Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Largest home insurance companies
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Largest home insurance companies
The biggest home insurance companies top the list by a wide margin. After the top 10, each remaining insurer makes up less than 2 percent of the market.
Based on North American market share data from the National Association of Insurance Commissioners (NAIC), the list of home insurance companies with the largest market share are:
- State Farm
- Allstate
- Liberty Mutual
- USAA
- Farmers
- Travelers
- American Family
- Nationwide
- Chubb
- Citizens Property Insurance Group
- Progressive
- Erie
- Auto-Owners
- Universal Insurance Group
- AAA (and CSAA)
- Cincinnati Insurance
- Amica
- Country Financial
- The Hartford
- Mercury
- Auto Club of Michigan
- The Hanover
- Heritage
Top 5 home insurance companies
If you’re gathering home insurance quotes, it’s natural to start with what you know. That’s likely the five biggest companies: State Farm, Allstate, Liberty Mutual, USAA and Farmers. It’s not a bad place to begin, but there are other factors to consider aside from being a household name. In the table below, we compiled average rates from Quadrant Information Services and customer satisfaction scores from the J.D. Power 2024 U.S. Home Insurance Study to help give you more insight into whether a company could be the right one for you.
| Home insurance company | 2023 percentage of market share | Direct premiums written | Average cost of insurance for a $300K dwelling | J.D. Power customer satisfaction score |
|---|---|---|---|---|
| State Farm | 17.79% | $27 billion | $1,984 | 643/1,000 |
| Allstate | 8.92% | $13.5 billion | $2,289 | 631/1,000 |
| Liberty Mutual | 6.89% | $10.5 billion | N/A | 596/1,000 |
| USAA* | 6.81% | $10.4 billion | $1,451 | 737/1,000 |
| Farmers | 5.91% | $8.9 billion | $2,672 | 609/1,000 |
*Not officially ranked with J.D. Power due to eligibility restrictions
State Farm is the largest home and auto insurance company in North America, capturing 17.79 percent of the home market and 18.31 percent of auto. State Farm has an extensive network of 19,000 agents across most of the country and offers policies in almost every state (except CA, MA and RI). On top of in-person service, State Farm also offers highly-rated digital tools for homeowners who prefer to handle their policies online or through a mobile app. State Farm ranked above average in both the J.D. Power 2024 U.S. Home Insurance Study and Property Claims Satisfaction Study — two positive indicators of strong customer satisfaction. Financially, State Farm also scores well; the company boasts an A++ rating from AM Best, the highest possible.
Pros
- Fewer complaints than baseline with the NAIC
- Highly rated by J.D. Power across multiple categories
Cons
- Not as many discounts as other national insurance companies
- Not available in CA, MA and RI
Allstate is the second-largest home insurance provider in the country, with 8.92 percent of the total market share. The company stands out for its impressive list of home insurance add-on coverage, including sports equipment coverage, yard and garden coverage, green improvement reimbursement coverage and scheduled personal property coverage, just to name a few. Allstate has an A+ rating from AM Best, which indicates the company has a strong likelihood of making good on its customers’ claims. You can file claims online or through the Allstate mobile app and use Allstate’s Good Hands Repair Network to find a reputable contractor in your area.
Pros
- Broad selection of discounts
- Highly rated digital tools
Cons
- Ranked below average by J.D. Power in multiple studies
- Not available in CA
Liberty Mutual is the third-largest home insurance company, with 6.89 percent of the market share and an A rating from AM Best. Homeowners can take advantage of endorsements like personal property replacement cost coverage, hurricane coverage, inflation protection and more. The company also offers many discounts, with savings for being claims-free, getting a quote before your current policy expires, insuring a newly purchased home, having a new roof, enrolling in automatic payments and several others. Its digital tools are highly rated; however, its local agent presence is smaller compared to the other largest home insurance companies.
