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Nationwide Renters Insurance Review

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Nationwide is a Fortune 100 diversified financial services corporation based in Columbus, Ohio. The company offers numerous types of property and casualty insurance products, including renters insurance, and is one of the country's largest insurance underwriters, with discounts available for customers who bundle policies together.
 
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How is Nationwide rated?

Breakdown

4.0/5
Coverage Options
4.0/5
Add-Ons & Discounts
3.8/5
Customer Service
4.0/5
Financial Strength

Overall Rating: 3.9 / 5 (Very good)

Nationwide's push into the renters insurance market is consistent with their forays into other types of insurance. The company has developed a good standard insurance product and has enabled policyholders to customize their coverage through an impressive number of add-ons. The company's finances are strong, and data suggests that people with Nationwide policies are reasonably happy with their choice. As such, the company is a strong choice for renters insurance.

Nationwide Coverage

Coverage Options - 4 / 5

Nationwide provides the usual standard renters coverages for fire and theft, damage to the premises, and liability. It also offers a robust array of add-ons which can be purchased at extra cost. These include insurance against water backups, theft or loss of high-value items, medical payments of on-premise accidents, unauthorized credit card charges, earthquakes, volcanic eruptions, and hurricane damage. The company also offers a personal liability umbrella policy that goes with its renters insurance. These options are more numerous and attractive than those offered by many competitors.
Basic Coverage
Personal Property
Personal Liability
Loss of Use / Additional Living Expenses
Optional Coverage
Scheduled Coverage
Off-premises Event Coverage
Property Valuation Methods
Replacement Cost
Actual Cash Value

Pricing & Discounts

Add-Ons & Discounts - 4 / 5

As with all renters insurance policies, Nationwide's costs vary depending on a number of factors, including location, identity of the tenants, types of optional coverages selected, deductible, and coverage limits. The company does offer discounts for people who have other Nationwide policies, as well as for those policyholders who remain claims-free for several years.
Property-Level Discounts
Burglary Protected
Fire Protection

Customer Experience

Customer Service - 3.8 / 5

Nearly all large insurance companies have far more negative BBB reviews than positive ones. Nationwide is no exception, but the absolute number of those reviews relative to the company's size suggests a better consumer track record than that of many of its competitors. Nationwide also has a NAIC complaint ratio below the national average. Though this record is somewhat equivocal, overall it suggests that Nationwide does a decent job at keeping its customers happy.

Customer Ratings

TrustPilot Rating
5.4 out of 5
BBB Rating
A+

National Association of Insurance Commissioners

NAIC Complaint Ratio
0.72
NAIC Total Complaints
8
*The NAIC complaint ratio (in this case 0.72) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Financial Strength Ratings

Financial Strength - 4 / 5

Nationwide earns strong scores from the big three financial ratings agencies. The company's diversification and scope are quite likely to insulate it against regional disasters and upticks in claims under any one type of policy. The firm's longevity also suggests prudent financial management in prosperous times as well as during recessions.
Standard & Poor's Financial Rating
A+
Moody's Financial Rating
A1
AM Best Financial Rating
A+
Company Type
Underwriter

Contact & Additional Information

Homepage URL
https://www.nationwide.com/
Company Phone
(877) 669-6877
Headquarters Address
One Nationwide Plaza, Columbus, OH, 43215
Year Founded
1926

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