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Company Information
Company Type: Private
Founded: 1925
CEO: Stephen S. Rasmussen
Headquarters: Columbus, OH
Number of employees: 33,000
A.M. Best Financial Stability Rating: A+
Company History
Founded in 1925, Nationwide Insurance originally started as the Farm Bureau Mutual Automobile Insurance Company. Coming from humble beginnings, the Farm Bureau Mutual Automobile Insurance Company started with the goal of providing quality auto insurance at affordable rates for farmers in Ohio.
By 1955, the company was no longer just writing auto insurance policies for farmers in rural Ohio. The Farm Bureau Mutual Automobile Insurance Company was serving the insurance needs of Americans from coast to coast and it changed its name to Nationwide Insurance.
Today, Nationwide is one of the largest insurance and financial services companies in the world, with more than $158 billion in statutory assets. While Nationwide got its start in auto insurance, the Fortune 100 company now offers a variety of insurance products and financial services.
Product Offerings
Nationwide Mutual Insurance helps members with their investing, banking and insurance needs. The company’s investing products include annuities, mutual funds and other retirement plans. Nationwide’s website also has free tools for estimating health care expenses, understanding social security and forecasting one’s retirement income. The banking services offered by Nationwide cater to basic personal banking needs. Customers can open a checking or savings accounts, or take out a credit card or loan.
While members find these financial products and services useful, Nationwide is most well-known for its insurance products. Nationwide Insurance offers:
- Vehicle insurance (for automobiles, boats, RVs, motorcycles and more)
- Life insurance (term, whole, universal and variable)
- Homeowners insurance (for homes, renting, condos and floods)
- Specialty insurance (pet, umbrella, business, identity theft and more)
Each of Nationwide’s insurance policies has unique insurance coverage options. For example, a Nationwide home insurance policy may be designed to provide protection for a family’s house, belongings and other structures on their property. Renters and condominium owners have different needs, though. Renters do not need to insure the building they are renting, so a renters policy might not include that coverage. A condo policy might not include coverage for other structures on the same policy, since residents usually do not own the entire complex they live in.
The coverages available under Nationwide’s other insurance policies vary, just as the coverages offered by a Nationwide home insurance, renters insurance and condo insurance policy differ.
Discounts Available
Nationwide Insurance offers many discounts to its members. The specific discounts available depend on the type of insurance one has. A quick look at the discounts that might be available to members with a Nationwide home insurance policy will show how significant these rate reductions can be. Homeowners who protect their home with a Nationwide home insurance policy might qualify for a:
- Multi-policy discount
- Protective device discount
- Claims-free discount
- Age-related discount
Sources:
http://www.nationwide.com/about-us/history.jsp
http://www.nationwide.com/contact-us-corporate.jsp
http://www.nationwide.com/about-us/news-resources.jsp
http://www.nationwide.com/about-us/company-ratings.jsp
http://www.nationwide.com/our-heritage.jsp
http://www.nationwide.com/homeowners-insurance-discounts.jsp