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 leading insurance companies in the United States of America.
Key Takeaways
- Nationwide offers a wide range of coverage options and discounts for homeowners.
- GEICO primarily focuses on auto insurance but provides home insurance through non-affiliated partners.
- Comparing both companies’ offerings, customer service, and financial stability can help homeowners find the best fit for their needs.
Nationwide Home Insurance vs GEICO Home Insurance
Nationwide Home Insurance is a global insurance service company founded in 1920. It offers house insurance to 48 states in the USA. GEICO is an American insurance company founded in 1936 that offers its services to all 50 states in the USA. It covers home insurance in case of damage to property, theft and medical finances.
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, medical insurance, etc.
Comparison Table
| 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 was 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 covers the customer in an incident of theft, dwelling, house structures, ordinance, 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 rates, 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 customers in an incident of minor medical finances, damage to the house and its properties, permanent structures for wind, fire, hail, etc.
It also covers limited coverage for jewellery 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 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 home insurance reachable throughout the country. GEICO also has 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 an 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 has been a subsidiary of Berkshire Hathaway since 1996.
- 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
Last Updated : 09 September, 2023
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.
The positive and negative aspects of each company’s home insurance are well-documented and provide valuable insights for potential customers.
I disagree, the comparison is satisfactorily informative and doesn’t need more data.
Nationwide’s involvement in charitable deeds like sponsoring Columbus Children’s Hospital is very commendable, it reflects their values as a corporation.
GEICO’s high levels of customer satisfaction show their commitment to customer service. I’m inclined towards their home insurance.
GEICO has a comprehensive reach across all 50 states. That’s definitely a plus point for them.
GEICO’s local agent program with over 300 independent offices provides a local touch which is highly beneficial for its customers.
Nationwide Insurance’s Equal Employment Opportunity policy is a remarkable initiative and sets them apart from GEICO.
There isn’t enough relevant discrepancy between the home insurance offerings to make a precise decision. More substantial differences would make the comparison more useful.
It’s unfair to say Nationwide has low customer satisfaction without providing recent data. It would be better to compare the two companies with up-to-date information.
I concur with Damien, the customer satisfaction details seem misleading. We need up-to-date statistics.
Nationwide Home Insurance has a longer history and is available in 48 states; I am pleased with their customer service.
The Nationwide Private Client program sounds very exclusive. It caters to customers with multiple homes and properties. That’s a significant advantage.
I’m really impressed with the range of coverage options and discounts offered by Nationwide Home Insurance.
Nationwide’s mobile insurance application with sophisticated encryption technology is a better choice ensuring the customer data’s security.
Nationwide covers more aspects than GEICO in terms of theft, dwelling, house structures, and medical payments.