Compare Homeowners Insurance Quotes In Nebraska

On average, your neighbors pay $102 a month.

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Best Home Insurance Rates In Nebraska

The Cornhusker State is one of the country’s largest producers of beef, pork, soybeans, and, appropriately, corn. Nebraska is also the home of Kool-Aid, Warren Buffett, the world’s second richest man and the company he is CEO of, Berkshire Hathaway. However, because it’s in the midst of Tornado Alley, Nebraska is also home to many homeowners insurance hazards.

Average Homeowners Insurance Rates

Nebraska’s average home insurance premiums are higher than average. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Nebraska was $1,226, basically the same as the national average of $1,132. Fourteen states have higher average home insurance rates than Nebraska.

Nebraska Average Annual Homeowners Insurance Rates
  2012 2013 2014
Nebraska Annual Average $1,040 $1,151 $1,226
Nebraska Price Per Month $86 $96 $102
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 17 16 15
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Nebraska should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare home insurance quotes in Nebraska

Best Nebraska Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Nebraska. Out of the 4,920 Nebraska homeowners that used QuoteWizard to request insurance quotes last year, 211 had no home insurance.

  1. Farmers
  2. Allstate Insurance Co.
  3. Progressive Casualty
  4. American Family
  5. Geico
  6. Nationwide
  7. Liberty Mutual
  8. USAA
  9. AAA Insurance Co.
  10. Travelers Insurance
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Why contact every individual company in Nebraska that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Nebraska Homeowners Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Mutual Insurance Company of Nebraska $71,761 12.13%
2 American Family $54,674 9.24%
3 Iowa Farm Bureau Group $53,890 9.11%
4 Nationwide $44,867 7.59%
5 Farmers Insurance Group $31,142 5.27%
6 Allstate $28,670 4.85%
7 USAA $26,891 4.55%
8 Liberty Mutual Group $17,993 3.04%
9 Travelers Group $15,806 2.67%

Financial Strength Ratings of Top Nebraska Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Farmers Insurance Group of Cos.: A
  • Nationwide Mutual Insurance Co.: A+
  • Iowa Farm Bureau Group: A
  • ACE Limited Group: A+
  • QBE Specialty Insurance Co.: A
  • Wells Fargo Insurance Group: A+
  • Travelers Companies Inc.: A++
  • American Family Mutual Insurance Co.: A
  • Progressive Group: A+
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Rating Guide

Nebraska Property & Casualty* Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Farmers Insurance Group of Cos. $238,841 5.6%
2 Nationwide Mutual Insurance Co. $232,638 5.5%
3 Iowa Farm Bureau Group $212,498 5.0%
4 ACE Limited Group $198,633 4.7%
5 QBE Specialty Insurance Co. $185,970 4.4%
6 Wells Fargo Insurance Group $181,011 4.3%
7 Travelers Companies Inc. $164,134 3.9%
8 American Family Mutual Insurance Co. $153,449 3.6%
9 Progressive Group $133,788 3.2%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Nebraska.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Nebraska, the average listing price is $202,233, as of July 2015, which is substantially lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Nebraska’s average burglary rate was 476.3 per 100,000 people, which is much lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Nebraska, there are 37.4 law enforcement personnel per 100,000 total citizens, which is slightly higher than the national median of 32 per 100,000.

Home Insurance Hazards

As is typical of a Midwestern state, Nebraska experiences long, hot summers and very cold winters. Its position in Tornado Alley makes tornadoes and thunderstorms a common occurrence in Nebraska as well.

Long, hot summers: Summer in Nebraska often begin in May and don’t end until late September, and average temperatures are at or above 80 degrees through September. Like much of the Midwest, summers are often relatively humid, though not nearly as humid as states further south. The humidity combines with the heat to make it feel even hotter, though the western part of the state is much drier and less humid than the east. Throughout the state, average temperatures in July and August are closer to 90 degrees. During these hot months, people often turn up the A/C, possibly causing power outages. Heat waves, or prolonged periods of abnormally hot weather, are also possible during these months.

Cold winters: High temperatures during winter in Nebraska are between 30 and 40 degrees, but low temperatures vary much more. Some cities in western Nebraska, such as Chadron, have average winter lows of 10 degrees. In eastern Nebraska, low temperatures are higher on average. For example, Omaha has average winter lows of about 17 degrees. On average, Nebraska experiences about 19 days of snow per year, and about 26 inches of snow annually. Just as the western side of the state is colder on average, it also experiences more snow. Scottsbluff, a western town, averages 27 days of snow per year, and about 42 inches of snow annually. However, Lincoln, on the east, receives on average 18 days of snow and only about 26 inches per year. This variation is due to the impact of the Rocky Mountains to the west.

Thunderstorms: Thunderstorms are most common during the spring and summer, but can occur year-round. Nebraska frequently experiences severe thunderstorms. These thunderstorms contribute a great deal to Nebraska’s average 24 inches of rainfall per year. However, unlike snow patterns, western Nebraska experiences less rain and fewer thunderstorms than eastern Nebraska. In the west, the average is about 17 inches of rain per year, whereas in the east, it’s closer to 30 inches per year. Severe thunderstorms are very damaging, and can be accompanied by heavy rain, strong winds, lightning, hail, and flooding. Flooding can be devastating, especially for flatter parts of the state in the east. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: Due to its location in “Tornado Alley”, tornadoes are extremely common in Nebraska. According to the National Oceanic and Atmospheric Administration, Nebraska averages 36 tornadoes per year, and in 2012, the National Weather Service ranked Nebraska the #6 most tornado-prone state in the US. Tornado season occurs during spring and summer, though in Nebraska, tornadoes can occur in autumn as well.

Nebraska Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Bruce R. Ramge
Insurance Hotline:
(402) 471 – 2201
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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