Data-Driven Home Insurance News & Analysis


Top 5 Insurance Firms in Missouri According to Market Share

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By: Hemanth Ramesh August, 23, 2019

Gavop analyzed data from a market share report published by the National Association of Insurance Commissioners (NAIC) in 2019 to identify the top 5 insurance firms providing multi-peril homeowners insurance in Missouri on the basis of their market share.

State Farm

State Farm is the largest provider of multi-peril homeowners insurance in Missouri with a 25.29% market share. State Farm records about $538,715 in direct premiums written and about $528,681 in direct premiums earned. AM Best awarded State Farm the highest possible rating of A++ for their superior ability to meet their ongoing insurance obligations.

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Pennsylvania’s Homeowners Insurance Ranges from $526 to $1,741

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By: Ramu Garuda  August, 22, 2019

Pennsylvania’s homeowners pay an average homeowners insurance rate of $913 per annum. Homeowners residing in Oil City pay the lowest homeowners insurance rate at $526 per annum. On the other hand, residents of Langhorne incur the highest average insurance premium at $1,741.

The insurance premium rates are generally lower in larger metropolitan cities because of factors such as lower crime rates, quicker response times for the fire departments, and lower chances of being affected by natural disasters.

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Top 5 Home Insurance Companies in Illinois has a Cumulative Market share of 37.3%

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By: Hemanth Ramesh August, 21, 2019

Gavop has identified the top 5 insurance firms in Illinois by analyzing the latest market share report published by the National Association of Insurance Commissioners (NAIC) in 2019.

State Farm Group

State Farm Group is by far the largest insurance provider in Illinois with a market share of 14.97%, which is more than twice that of the next largest insurance provider. In 2018, State Farm’s direct written premium totalled to $3,899,883 and its direct earned premium was $3,872,734.  AM Best awarded State Farm a rating of A++ for its superior ability to meet its ongoing insurance obligations. Readers of Consumer Reports have given State Farm a score of 89/100 on customer satisfaction.

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Homeowners Insurance in California Varies by $1,532 Based on Insurance Range

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By: Ramu Garuda  August, 20, 2019

According to a Gavop study, homeowners in California pay an average homeowners insurance rate of $1,570 per annum. The study also shows that a majority of California homeowners opt for an HO-3 home insurance policy.

An HO-3 policy is one of the most comprehensive homeowner’s policies available in the market and among the highly popular homeowner’s policies in California. An HO-3 policy provides an all-risks coverage for buildings and broad named-peril coverage for personal property. It is also the most common insurance package written in Georgia.

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Top 5 Companies Offering the Cheapest Homeowners Insurance in Louisiana

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By: Hemanth Ramesh August, 19, 2019

Which insurance firms in Louisiana offer the cheapest homeowners insurance under an HO-3 policy? To answer this question, Gavop analyzed data for brick veneer homes valued between $100,000 and $300,000 with a $500 deductible rate.

United Fire and Indemnity offers the cheapest homeowners insurance in Louisiana. The premium rate for the homeowner with a home valued at $100,000 is $465 per annum under an HO-3 policy. The deductible rate is $500 per annum. Shreveport, in particular, reports the lowest homeowner’s insurance rate offered by United Fire and Indemnity.

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Pennsylvania homeowners can increase their savings through home insurance discounts

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By: Ramu Garuda  August, 16, 2019

Pennsylvania’s homeowners pay an average homeowner's insurance rate of $1,227 per annum, which is on par with the national average of $1,228 per annum. The average property cost in Pennsylvania is about $154,164. Langhome reports the highest average home insurance rate of $1,741 per annum.

Insurance companies account for multiple factors when calculating a homeowner’s insurance rate. Many of these factors are out of the homeowners’ control such as the age of home, probability of natural disasters, age of the home, and property location.

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Florida’s Homeowners Insurance Cost Varies Between $400 and $8,000 Depending on the Policy

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By: Hemanth Ramesh August, 15, 2019

According to a Gavop analysis, Florida’s homeowners pay an average homeowner's premium of $1,772 per annum. Gavop analyzed data published by the National Association of Insurance Commissioners (NAIC) to understand insurance rates, the number of premiums written, and the cost of dwelling fire insurance for Florida homeowners with different insurance coverage amounts and various insurance policies

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Georgia’s Homeowners Insurance Cost Varies Between $400 and $3,000 Depending on the Policy

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By: Ramu Garuda  August, 14, 2019

A Gavop analysis shows that Georgia’s homeowners pay an average homeowner's insurance premium of $1,103, which is 10% lower than the national average of $1,228.

The following table shows that the average insurance rate increases with a rise in coverage amount for all policy types. In addition, the insurance rates for dwelling fire premiums are significantly lower than those for the five 5 homeowner’s policy types.

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Massachusetts homeowners pay an additional $1,563 for flood insurance

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By: Hemanth Ramesh August, 13, 2019

According to a Gavop analysis, Massachusetts homeowners pay an average flood insurance premium of $1,563 in addition to the average homeowners insurance rate of $1,379.

The National Flood Insurance Program (NFIP) ensures that more than 330 communities in Massachusetts that have agreed to enforce and adopt floodplain management ordinances receive federally backed flood insurance. The Legal Information Institute defines community as a state or political subdivision thereof that has zoning and building code jurisdiction over a particular area with a special flood hazard status.

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Is AAA home insurance good for Michigan’s homeowners?

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By: Ramu Garuda  August, 12, 2019

Situated at the heart of the American auto manufacturing industry, the American Automobile Association (AAA) owns a 14.1% share of the homeowner's insurance market in Michigan under the brand Auto Club Insurance Association. Unfortunately, it is compulsory to be a AAA member to even get a quote for AAA homeowners insurance in Michigan. Nevertheless, a AAA membership comes with its benefits.

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Top 5 Home insurance companies in Ohio hold more than a quarter of the market share

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By: Hemanth Ramesh August, 09, 2019

Gavop studied the data published by the National Association of Insurance Commissioners (NAIC) in 2019 and identified the top 5 insurance firms in Ohio by market share.

State Farm

State Farm is the biggest insurance firm in Ohio with a market share of 11.35%. In 201,8 the firm reported written direct premiums of $2,080,574 and direct premiums earned of $2,080,805.  AM Best has given State Farm the highest possible rating of A++, which is reserved for companies that have a superior ability to meet their ongoing insurance obligations.

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