By: Hemanth Ramesh August, 07, 2019
New Jersey residents pay an average homeowners insurance rate of $1,149, which is slightly lower than the national average of $1,228.
Gavop analyzed a 2019 market share report published by the National Association of Insurance Commissioners (NAIC) to identify the top insurance firms offering multi-peril homeowners insurance policy in New Jersey.
State Farm is the largest provider of multi-peril homeowners insurance in New Jersey with a market share of 10.67%. In 2018, State Farm reported $295,259 in direct premiums written and $292,581 in direct premiums earned. State Farm has been awarded the highest possible rating of A++ by AM Best for the superior ability to meet their ongoing insurance obligations.
Everquote gave State Farm a rating of 4 out of 5 stars for customer satisfaction. About 52% of State Farm’s customers say that they would revisit the firm for their for all their insurance needs and 40% believe they might continue their relationship with State Farm. Only 6% customers mention they will not purchase insurance from State Farm again.
New Jersey Manufacturers Group
New Jersey Manufacturers Group is the second largest provider of multi-peril homeowners insurance in New Jersey with a market share of 10.02%. New Jersey Manufacturers Group reports about $277,251 in direct premiums written and about $264,986 in direct premiums earned.
AM Best has given New Jersey Manufacturer Group a rating of A+ for their superior ability to meet their current insurance obligations.
All State, with a 9.18% market share, is the third largest provider of multi-peril homeowners insurance in New Jersey. In 2018, All State reported about $254,081 in direct premiums written and $250,661 in direct premiums earned. In addition, it has received a rating of A+ by AM Best for their superior ability to meet current insurance obligations.
Everquote has rated All State 4 out of 5 stars for customer satisfaction. About 64% of All States customers believe they would continue buying insurance from All State, 26% customers mention they might return to All State for their insurance needs, and 10% say they will not buy insurance from All State again.
Liberty mutual holds a market share of about 8.79% in the multi-peril homeowner’s insurance segment. In 2018, the firm reported $243,324 in direct premium written and $241,132 in direct premiums earned in New Jersey. Liberty Mutual Group has earned an A rating by AM Best for their excellent ability to meet their ongoing insurance obligations.
Everquote has rated Liberty Mutual 4 out of 5 stars rating for overall customer satisfaction. About 46% of customers who previously purchased insurance from Liberty Mutual state they would continue to do so and 44% said they might buy insurance from Liberty Mutual again. About 10% customers admit they won’t be buying insurance from Liberty Mutual again.
Chubb has a market share of 6.61% in the multi-peril homeowner’s insurance segment. In 2018, Chubb Group reported in $183,071 direct premiums written and $185,333 in direct premiums earned.
A majority (87%) of Chubb Groups’ customers would like to continue buying insurance from the company and 9% of customers say they might do so. Only 4% of customers believe they will not return to Chubb Group for their insurance needs.
AM Best has awarded Chubb Group the highest rating possible of A++ for their superior ability to meet their current financial obligations. Everquote has given Chubb Group a rating of 4.5 stars out of 5 for overall customer satisfaction.
There has been a rising trend in terms of the number of premiums written as observed from the graph below.
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.