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By: Ajay kumar Medagani October, 17, 2019

Homeowners in Tucson, Arizona, pay an average homeowner's insurance rate of $1,060 per annum, which is lower than the national average of $1,228 per annum.

Gavop analyzed data from a 2019 market share report published by the National Association of Insurance Commissioners (NAIC) to identify the top 5 homeowners' insurance firms in Tucson.

State Farm

State Farm is the largest firm providing multi-peril homeowners insurance in Tucson and holds a 17.97% market share in the multi-peril home insurance segment. In 2018, State Farm was awarded an A++ rating by AM Best, which is the highest possible rating given to a firm for its superior financial ability to meet ongoing insurance obligations.

State Farm 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

Farmers Insurance is the second-largest multi-peril homeowner's insurance company in Tucson with a 13.01% market share. Farmers received an A rating by AM 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

USAA is the third-largest player in the multi-peril home insurance segment in Tucson with an 8.7% market share. USAA has been given the highest possible rating of A++ by AM Best.

About 70% of USAA customers say they will continue buying their insurance from the firm and 23% might return to do so. However, only 7% of customers will stop buying insurance from USAA. Bear in mind, USAA provides insurance only to military personnel, veterans, and their families.

Liberty Mutual

With an 8.64% market share, Liberty Mutual is a predominant player in Tucson’s multi-peril home insurance segment. Liberty Mutual has earned an A rating by AM Best for excellent financial ability to meet their 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.

Allstate

With a market share of 8.64%, Allstate is another big player in the multi-peril homeowner’s insurance segment in Tucson. The firm has an A+ rating by AM 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.

The chart below shows that these top 5 home insurance firms cumulatively hold more than half of the market share for the multi-peril home insurance segment in Tucson.

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