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By: Ajay kumar Medagani October, 04, 2019

Homeowners in Plano, Texas, pay an average homeowner's insurance rate of $1,020, which is slightly lower than the national average of $1,228. Gavop analyzed market data published by the National Association of Insurance Commissioners (NAIC) to identify the top 5 insurance firms providing multi-peril homeowners insurance in Plano. These top 5 insurance firms together own more than 50% of the market in the multi-peril homeowner's insurance segment.

This chart shows the market share of the top 5 insurance firms in Plano.

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State Farm

With 19.55% of the market share, State Farm is the largest provider of multi-peril homeowners insurance in Plano. Notably, State Farm has been awarded the highest possible rating of A++ by AM Best for its superior ability to meet ongoing insurance obligations.

Everquote has also rated State Farm 4 on 5 for customer satisfaction. About 52% of the firm’s customers say they will buy insurance from State Farm again, and 40% may continue their relations with the firm. Only 6% of customers are not in favor of purchasing insurance from State Farm again.

Allstate

Allstate has a market share of 13.08% in Plano and is the second largest provider of multi-peril homeowners insurance in the state of Texas. AM Best has awarded Allstate a rating of A+ for the firm’s ability to meet its current insurance obligations.

In addition, the firm has scored 4 out 5 on overall customer satisfaction ratings announced by Everquote. According to responses from Allstates’ customers, 64% want to continue buying insurance from Allstate, and 26% may do so in the future. However, 10% are not interested in buying insurance from Allstate again.

Farmers

Farmers holds a 10.09% share of the multi-peril segment in the Plano insurance market. In 2018, AM Best awarded Farmers an A rating for their superior ability to fulfill their insurance obligations.

Everquote has given Farmers a score of 4 out of 5 on customer satisfaction. About 57% of existing customers agreed to to continue their relations with the firm, while 6% said that they may do so. However, 37% of customers are not interested in buying insurance from the firm in the future.

USAA

USAA is the holder of 9.70% market share in the multi-peril home insurance segment in Plano. USAA has received the highest possible rating of A++ from AM Best for meeting its ongoing insurance obligations.

About 70% of USAA’s customers say they will continue to buy insurance from the company, while 23% may do so. Only 7% of customers admit they will not return to USAA to fulfill their insurance needs.

Liberty Mutual

Liberty Mutual holds a market share of 7.37% in the multi-peril homeowners’ insurance segment in Plano. AM Best has given Liberty Mutual Group an A rating for their excellent performance on meeting their ongoing insurance obligations.

Everquote has given the firm a rating of 4 on 5 for overall customer satisfaction. About 46% of customers who have previously bought insurance from Liberty Mutual say they would continue to do so. Roughly 44% of customers say that the may buy insurance from Liberty Mutual again. Only 10% are not interested in buying insurance from Liberty Mutual again.


ABOUT THE AUTHOR

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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.

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