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By: Ramu Garuda  August, 07, 2019

Homeowners in Texas pay an average homeowners insurance rate of $1,945, which is considerably higher than the national average of $1,228. Gavop analyzed data published by the National Association of Insurance Commissioners (NAIC) to identify the top 5 insurance firms providing multi-peril homeowners insurance in Texas. These top 5 insurance firms together own more than half the market share in the multi-policy homeowners insurance segment.

The following chart shows the market share in percentage held by the top 5 insurance firms in Texas.

State Farm

With 19.55% of the market share, State Farm is the largest  provider of multi-peril homeowners insurance in Texas. In 2018, State Farm reported about $1,847,041 in direct premiums written and $1,842,124 in direct premiums earned. Notably, State Farm has been awarded with the highest possible rating of A++ by AM Best for the superior ability to meet their ongoing insurance obligations.

Everquote has also rated State Farm 4 out of 5 stars for customer satisfaction. About 52% of the firm’s customers say they would buy insurance from State Farm again and 40% believe they might continue to do so. Only 6% of customers state they won’t be purchasing insurance from State Farm again.

All State

All State has a market share of 13.08% in Texas and is the third largest provider of multi-peril homeowners insurance in the state. In 2018, it reported $1,236,065 in direct premiums written and $1,178,535 in direct premiums earned. AM Best has awarded All State a rating of A+ for their superior ability to meet their current insurance obligations.

In addition, Everquote rates All State 4 out 5 stars for overall customer satisfaction. Among All States’ customers, 64% will continue to buy insurance from All State and 26% might do so in the future. However, 10% say they won’t be buying insurance from All State again.

Farmers

Farmers insurance firm holds a 10.09% share of the multi-peril segment in the Texas insurance market. In 2018, Farmers reports about $981,914 in direct premiums written and about $964,870 in direct premiums earned. AM Best has given Farmers a score of A for their superior ability to fulfill their current insurance obligations.

Everquote has awarded Farmers a score of 4 out of 5 stars for customer satisfaction.

USAA

USAA owns a market share of 9.70% in the multi-peril home insurance segment in Texas. In 2018, the firm recorded $916,464 in direct premiums written and $881,961 in direct premiums earned. AM Best has awarded USAA with the highest possible rating of A++ for their superior ability to meet their ongoing insurance obligations.

About 70% of USAA’s customers say they will continue to buy insurance from the company and 23% believe they might do so again. 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. For the year 2018, Liberty Mutual reported $696,450 in direct premiums written and $706,863 in direct premiums earned. AM Best has given Liberty Mutual Group an A rating for their excellent ability to meet their ongoing insurance obligations.

In addition, Everquote has awarded Liberty Mutual a 4 out of 5 star rating 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% customers might buy insurance from Liberty Mutual again, while 10% will not be buying insurance from Liberty Mutual again.

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