By: Hemanth Ramesh August, 08, 2019
According to a Gavop study, Washington DC’s 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 Washington.
State Farm is the largest home insurance provider in Washington with a 17.01% market share. In 2018, it reported $311,354 in direct premiums written and $303,989 in direct premiums earned in the multi-peril home insurance segment. 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 is the second largest provider of multi-peril homeowners insurance in Washington with a 13.70% market share.
In 2018, the firm reported $250,842 in direct premiums written and $242,419 in direct premiums earned. Liberty Mutual has been awarded an A rating by AM Best for the excellent financial ability to fulfill their ongoing insurance obligations.
It also has a 4 out of 5 stars 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 is also the third largest insurance provider in this segment with a 12.01% market share. For the year 2018, Farmers reported $219,578 in direct premiums written and $216,145 in direct premiums earned in the multi-peril home insurance segment. 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 stars rating for overall customer satisfaction. About 57% customers who have bought insurance from Farmers Insurance will continue to do so in the future, about 37% customers might return to Farmers, and 6% will not come back to Farmers to purchase insurance.
All State holds a 9.51% market share of the multi-peril homeowner’s insurance segment in Washington. In 2018, All State recorded $174,162 in direct premiums written and $171,396 in direct premiums earned. The firm has an A+ rating by AM Best and 4 out of 5 stars rating by Everquote for overall customer satisfaction. About 64% of All States 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 offers its insurance services only to military personnel, veterans, and their families. Despite this, USAA holds about a 8.61% share of the multi-peril home insurance segment in Washington.In addition, USAA reported $157,564 in direct premiums written and $151,660 in direct premiums earned in 2018.
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% customers will not return to USAA to fulfill their insurance requirements.
The following graph shows that Washington has witnessed a trend of increasing insurance premiums.
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.