Top 5 Insurance Firms in Vancouver, Washington
By: Hemanth Ramesh October, 24, 2019
According to a Gavop study, homeowners in Vancouver, Washington pay an average home insurance rate of $1,020, 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 Vancouver.
State Farm
State Farm is the largest home insurance provider in Vancouver 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% will 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 Vancouver with a 13.70% market share.
Liberty Mutual has been awarded an A rating by AM Best for their excellent financial ability to fulfill 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 will continue buying insurance from Liberty Mutual, 44% might do so, and 10% will not return to Liberty Mutual.
Farmers
Farmers is the third-largest insurance provider in this segment with a 12.01% market share in Vancouver. For the year 2018, AM Best has awarded Farmers an A rating for their excellent financial ability to meet ongoing insurance obligations.
In addition, Everquote has given Farmers a 4 out of 5-star rating for overall customer satisfaction. About 57% of the customers who have bought insurance from Farmers, will continue to do so in the future, while, about 37% of customers might return to Farmers, and 6% will not come back to Farmers to repurchase insurance.
Allstate
Allstate holds a 9.51% market share of the multi-peril homeowners insurance segment in Vancouver. The firm has an A+ rating by AM 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 an 8.61% share of the multi-peril home insurance segment in Washington.
USAA has received the highest possible rating of A++ by AM best for the superior ability to meet their 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 following graph highlights the market share held by the top 5 home insurance firms in Vancouver.
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.
