Home insurance is a type of property insurance that covers private-owned residences including homes, offices, etc. This insurance provides financial protection to these properties under pre-decided policies. There are numerous insurance companies out there, but Nationwide and GEICO are two of the most leading insurance companies in the United States of America.
Nationwide Home Insurance vs GEICO Home Insurance
The main difference between Nationwide and GEICO Home Insurance is that Nationwide Insurance Company is an independent corporation while GEICO Home Insurance is a subsidiary of a conglomerate. Nationwide Insurance is currently ranked at number 25 in the fortune’s list of 100 best companies while GEICO is rated A++ by Better Business Bureau organization for providing one of the best home insurances in the US.
Not only in the USA, but Nationwide Mutual Insurance Company is also one the largest financial and insurance service companies in the world. Since 2009, a dedicated mobile application is also available for Nationwide Insurance Customers. Nationwide was one of the first US-based insurance companies to do so. The services provided by Nationwide include many home insurances, strategic investments, life insurance, asset management, etc.
GEICO stands for Government Employees Insurance Company. It is a subsidiary of Berkshire Hathaway, an American multinational conglomerate. Initially, in 1936 GEICO was founded to provide insurance services to government employees only. But today, GEICO works as a private corporation for the citizens of the USA. The services provided by GEICO include home insurance, auto insurance, and medical insurance, etc.
Comparison Table Between Nationwide Home Insurance and GEICO Home Insurance
| Parameters of Comparison | Nationwide Home Insurance | GEICO Home Insurance |
| Foundation Year | It was founded in 1920 by the name ‘Farm Bureau Mutual Automobile Insurance Company’. | It was formed in 1936 |
| Availability | Provides home insurance in 48 states of the USA. | Provides home insurance in all 50 states of the USA. |
| Customer Loyalty | Low customer satisfaction rating. | Earned high praises in a survey for its customers’ satisfaction. |
| Discounts | Offers limited discounts for home insurance. | Offers best-in-class discounts and offers for home insurance. |
| Private Client Program | Offers a high-end Nationwide Private Client program which covers caters to customers with more homes and other properties to protect. | Offers no such program. |
What is Nationwide Home Insurance?
In 1920, Nationwide Home Insurance company started by the name ‘Farm Bureau Mutual Automobile Insurance Company’ and the first business of the company was automobile insurance. The company’s name was changed to Nationwide Insurance in 1965. One thing that makes Nationwide stand out from the crowd is its Equal Employment Opportunity policy. This policy provides job opportunities to anyone regardless of their caste, creed, color, origin, blindness, physical disability, age, religious beliefs, and even mental disorder, etc. The current CEO of Nationwide Insurance is Kirt Walker.
Nationwide Home Insurance generally covers the customer in an incident of theft, dwelling, house structures, ordinance, and medical payments, etc. The discounts and offers that the company has for its customers are just a little over acceptable. On top of that, customer satisfaction rate, billing processes, service care interaction, etc., have degraded over the years by a noticeable margin. One crucial area where Nationwide goes ahead is the availability of a mobile insurance application for its customers which has sophisticated encryption technology.
Nationwide Insurance company throughout the years has been actively involved in charitable deeds such as sponsoring Columbus Children’s Hospital in 2007, NASCAR Nationwide Series since 2008, and PGA Tour Memorial Tournament in 2010.
What is GEICO Home Insurance?
Established in 1936, GEICO is originally an American auto insurance company and is the second-largest auto insurer in the USA. GEICO stands for Government Employees Insurance Company. As the name suggests, the company in its initial years offered insurance policies to only federal government employees. The company later evolved into a private corporation. GEICO is one of the few companies that offers its services to all 50 states of the USA. The current CEO of GEICO is Todd Combs.
GEICO Home Insurance covers the customers in an incident of minor medical finances, damage to the house and its properties, permanent structures for wind, fire, and hail, etc. It also covers limited coverage for jewelry stolen, something which is not covered by many insurance companies. The discounts and offers that GEICO provides are best in class. On top of that, customers who went for GEICO Home Insurance reported high levels of satisfaction with the services provided and the overall ease of GEICO’s working procedure.
GEICO generally stays in contact with its customers via telephones and the internet. Additionally, GEICO’s local agent program has over 300 independent offices across all 50 states of the USA, making the home insurance reachable throughout the country. GEICO has also several well-known ad campaigns.
Main Differences Between Nationwide Home Insurance and GEICO Home Insurance
- Nationwide Home Insurance is a service in 48 states of the USA. On the other hand, GEICO Home Insurance is available in all 50 states.
- Nationwide Home Insurance deals with its customers in real-time at their offline offices while GEICO deals with its clients over telephones and the internet.
- Nationwide practices Equal Employment Opportunity policy providing equal opportunities for all members of the society whereas GEICO practices no such policy.
- Nationwide’s discounts and offers are nowhere near bad but comparatively, GEICO offers much more compelling discounts and offers to their home insurance clients.
- Nationwide is owned by its policyholders however GEICO is a subsidiary of Berkshire Hathaway since 1996.
Conclusion
Since the world is rapidly growing, investing in properties has also become a worthy investment. Building houses on owned lands is one of the most common practices. Because the property is its owner’s sole responsibility, home insurances are a must. Home Insurances are an investment that will cover the losses and damages to an individual’s house under many unfortunate scenarios like natural calamities, theft, fire, etc.
Even though Nationwide and GEICO are most known for auto insurances, they have become major players in granting home insurances as well. Providing various discounts and offers like multi-policy insurance, home security systems, smoke detector alarms, and fire extinguishers, etc., these two companies have compelling ideas for their clients.
Over the last few years, Nationwide’s quality of work has significantly deteriorated including consumer dissatisfaction and low ratings. GEICO so far on the other hand has been able to provide unmatched consumer experience and excellent customer service in recent years. Although there is no certainty about the future, investing in GEICO home insurance is indeed a better option than Nationwide Home Insurance for most people. Even though GEICO offers a better experience, Nationwide can also be a better pick for some people. As discounts and offers vary throughout the country, either of the two can offer better insurance than the other in a particular state.
References
- https://www.emerald.com/insight/content/doi/10.1108/10878570710833741/full/html
- https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/wflr28§ion=47