches, antiques, and art can be covered by Nationwide’s Valuables Plus® add-on. You will need to have your items professionally appraised before they are covered, then Nationwide will cover them to their appraised value.

Dwelling Replacement Cost

If your home needs to be completely rebuilt after a loss, the Dwelling Replacement Cost coverage can pay up to two times your dwelling coverage limit. This can then help re-establish your home.

Water Backup

If water backs up through your sewer, drains, or pipes and damages your property, this additional coverage option will cover the cost to repair the damages.

Earthquake

This provides coverage in the event of damage or loss resulting from an earthquake.

Flood insurance

This add-on protects your property and the contents of your house if they are damaged due to a flood.

Available Discounts

Many insurance companies offer consumers discounts on their policies for loyalty, taking out multiple insurance policies, and remaining claim-free for a certain duration. 

One of the best ways to take advantage of an insurer’s discounts is to upgrade your home with devices that protect it, for example, anti-burglar devices or anti-fire devices.

Here are some of the discounts available to Nationwide home insurance policyholders:

Multipolicy discount

If you purchase both home and auto insurance from Nationwide, you may be eligible for a discount on the combined total of your insurance policies.

New Home Discount

If you’ve bought your home within the past 12 months and get homeowners insurance with Nationwide, you may qualify for a discount. 

Claims-Free Discount

If you do not make a claim on your homeowners insurance, you may receive a discount on your insurance premium.

Roof Discount

This is a discount that homeowners can receive based on the age and material of their roofs. While no home is completely disaster-proof, getting a better roof replacement can result in receiving a discount.

Home Renovation Discount

You may qualify for a home renovation discount if your property’s electrical, heating, cooling or plumbing has been updated within the past ten years. 

Remember, the update will need to be carried out by a qualified contractor and adhere to current building codes in order to be eligible for the discount.

Protective Devices Discount

Protective devices are devices used to limit damage or discourage theft, such as smoke detectors, fire alarms, burglar alarms, and burglar bars.

Gated Community Discount

Gated communities are becoming more popular for homeowners because of the increased safety and security they provide. 

If you live in a gated community where entrances to your home are controlled by 24/7 security, resident cards, or keys, you may qualify for a gated community discount.

Smart Home Discount

If you install Nationwide’s Notion system, you can receive a discount on your insurance. 

Notion is a smart home monitoring system that detects water damage, break-ins, gas leaks, and fires in order to make your home safer. 

The Notion kits cost between $75 and $100 and must be installed within 55 days of receiving the kit in order to be eligible for the discount.

Consumer Experience 

Signing up

Consumers can receive a quote from Nationwide’s website, contacting their insurance agent, or calling Nationwide at 877-669-6877.

Claims process

Nationwide allows their customers to submit a claim on their website, through their app, or by calling their claims line at 800-421-3535. When you make a claim, Nationwide will assign an adjuster to you who will guide you through the entire claims process.

Online experience

Nationwide offers a seamless digital experience where customers can manage their full insurance policy directly from the Nationwide website or their app for Android and iOS. 

This includes paying their bills, submitting and tracking claims, and setting up automatic payments. Their website also offers a wealth of information about homeowners insurance on their online learning center. 

How to File a Nationwide Homeowners Insurance Claim 

You can file a claim with Nationwide on their website, through their app, or by calling them at 800-421-3535. Before submitting a claim, make sure you follow these steps to ensure the process is as seamless as possible:

• Take photos of the damage and compile a list of the repairs that need to be carried out.

• Make sure you have all relevant documents relating to your claim, along with your policy number.

• Write down any questions you want to ask your insurance agent regarding your claim, deductibles, or the claiming process.

Customer Complaints

Relative to its size and large financial services offering, Nationwide has received an average number of complaints according to data from the National Association of Insurance Commissioners.

Some of the recent complaints submitted to the Consumer Affairs website have highlighted the following aspects of the company’s service and products:

• A difficult claiming process.

• Slow repairs to home damage.

• Poor customer service.

• High premiums.

• Lengthy insurance investigations.

• Sudden policy cancellations.

Other Homeowners Insurance to Consider 

Nationwide vs USSA Home Insurance

Nationwide vs Amica Home Insurance 

Nationwide vs Chubb Home Insurance

Tips When Buying Homeowners Insurance 

Your home is likely to be the most expensive purchase you’ll make in your lifetime, and home insurance is a key part of protecting your investment. 

When choosing a homeowners insurance policy, keep these tips in mind to avoid any unexpected surprises:

• Do your homework: Research potential homeowners insurance companies to make sure they are accredited and financially sound.

• Compare quotes: The only way to ensure you’re getting the best price on your insurance is to compare quotes from multiple companies. Remember, cheaper isn’t always better—make sure you also compare their coverage inclusions and deductibles before making a decision.

• Get the right coverage level: If you under-insure your home, your insurance company may not cover all repairs in the event of a loss. In the event this happens, you will need to pay the difference yourself—which can become costly. Make sure the coverage you get matches the true value of your home to avoid needing to pay the shortfall.

• Understand your insurance policy: Insurance policy wording can be complex, so call your insurance company to clarify anything you don’t understand.

• Check your coverage exclusions: Many homeowners insurance companies will only cover damages resulting from fire, earthquakes, or floods if you have selected these as add-ons to your policy.

• Take advantage of discounts: Check what discounts your insurance company offers to decrease the cost of your insurance policy.

• Keep your policy up-to-date: If you purchase an expensive item or make alterations to your home, make sure these are included in your insurance policy.

Our PolicyScout Verdict on Nationwide Home Insurance 

Now that you’ve read our Nationwide home insurance review, you may be wondering if they are the right insurer for you. 

If you live in one of the states where Nationwide homeowners insurance is available, they are a trustworthy and reliable homeowners insurance company that consistently scores high in customer satisfaction ratings. 

Along with their robust standard coverage, they offer a range of flexible add-ons that allow you to customize your insurance policy to your unique needs.

While Nationwide has received some negative consumer feedback on Consumer Affairs, their overall star-rating is consistent with other home insurers. 

Their financial ratings from reliable credit businesses like Moody’s, Standard & Poor (S&P), and AM Best are all positive, indicating that they are financially strong and have a stable reputation.

While Nationwide home insurance is a strong contender for homeowners looking to insure their most valuable possession, they may not be right for everyone. 

To find the insurance best suited to your unique needs, it’s important to review multiple insurance companies, their coverage items, and the cost of their premiums.

Frequently Asked Questions (FAQs) About Nationwide Home Insurance

Is Nationwide Good at Paying Out Claims?

Nationwide is a financially sound company with positive ratings from Moody’s, AM Best, and Standard & Poor (S&P). This indicates that they will be able to pay out homeowner’s claims even in the event of a widespread disaster.

Is Nationwide a Good Insurance Company?

Yes. As a Fortune 100 company and one of the largest insurers in the U.S, Nationwide is a reliable company to insure your home with.

How Do I File a Homeowners Insurance Claim with Nationwide?

Nationwide allows their customers to submit a claim on their website, through their app, or by calling their claims line at 800-421-3535.

Ready to get your home covered? 

PolicyScout has long standing relationships with the top insurance companies in the U.S to ensure you can get the best rates on your insurance. 

If you need help selecting the right insurance policy for your needs, give us a call at 1-888-912-2132 or send us an email at Help@PolicyScout.com for assistance.