Nationwide Insurance is a giant US insurance and financial services company based in Ohio. Its motto is: “On your side.” Nationwide Insurance has been operating in the US since 1925 and provides insurance in various sectors, including auto, homeowners, life, health, motorcycle and renters insurance. Nationwide Financial is a subsidiary of Nationwide Mutual Insurance Company. The company claims that its success is based on its ability to serve its customers with experience and integrity. In the recent past, however, there have been quite a few accusations against Nationwide Insurance for delaying and rejecting claims.
History of Nationwide Insurance
Nationwide Insurance was founded under the name of Farm Bureau Mutual Automobile Insurance in 1925. It started business selling automobile insurances to 1,000 policyholders by April 1926. In 1934, Farm Bureau Mutual offered its first fire insurance policy and in 1936 the company moved its premises to the iconic 246 Building at 246N. By 1943, Farm Bureau Mutual had spread its business to 12 states and the District of Columbia in the USA. The company finally changed its name to Nationwide Insurance in 1955 and became true to its name by expanding its business to Oregon and 19 other states. By 1932, Nationwide was operating in 32 states and DC. As the company was growing in all respects, its premises too were shifted to a more fitting address at One Nationwide Plaza in downtown Columbus. Plaza two, three and four were later added to form the Nationwide complex.
Some facts about Nationwide Insurance
The company, operating in 50 states, is ranked fifth in market share for homeowners insurance in the entire USA.
Nationwide Insurance takes second place when it comes to homeowners policies in Ohio and North Carolina.
Some Factors Against Nationwide Insurance
Nationwide Insurance has been involved in controversial claims since Hurricane Katrina hit the US in 2007. The company has been accused of denying claims to its customers on the technicalities relating to a ‘windstorm’ and a ‘flood,’ saying that the company considers coverage for damage caused only due to the former and not water related disasters.
Nationwide Insurance has also been accused of practicing segregation based on race, color, nationality and origin of the claimants, denying or delaying their claims. This has been found to be in violation of the Fair Housing Act, which disregards any discrimination based on these lines.