Top 5 Home Insurance Firms in Indiana by Market Share
By: Hemanth Ramesh August, 27, 2019
Gavop has identified the top 5 multi-peril home insurance providers in Indiana by analyzing the market share report for 2019, published by the National Association of Insurance Commissioners (NAIC).
State Farm
State Farm has the highest market share in the multi-peril home insurance segment in Indiana, with25.26%. The firm reported a sum of $502,702 in direct premiums written and $ 496,726 in direct premiums earned. AM Best credited State Farm with the highest possible score of A++ for their superior ability to meet their current financial obligations.
Liberty Mutual
Liberty Mutual is the second-largest player in Indiana’s multi-peril homeowner’s insurance segment, with a market share of 8.07%. The firm rewards responsible choices by homeowners with home insurance discounts regardless of where they live in Indiana. Liberty Mutual offers exclusive savings to cover over 1,000 college alumni groups, companies, and associations across Indiana. Liberty Mutual has received an A rating from AM Best for their excellent ability to meet their current financial obligations.
All State
All State accounts for 8.05% of the market share in the multi-peril homeowner's insurance segment in Indiana. Rated A+ for their superior financial ability to meet their ongoing insurance obligations by Am Best, the firm typically covers the following components in a standard homeowners insurance policy:
- Dwelling coverage: The structure of the home, such as the roof and walls are protected.
- Personal property coverage: Protects what's inside your home such as furniture.
- Other structures: The physical structure of buildings on the property separate from the house is protected.
- Liability protection: The homeowners are protected if someone sues them after getting injured on the property. The homeowners are also protected in case they end up damaging another person’s property.
- Guest medical protection: The medical expenses of another individual injured on the homeowner's property are paid for.
- Additional living expenses protection: Covers increased expenses if your home is uninhabitable after a covered loss
Indiana Farm Bureau
Indiana Farm Bureau holds 8.04% of the market share in the multi-peril homeowner's insurance segment in Indiana. The firm has received an A rating from AM Best for their excellent financial ability to meet their current insurance obligations. In 2018, Indiana Farm Bureau’s direct premiums written amounted to $159,919 while the direct premium earned was $ 156,073.
American Family Insurance
American Family Insurance wrote $128,036 in direct insurance premiums and collected $ 123,914 in direct premiums earned in 2018 in Indiana. AM Best gave American Family a rating for A for their excellent financial ability to meet their current insurance obligations. The firm holds a 6.43% market share in the multi-peril homeowner's insurance segment.
The chart below shows the market shares held by the top 5 insurance firms in the multi-peril homeowner's insurance segment.
ABOUT THE AUTHOR
Hemanth Ramesh
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.
