By: Hemanth Ramesh October, 30, 2019
Homeowners in Gilbert, Arizona, pay an average homeowner's insurance rate of $910 per annum, which is much lower than the national average of $1,228 per annum.
Gavop analyzed data from the 2019 market share report published by the National Association of Insurance Commissioners (NAIC) to identify the top 5 homeowners' insurance firms in Gilbert.
State Farm is the largest firm providing multi-peril homeowners insurance in Gilbert and holds a 17.97% market share in the multi-peril home insurance segment. In 2018, State Farm was awarded an A++ rating by A.M. Best, which is the highest possible rating given to a firm for its superior financial ability to meet ongoing insurance obligations.
State Farm has also received an overall customer satisfaction rating of 4 out of 5 stars from Everquote. About 52% of State Farm’s customers say they would buy insurance from the company again, and 40% might continue to do so. Only 6% of customers state they will not return to State Farm to fulfill their insurance needs.
Farmers Insurance is the second-largest multi-peril homeowners insurance company in Gilbert with a 13.01% market share. Farmers received an A rating by A.M. Best for showcasing excellent ability to meet their ongoing insurance obligations.
Farmers also received a customer satisfaction score of 4 on 5 stars from Everquote. About 57% of customers who have purchased insurance from Farmers say they will continue to do so, however, 37% state they might buy insurance from Farmers in the future. About 6% of customers admit they will not be returning to Farmers.
USAA is the third-largest player in the multi-peril home insurance segment in Gilbert with an 8.7% market share. USAA has been given the highest possible rating of A++ by A.M. Best.
About 70% of USAA customers say they will continue buying their insurance from the firm, and 23% might return to do so. Only 7% of customers will stop buying insurance from USAA. Bear in mind, USAA provides insurance only to military personnel, veterans, and their families.
With an 8.64% market share, Liberty Mutual is a predominant player in Gilbert’s multi-peril home insurance segment.
Liberty Mutual has earned an A rating by A.M. Best for their excellent financial ability to meet current insurance obligations.
Moreover, they scored a 4 out of 5 star rating for overall customer satisfaction by Everquote.
About 46% of customers who previously bought insurance from Liberty Mutual say they will continue buying insurance from the firm, and 44% might do so. However, 10% state they won’t be buying insurance from Liberty Mutual again.
With a market share of 8.64%, Allstate is another big player in the multi-peril homeowners insurance segment in Gilbert. The firm has an A+ rating by A.M. Best, and a 4 out of 5 star rating for customer satisfaction by Everquote.
About 64% of Allstate customers say they will continue buying insurance from the insurer, 26% might do so, and 10% will not buy insurance from Allstate again.
These top 5 home insurance firms cumulatively hold more than half of the market share for the multi-peril home insurance segment in Gilbert.
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.