Nearly 100 years ago, the Farm Bureau Mutual Automobile Insurance Company began selling auto insurance as millions of people in the U.S. became auto owners for the first time. Today, this prototype car insurance agency is known simply as Nationwide.
In addition to auto insurance, Nationwide now offers home, personal and business insurance coverage. Investment products such as life insurance, annuities and mutual funds are also available. Nationwide’s retirement plans include 401(k) and 403(b) tax-deferred plans and 457(b) deferred-compensation plans.
Protections and Coverages Included in a Standard Nationwide Home Insurance Policy
According to Forbes Advisor, a no-frills Nationwide home insurance policy costs around $1,300 for a residence valued at $350,000. This amount is slightly lower compared to other leading home insurance agencies; coverage purchased from State Farm, Farmers, or Country Financial costs approximately $100 to $400 more than Nationwide home insurance.
A basic Nationwide home insurance policy will include coverage for the following:
- Replacement or repair of interior and exterior damage to the home
- Replacement or repair of decks and garages attached to the home
- Loss of personal property kept inside the home (furniture, valuables, appliances)
- Injuries incurred by visitors who are on the property or inside the home
- Living expenses if the home is so damaged that it is deemed uninhabitable
- Loss of money due to ID theft involving unauthorized use of the homeowner’s credit or debit cards
Optional coverage through Nationwide home protection insurance includes:
- Earthquakes, floods or other natural disasters
- Roof replacement
- Water damage due to sewage backups or broken sump pumps
- Reimbursement for homeowners who have had their identities stolen for financial purposes (up to $25,000)
- Reimbursement for theft of valuable items (appraised value of jewelry, antiques, collectibles)
- Mold damage attributed to flooding of the home
Does Nationwide Home Protection Insurance Offer Discounts?
Like other home insurance companies, Nationwide applies a 5 to 20% discount if property owners decide to bundle their auto insurance policy with their home insurance. Discounts are sometimes available for bundling life, boat and motorcycle insurance. People living within gated communities may be able to take advantage of discounts as well.
Nationwide typically lowers policy premiums for homes protected by security systems or for homeowners who have never or rarely filed claims. Any time a homeowner with Nationwide home insurance completes a renovation or upgrade involving the home itself, Nationwide will generally reduce premiums.
Pros and Cons of Nationwide Home Insurance Protection
Pros:
- The cost of a standard policy is slightly lower than average.
- Various options are available to accommodate the coverage needs of property owners.
- Basic policies include ID and credit card theft coverage.
Cons:
- Nationwide home insurance coverage is unavailable in Hawaii, Louisiana, Florida, Massachusetts, New Mexico, New Jersey or Alaska. However, other types of Nationwide insurance coverage, such as personal, retirement and life, are available in these states.
- The 2022 J.D. Power U.S. Home Insurance Study gave Nationwide a below-average grade for customer satisfaction. An analysis of reviews submitted to the Better Business Bureau (BBB) indicates Nationwide may have issues with its customer service. Many reviews involve not receiving expected funds for coverage and a lack of response from Nationwide representatives.
Complaints Filed Against Nationwide Home Insurance to the BBB
Nationwide instructs holders of home insurance policies to do the following to file a claim:
- Call them directly or use the Nationwide app to file a claim.
- Take video and photographs of the damage as soon as possible.
- Plan to make temporary repairs to prevent further damage.
- Keep all documentation of repair expenses.
- Keep track of the claim’s progress by accessing the homeowner’s account on the Nationwide website or through the app; payment is issued once the claim is approved.
However, recent customer reviews taken directly from the BBB’s Nationwide page give the insurance agency negative feedback and one-star ratings even from customers who have followed these instructions. For example:
05/30/2023: “Very disappointed with their service. My house has had water damage since November 2022. As of today, my claim has not been paid. My house still has water damage every time it rains. My rooms get wet all over again. I have had three different home inspections paid for by Nationwide. However, no one has done anything. I’m fed up while I am paying insurance.”
05/09/2023: “This is the absolute worst home insurance company I have EVER dealt with. If you could give a Z grade for customer service, Nationwide would earn it. My daughter was rear-ended by a driver that had Nationwide. It took them three weeks to tell us that her vehicle was totaled. I emailed the claims adjuster five times during that period and left four voicemails. He never responded to any of them. They refused to pay for the rental car past the time they gave us a settlement offer (which was very low). They also told us it would be another 14 days or so before they would pay off the car.”
On Nationwide’s Better Business Bureau profile page, the BBB issued the following statement:
As of April 18, 2023, please be advised that due to the high volume of complaints received for this business, BBB may publish one out of every four complaints handled through our conciliation process.
So, is Nationwide worth it? It depends. Nationwide is the more cost-effective and versatile option in most cases, but its customer service may be lacking. Still, if you want affordable, straightforward insurance coverage with some benefits, Nationwide may be for you.
You might also be interested in: Is American Home Shield Worth The Cost?
