There are so many insurance companies in the United States with particular terms and conditions. What about we give you one company that stands out from the rest? Presenting an eye-catching commercial, Nationwide Brand New Belongings policy.
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Let’s Get to Know Nationwide
Nationwide is formerly known as Ohio Farm Bureau Federation Mutual Automobile Insurance Company. Founded in 1926, the company primarily focused on auto insurance for Ohio farmers.
Acquiring many successes over the years, Ohio Farm Bureau Mutual Automobile Insurance Company spread its wings to cover more and more customer base offerings. In 1955, they change its name to Nationwide Mutual Insurance Company.
Nowadays, Nationwide also covers homeowners insurance. With the trademark add-ons, the one and only Nationwide Brand New Belongings policy
Nationwide Brand New Belongings and Basic Policies
Inside the Homeowners Insurance Coverage, Nationwide didn’t forget about the basic needs of homeowners, such as:
1. Dwelling Coverage
It protects your home’s structure, your built-in appliances, and your carpet from damage.
2. Contents Coverage
Nationwide also covers personal property that’s not attached to your home.
3. Personal Liability
The policy covers the person and other people’s belonging if an incident happens in your house.
4. Medical Coverage for others
Obviously, this policy covers medical payments for other people in your house and also funeral expenses.
5. Other Structures
Covers additional structures that are not attached to your immediate house. Structures like fences, barns, shed, or detached garage.
6. Loss of Use
Covers your living expenses when you can not live in your house as the covered loss takes place.
7. Ordinance or Law Insurance
Helps you rebuild your home to the same building codes after a loss.
8. Credit Card Coverage
Covers your credit card if there’s an unauthorized transaction. It may also apply to checks and counterfeit money.
Now, it provides the trademarked policy namely Nationwide Brand New Belongings. The idea behind this optional policy is, in the event of a loss or damaged belongings, Nationwide will replace the items of a loss with brand new items at the same price.
As stated on the website specifically in the Nationwide Brand New Belongings section, you will get money for the depreciated value of the items. Then, you can buy the replacement items or have them fixed. After that, simply sent them the receipt and they will pay the difference.
Discussion for Nationwide Brand New Belongings
Brand New Belonging policy is basically a replacement coverage. The regular homeowners’ policy usually only gives you the depreciated value of your insured items.
Let’s say you lose a $1000 TV you bought four years ago due to theft. The regular homeowner insurance will only give the depreciated value of the item at today’s price that’s roughly $350. Meanwhile, the Brand New Belongings policy will cover your new TV with similar model expenses.
This is truly beneficial in hindsight, but most people didn’t carefully read the terms and conditions of their insurance policy. By making this particular policy a big thing in their service, Nationwide got a sudden influx of customers for this optional policy.
Newer customers wanted the Nationwide Brand New Belongings policy because of the ads and the extravagant name. For your information, this policy used to be called the Extended Replacement Policy. Not so catchy, right?
If you are confused about whether this particular is worth it or not, let’s compare Nationwide Brand New Belongings policy with other companies.
Comparison with Other Company
There is a substantial amount of companies offering homeowner insurance. Some of them already included the replacement coverage in their regular homeowner insurance. On the other hand, some of them make it optional.
Nationwide is completely fair play considering its reputation for being one of the most flexible insurance companies regarding its policy customization. Also, it is arguably the easiest to reach.
You can easily reach out to Nationwide by phone, on the website, or using the Nationwide mobile App. Nationwide’s customer service is available from 8 in the morning until 11 at night. You can also file a claim to Nationwide over the phone.
Not only known for Brand New Belongings but Nationwide is also known for its discounts. Getting bundled insurance can make you eligible for at least one discount.
For other companies, you might get an offer of a tiered policy. This type of offering could fit your financial agenda and already includes other policies that Nationwide considers optional.
Compared to GEICO, the one difference is Nationwide provides its own insurance, while GEICO pairs you with other third-party companies. Both GEICO and Nationwide are proven insurance companies with great reputations and customer experience.
Compared to Allstate, the main difference is the average cost. Allstate can lower its cost until below the country’s average cost. In contrast, Nationwide’s pricelist is over the national average cost. Both insurers provide customization in their insurance policy.
In 2023, based on NerdWallet statistics, their top 5 insurance companies are StateFarm, Allstate, Nationwide, Farmers, and USAA. Although Nationwide is considered pricy based on the national average cost, with the reviews and services, Nationwide is still worth the consideration for your insurance provider.
Concerns about Nationwide Brand New Belongings Policy
The first thing you need to take attention to is your policies. We have established the understanding that Nationwide is more likely to make policies that you thought you have into optional policies. With this in mind, you can be sure of what policies you get.
Considering your item, you might want to insure your historic item in other policies such as full coverage on personal belonging. Indeed, no money can cover your memorable items.
Should You Get the Nationwide Brand New Belongings Policy?
The answer is yes, this feature is beneficial in the case of lost or damaged items. After you file a claim, Nationwide’s agent will assess the situation, and from the assessment, it will determine if the covered item will be brand new, or if it can simply be fixed.
This feature can also be found in other insurance companies, although it’s not going to be called “Brand New Belongings”, the policy is usually called “Replacement Cost Coverage”. So, let’s visit the website and offer a quote!