Property insurance is a crucial aspect of financial planning for homeowners, providing protection against various risks such as fire, theft, and natural disasters. In the United States, the property insurance market is vast and competitive, with numerous companies offering a range of products and services. This article delves into the top 15 property insurance companies in the US, examining their strengths, market positions, and unique offerings.
| Rank | Company | Founded | Headquarters | Average Annual Premium | Unique Offerings |
| 1 | State Farm | 1922 | Bloomington, IL | $1,887 | Smart home technology partnership with ADT |
| 2 | Allstate | 1931 | Northbrook, IL | $2,231 | Your Choice Home® packages |
| 3 | USAA | 1922 | San Antonio, TX | $1,270 | Military uniform protection, deployed personal property coverage |
| 4 | Liberty Mutual | 1912 | Boston, MA | $1,950 | Premier Property Protector™ all-risk policy |
| 5 | Farmers Insurance | 1928 | Woodland Hills, CA | $1,500 | Eco-rebuild coverage |
| 6 | Progressive | 1937 | Mayfield Village, OH | $1,500 | Water backup, personal injury, equipment breakdown coverage |
| 7 | Nationwide | 1926 | Columbus, OH | $1,800 | Better Roof Replacement® |
| 8 | Chubb | 1882 | Zurich, Switzerland | $2,500 | Cash settlement option |
| 9 | American Family | 1927 | Madison, WI | $1,800 | Diminishing deductible |
| 10 | Travelers | 1853 | New York City, NY | $1,800 | Green home coverage |
| 11 | Erie Insurance | 1925 | Erie, PA | $1,500 | Guaranteed replacement cost |
| 12 | Hartford Insurance | 1810 | Hartford, CT | $1,800 | New for old protection |
| 13 | Auto-Owners Insurance | 1916 | Lansing, MI | $1,500 | Equipment breakdown coverage |
| 14 | AIG | 1919 | New York City, NY | $2,500 | Private collections coverage |
| 15 | Cincinnati Insurance | 1950 | Fairfield, OH | $1,500 | Equipment breakdown coverage |
Contents
1. State Farm
Overview
State Farm is the largest property insurance company in the United States, commanding a significant market share. Founded in 1922 and headquartered in Bloomington, Illinois, State Farm offers a diverse range of insurance products, including homeowners, auto, and life insurance. The company is known for its extensive network of agents and robust customer service.
Coverage and Cost
State Farm provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a $300,000 home is approximately $1,887, which is slightly higher than the national average. However, State Farm offers various discounts, such as bundling policies and installing safety features, which can help reduce costs.
Unique Offerings
State Farm has partnered with ADT to offer smart home technology designed to detect and prevent risks like water, fire, and theft. This collaboration aims to help customers file fewer claims, thereby reducing costs for both homeowners and the company.
2. Allstate
Overview
Allstate, founded in 1931 and headquartered in Northbrook, Illinois, is another major player in the US property insurance market. The company is renowned for its comprehensive coverage options and numerous discounts, including those for bundling home and auto insurance.
Coverage and Cost
Allstate offers a range of home insurance coverages, including dwelling, personal property, liability, and additional living expenses. The average annual premium for an Allstate home insurance policy is around $2,231, which is slightly below the national average. Allstate provides several discount opportunities, such as claims-free, early shopper, and multi-policy discounts.
Unique Offerings
Allstate’s Your Choice Home® packages allow customers to tailor their coverage to their specific needs, offering additional options like water damage, earthquake endorsement, and home replacement cost guarantee.
3. USAA
Overview
USAA is a top choice for military members and their families, offering specialized insurance products tailored to their unique needs. Founded in 1922 and headquartered in San Antonio, Texas, USAA is known for its exceptional customer service and high customer satisfaction ratings.
Coverage and Cost
USAA provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a USAA home insurance policy is around $1,270, which is below the national average. USAA offers discounts for bundling policies, claims-free history, and installing security devices.
Unique Offerings
USAA’s policies are available exclusively to current and former military members and their families, ensuring a focused and dedicated service experience. The company also offers unique coverage options like military uniform protection and coverage for deployed personal property.
4. Liberty Mutual
Overview
Liberty Mutual, founded in 1912 and headquartered in Boston, Massachusetts, is one of the largest property insurance companies in the US. The company offers a wide range of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Liberty Mutual provides basic coverages under its standard policy and several endorsements to extend benefits. The average annual premium for a Liberty Mutual home insurance policy is around $1,950, which is lower than the national average. The company offers various discounts, such as claims-free, early shopper, and multi-policy discounts.
Unique Offerings
Liberty Mutual’s Premier Property Protector™ all-risk policy offers broad, flexible coverage with clear language and an intuitive structure, making it easier for brokers and policyholders to understand their coverage. The company also provides specialized endorsements like blanket jewelry, hurricane damage, and inflation protection.
5. Farmers Insurance
Overview
Farmers Insurance, founded in 1928 and headquartered in Woodland Hills, California, is a well-established name in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Farmers Insurance provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a Farmers home insurance policy is around $1,500, which is competitive with the national average. Farmers offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Farmers Insurance is known for its high coverage limits and extensive network of agents, providing personalized service and support to policyholders. The company also offers unique coverage options like eco-rebuild coverage, which pays for environmentally friendly materials and appliances if your home is damaged.
6. Progressive
Overview
Progressive, founded in 1937 and headquartered in Mayfield Village, Ohio, is a major player in the US property insurance market. The company is known for its competitive rates and innovative digital tools.
