Top 5 Homeowners Insurance companies in Spokane, Washington
By: Ajay kumar Medagani October, 09, 2019
According to a study by Gavop Spokane, Washington, homeowners pay an average home insurance rate of $1,196, which is marginally lower than the national average of $1,228. Gavop examined data from a 2019 market share report published by the National Association of Insurance Commissioners (NAIC) to identify the top 5 insurance firms providing home insurance in Spokane.
State Farm
State Farm is the largest home insurance provider in Spokane, with a 17.01% market share. State Farm has received an A++ rating by AM Best for its superior financial ability to fulfill its current insurance obligations.
In addition, Everquote has given State Farm 4 out of 5 stars for overall customer satisfaction. About 52% of State Farm’s customers state they will continue to purchase insurance from the company, 40% believe they might do so in the future, and 6% may not return to State Farm to fulfill their insurance needs.
Liberty Mutual
Liberty Mutual is the second largest provider of multi-peril homeowners insurance in Spokane with a 13.70% market share.
Liberty Mutual has been awarded an A rating by A.M. Best for the excellent financial ability to fulfill its ongoing insurance obligations.
It also has a 4 out of 5 star rating by Everquote for their customer satisfaction. About 46% of Liberty Mutual’s customers say they would continue buying insurance from Liberty Mutual, 44% might do so, and 10% may not return to Liberty Mutual.
Farmers
Farmers Insurance is the third-largest insurance provider in this segment, with a 12.01% market share in Spokane. A.M. Best has awarded Farmers an A rating for their excellent financial ability to meet ongoing insurance obligations.
Also, Everquote has given Farmers a 4 out of 5 stars rating for overall customer satisfaction. About 57% of customers who have bought insurance from Farmers Insurance would continue to do so in the future, about 37% of customers might return to Farmers, and 6% will not come back to Farmers to purchase insurance.
Allstate
Allstate holds a 9.51% market share of the multi-peril homeowner’s insurance segment in Spokane. The firm has an A+ rating by A.M. Best and 4 out of 5 star rating by Everquote for overall customer satisfaction. About 64% of Allstate customers say they would continue buying insurance from the company and 26% might do so in the future. Only 10% admit they will not buy insurance from the firm again.
USAA
USAA offers its insurance services only to military personnel, veterans, and their families. Despite this, USAA holds about 8.61% share of the multi-peril home insurance segment in Spokane. USAA has received the highest possible rating of A++ by A.M. best for the superior ability to meet its current insurance obligations.
About 70% of USAA’s customers say they will continue buying their insurance from the firm and 23% might do so in the future. However, 7% of customers will not return to USAA to fulfill their insurance requirements.
The above chart shows the Top 5 home insurance firms in Spokane according to market share.
ABOUT THE AUTHOR
Ajay Kumar Medagani
Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.
