Top 5 home insurance firms in Paterson, NJ, according to Market share
By: Hemanth Ramesh October, 22, 2019
Residents of Paterson, New Jersey, pay an average homeowner's insurance rate of $1,149, which is slightly lower than the national average of $1,228.
Gavop analyzed a 2019 market share report published by the National Association of Insurance Commissioners (NAIC) to identify the top insurance firms offering multi-peril homeowners insurance policies in Paterson.
State Farm
State Farm is the largest provider of multi-peril homeowners insurance in Paterson with a market share of 10.67%. Awarded the highest possible rating of A++ by AM Best, the firm has been recognized for its superior ability to meet ongoing insurance obligations.
Everquote has rated State Farm 4 on 5 for customer satisfaction. About 52% of State Farm’s customers said that they will revisit the firm for all their insurance needs, and 40% said that they were likely to continue their relationship with the firm. Only 6% of customers declined to purchase insurance from State Farm again.
New Jersey Manufacturers Group
New Jersey Manufacturers Group (NJM) is the second largest provider of multi-peril homeowners insurance in Paterson with a market share of 10.02%.
AM Best has given NJM Insurance a rating of A+ for its superior ability to meet current insurance obligations.
Allstate
Allstate with a 9.18% market share, is the third-largest provider of multi-peril homeowners insurance in Paterson. The firm has received an A+ rating from AM Best for meeting current insurance obligations.
Allstate has received a score of 4 on 5 stars for customer satisfaction from Everquote. About 64% of Allstate customers expressed willingness to continue buying insurance from the firm, 26% said that they may return to Allstate for their insurance needs, and 10% say they may not buy insurance from Allstate again.
Liberty Mutual
Liberty Mutual owns 8.79% of the market share in Paterson’s multi-peril homeowners insurance segment. Liberty Mutual Group has received an A rating from AM Best for its ability to meet ongoing insurance obligations.
On overall customer satisfaction, Everquote has rated Liberty Mutual 4 on 5. About 46% of customers who have previously purchased insurance from Liberty Mutual said that they would continue to do so in the future. About 44% said they may buy insurance from Liberty Mutual again. Only 10% of customers were not interested in buying insurance from the firm again.
Chubb
Chubb has a market share of 6.61% in the multi-peril homeowners insurance segment in Paterson. A majority (87%) of Chubb Groups’ customers agreed to continue buying insurance from the company, and 9% felt that they may do so. Only 4% of customers did not want to return to the Chubb Group for their insurance needs.
AM Best has awarded Chubb the highest rating possible of A++ for its superior ability to meet current financial obligations. Everquote has given Chubb a rating of 4.5 on 5 for overall customer satisfaction.
The chart below shows the market share of the top 5 insurance firms providing homeowners insurance in Paterson.
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.