Coverage and Cost
Progressive offers a range of home insurance coverages, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a Progressive home insurance policy is around $1,500, which is competitive with the national average. Progressive provides various discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Progressive’s policies are accessible online, making it a convenient choice for tech-savvy consumers. The company also offers unique coverage options like water backup, personal injury, and equipment breakdown coverage.
7. Nationwide
Overview
Nationwide, founded in 1926 and headquartered in Columbus, Ohio, is a well-known name in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Nationwide provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a Nationwide home insurance policy is around $1,800, which is competitive with the national average. Nationwide offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Nationwide is known for its high-value coverage options and numerous discounts. The company also offers unique coverage options like Better Roof Replacement®, which pays to replace your roof with stronger, safer materials if it’s damaged.
8. Chubb
Overview
Chubb, founded in 1882 and headquartered in Zurich, Switzerland, is a leading provider of high-value homeowners insurance. The company offers comprehensive coverage options and numerous discounts.
Coverage and Cost
Chubb provides extensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a Chubb home insurance policy is around $2,500, which is higher than the national average but reflects the high-value coverage offered. Chubb offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Chubb’s policies are tailored to meet the needs of high-net-worth individuals, providing extensive coverage for valuable assets and properties. The company also offers unique coverage options like cash settlement, which allows policyholders to receive a cash payment instead of rebuilding their home after a total loss.
9. American Family Insurance
Overview
American Family Insurance, founded in 1927 and headquartered in Madison, Wisconsin, is a major player in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
American Family Insurance provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for an American Family home insurance policy is around $1,800, which is competitive with the national average. The company offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
American Family Insurance is known for its enhanced dwelling coverage and numerous discounts. The company also offers unique coverage options like diminishing deductible, which reduces your deductible by $100 for every year you go without a claim.
10. Travelers
Overview
Travelers, founded in 1853 and headquartered in New York City, is a well-established name in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Travelers provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a Travelers home insurance policy is around $1,800, which is competitive with the national average. Travelers offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Travelers is known for its comprehensive coverage options and numerous discounts. The company also offers unique coverage options like green home coverage, which pays for environmentally friendly materials and appliances if your home is damaged.
11. Erie Insurance
Overview
Erie Insurance, founded in 1925 and headquartered in Erie, Pennsylvania, is a regional player in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Erie Insurance provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for an Erie home insurance policy is around $1,500, which is competitive with the national average. Erie offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Erie Insurance is known for its high customer satisfaction ratings and personalized service. The company also offers unique coverage options like guaranteed replacement cost, which pays to rebuild your home regardless of the cost.
12. Hartford Insurance
Overview
Hartford Insurance, founded in 1810 and headquartered in Hartford, Connecticut, is a well-known name in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Hartford Insurance provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a Hartford home insurance policy is around $1,800, which is competitive with the national average. Hartford offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Hartford Insurance is known for its comprehensive coverage options and numerous discounts. The company also offers unique coverage options like new for old protection, which pays to replace your damaged items with new ones of the same kind and quality.
13. Auto-Owners Insurance
Overview
Auto-Owners Insurance, founded in 1916 and headquartered in Lansing, Michigan, is a major player in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Auto-Owners Insurance provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for an Auto-Owners home insurance policy is around $1,500, which is competitive with the national average. Auto-Owners offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Auto-Owners Insurance is known for its extensive network of agents and personalized service. The company also offers unique coverage options like equipment breakdown coverage, which pays for the repair or replacement of home systems and appliances that break down due to mechanical or electrical failure.
14. AIG (American International Group)
Overview
AIG, founded in 1919 and headquartered in New York City, is a global insurance company with a strong presence in the US property insurance market. The company offers a wide range of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
AIG provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for an AIG home insurance policy is around $2,500, which is higher than the national average but reflects the high-value coverage offered. AIG offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
AIG is known for its comprehensive coverage options and numerous discounts. The company also offers unique coverage options like private collections coverage, which provides specialized protection for valuable items like art, jewelry, and antiques.
15. Cincinnati Insurance
Overview
Cincinnati Insurance, founded in 1950 and headquartered in Fairfield, Ohio, is a regional player in the US property insurance market. The company offers a variety of insurance products, including homeowners, auto, and life insurance.
Coverage and Cost
Cincinnati Insurance provides comprehensive home insurance coverage, including dwelling, personal property, liability, and additional living expenses. The average annual premium for a Cincinnati home insurance policy is around $1,500, which is competitive with the national average. Cincinnati offers several discounts, such as multi-policy, new home, and claims-free discounts.
Unique Offerings
Cincinnati Insurance is known for its high customer satisfaction ratings and personalized service. The company also offers unique coverage options like equipment breakdown coverage, which pays for the repair or replacement of home systems and appliances that break down due to mechanical or electrical failure.
Conclusion
The US property insurance market is highly competitive, with numerous companies offering a range of products and services to meet the diverse needs of consumers. The top 15 property insurance companies in the US, including State Farm, Allstate, USAA, Liberty Mutual, Farmers Insurance, Progressive, Nationwide, Chubb, American Family Insurance, Travelers, Erie Insurance, Hartford Insurance, Auto-Owners Insurance, AIG, and Cincinnati Insurance, are known for their financial strength, customer satisfaction, and comprehensive coverage options. These companies provide reliable and trusted insurance solutions, ensuring that homeowners can protect their most valuable assets against various risks and uncertainties.