Pros
- Multiple savings opportunities
- Customizable policies
Cons
- Ranked below average in the J.D. Power U.S. Home Insurance Study
- Average rates not available
USAA ranks fourth on the list of largest home insurance companies, but you can only get coverage if you are an active duty or retired military servicemember or an eligible immediate family member. Because of this, USAA isn’t ranked in J.D. Power studies — but its scores are consistently some of the highest. Expectedly, some of USAA’s coverage options cater to the military community, like its no-deductible insurance for uniforms and other gear. USAA offers several home insurance discounts and add-on coverage options like home sharing coverage and earthquake coverage. Further, its average rates usually skew cheaper, and it has an A++ financial strength rating from AM Best.
Pros
- Excellent customer service ratings
- Replacement cost coverage included
Cons
- Only available to the military community
- No agent offices
Farmers holds the fifth spot on the list of largest home insurance companies. Farmers offers perks like a disappearing deductible, claim forgiveness, Eco-Rebuild coverage for green homes and other add-ons to round out your financial protection. In terms of discounts, Farmers provides several ways to save, with discounts for not smoking, having a home security system and working as a health care provider, teacher, first responder or military servicemember. Like Liberty Mutual, Farmers is rated below the industry average for overall customer satisfaction in the most recent J.D. Power U.S. Home Insurance Study. Farmers holds an A from AM Best.
Pros
- Claim forgiveness available
- Multiple add-on coverages available
Cons
- Lowest AM Best rating on our list
- Ranked below average in the J.D. Power U.S. Home Insurance Study
Advantages and disadvantages of large insurance companies
Large insurance companies typically offer more insurance products, competitive pricing and greater availability for customer service and claims. However, smaller insurance companies may offer more personalized service, have cheaper rates for some coverage types and come with more flexibility for policyholders. Depending on your circumstances and insurance needs, as well as your preference for customer interactions, a large insurance company may or may not be the best fit.
| Advantages | Drawbacks |
|---|---|
| More insurance products may be available | Customer service may not be as personal as with a smaller provider |
| Longer business hours or 24/7 customer service | Claim process may be longer due to higher volumes of claims being processed |
| Variety of policy management and claims options | Larger companies may be less likely to gear policies toward the specific needs of regional homeowners |
Advantages of a large insurance company
Large insurance companies have some advantages over smaller companies, which can include:
- Multiple insurance products: If you are looking to insure everything with one company, you may find a wider range of insurance products with a large company versus a small company.
- Customer service hours: Larger insurance companies usually have a greater number of customer service representatives, which allows for longer customer service windows of time and the ability to handle a higher volume of calls.
- Multiple access points: Whether you prefer to handle your insurance business over the phone, online or through the app, large insurance companies typically offer multiple ways to access or manage your policy and claims whenever it is convenient.
Disadvantages of a large insurance company
Although there are advantages to using a large insurance company, there are some disadvantages to consider:
- Lack of personal service: This may be true if the insurance company operates through a call-center model instead of the local agency model. In this case, you may have to call an 800 number to speak to a representative. It is unlikely your agent will have a longstanding history with you and your family, and you will not always be able to speak to the same person twice, except in some cases with an assigned claims adjustor.
- Potential for long claims process: In the event of a natural disaster or large number of claims in an area or across multiple states, large insurance company claims may take a longer time to process.
- Specialized coverage: Small insurance companies typically work closely with a local customer base and can provide specialized coverage recommendations to meet their needs better than larger insurers providing coverage to the entire country.
Bankrate tip: Consider an experienced insurance broker or agent
An independent insurance agent or broker can help you hone in on the right insurance company for you. They may be more familiar with the smaller, more regional companies in your area that you might not be familiar with. An independent agent or broker, unlike a captive agent, usually works with multiple insurance companies as opposed to just one.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $300,000
- Coverage B, Other Structures: $30,000
- Coverage C, Personal Property: $150,000
- Coverage D, Loss of Use: $60,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
