Part of industry best practices is to be aware of the top insurance companies. This goes for most types of insurance, and especially the category you specialize in. When it comes to knowing the best fire insurance companies, this is particularly important. Fires, after all, are among the incidents that can cause the biggest loss of property, income, and life.
As an insurance broker or agent, it’s your responsibility to know which insurers offer the best coverage. Typically, the top fire insurance companies are those that have the biggest market share, since this is a reliable indicator of financial stability.
Find out which insurers lead the industry based on figures gathered by Insurance Business.
The following are the largest fire insurance companies in the US, based on market share data taken from our IB+ Data Hub platform. You can see this data for yourself, and much more, in this data resource with options to filter by state, year, and other lines of business.
Market share: 9.68%
Starr Insurance was founded in New York City in 1919. It is now a global insurance and investment corporation that offers commercial property and casualty (P&C) products and various specialty coverages to businesses worldwide.
This company had its beginnings when founder Cornelius Vander Starr Cornelius Vander Starr established an insurance enterprise in Shanghai, China. Starr’s presence now spans across six continents. It underwrites in 128 countries. Starr provides a wide range of insurance and insurance-related services, including claims handling and settlement, risk assessment, reinsurance, and loss control.
Starr Group offers fire insurance products in the US via commercial property insurance and homeowners' insurance.
Starr’s commercial property insurance helps businesses protect their commercial buildings and all of their contents from events like fire, theft, and vandalism. The policy can also cover lost income if the business is forced to close or halt operations temporarily because of the damage.
The insurer also employs experts who help prevent further losses from fire and handle the claims quickly and efficiently, thereby assisting businesses to recover after the incident.
This is Starr Group’s insurance coverage for small businesses. It is a combination of property insurance that includes coverage for fires and liability insurance in one affordable package.
To qualify for the BOP, businesses must:
Starr also provides homeowners’ insurance cover for homes, apartments, and personal possessions. This can help policyholders repair or replace their personal property if they’re destroyed by fire or other covered incidents. It also protects the policyholder if someone is hurt on their property and the injured party decides to file a lawsuit.
These homeowners’ insurance policies can use either named perils – covering only the perils listed – or all-risk – covering every risk unless specifically excluded. Note that homeowners’ insurance is not mandatory, unless the homeowner has a mortgage on the property.
Market share: 6.44%
FM is an American mutual insurance company based in Rhode Island and one of the best fire insurance companies in the country. The insurer specializes in loss prevention services, mostly to large corporations spread across the world. These corporations are mainly engaged in the highly protected risk (HPR) property insurance market sector.
Established in 1835 by Zachariah Allen, the company uses a non-traditional business model, determining risk and premiums via engineering analysis instead of historical actuarial calculations. This type of business model is centered on the belief that property losses can be mitigated or even prevented through science.
FM also employs engineers who regularly visit insured locations to assess the hazards, then recommend improvements to reduce physical and financial risks.
FM offers a range of property coverage to help businesses protect against fire. Their fire insurance products consist mainly of the following:
This insurance policy can be customized to suit specific businesses’ needs. The FM Advantage All-Risk policy is one built based on engineering realities. The primary aim of this coverage is to make businesses more resilient by precisely determining what is at risk.
Apart from its all-risk policy, FM offers several other types of fire coverage and fire solutions like:
These are meant to build businesses’ resilience to fire hazards. These solutions place emphasis on ensuring that businesses understand building materials’ fire resistance and the fire risk on any items that are on their premises.
Fire is identified by FM as the single costliest and most dangerous risk, and the number one cause of loss cited for all claims that FM manages globally.
FM Approvals is a subsidiary of FM insurance. Its main purpose is to provide a range of products and services that it has tested and certified to meet its safety standards. FM Approved solutions are available to clients to prevent and minimize the risk of ignitable liquid fires.
This consists of a variety of fire mitigation tools like sprinkler systems and water supply systems. FM supports the use of FM-approved hybrid fire protection systems for specific occupations and their related hazards. FM also conducts tests on fire prevention equipment at their Research Campus.
FM also offers explosion suppression systems via FM Approvals, along with strategies to substitute, eliminate, or render hazardous materials inert.
FM is among the few fire insurance companies that partner with brokers to offer tailored solutions and risk engineering services to enhance business resilience, like:
Market share: 6.11%
Founded in 1812, Liberty Mutual is a diversified global mutual insurer headquartered in Boston. The company is now the eighth largest global P&C insurance company based on its 2023 gross written premiums. It also ranks 87 in the Fortune 100 list of America’s largest corporations, based on its 2023 revenues.
Liberty Mutual currently employs 40,000 people and operates in 29 countries. Its three main business units are commercial insurance, personal insurance, and its investment division, Liberty Mutual Investments (LMI).
Liberty Mutual provides various types of insurance products in the US that offer coverage for fire, primarily via its homeowners’ and commercial property insurance offerings.
This coverage protects policyholders’ homes and belongings from fire, theft, vandalism, and certain weather events like hurricanes and hailstorms. Liberty Mutual homeowners’ insurance is highly customizable. It allows policyholders to pay only for the coverage they need and be protected beyond their state’s minimum coverage. Fire-specific coverage under Liberty Mutual’s homeowners' policy include:
Dwelling coverage – this covers fire damage to the physical structure of an insured home, including attached or adjacent structures like sheds or garages. Dwelling coverage pays for the repair or reconstruction if the policyholder’s home is damaged by fire or other covered loss
Personal property coverage – this coverage handles the repair or replacement of personal belongings that are damaged or destroyed by fire, such furniture, clothing, and electronic devices
Loss of use coverage – this covers additional living expenses incurred while the insured home is being repaired from fire damage
Liability coverage – this helps cover legal and medical costs if someone is injured on the policyholder’s property in connection with the fire
Additional coverage options – Liberty Mutual also offers endorsements and add-ons that can boost a policyholder’s fire damage protection, including:
Liberty Mutual also offers commercial property solutions to businesses in America and abroad. These enable businesses to protect their assets and livelihood from fire and other risks.
Small businesses can obtain a customizable commercial property policy. All the business insurance solutions in Liberty Mutual’s commercial property policies are comprehensive and tailored to protect a business’s property, employees, and reputation.
Market share: 6.02%
More commonly known as AIG, American International Group is a leading global insurer and financial services company based in New York City. Founded in 1919, AIG now operates in over 80 countries and jurisdictions. AIG and Starr Group have a common founder in Cornelius Vander Starr, but Starr Group is independent and separate from AIG.
As one of the best fire insurance companies in the US, AIG has a long history of providing fire coverage, offering this product as far back as the mid-20th century.
A notable milestone in AIG’s history of providing fire insurance was its 1952 acquisition of the Globe & Rutgers Fire Insurance Company and its subsidiary, American Home Fire Assurance Company. These acquisitions marked AIG’s focused effort to penetrate the American fire insurance market. AIG also acquired the National Union Fire Insurance Company in 1968, further bolstering its fire insurance capacity.
As years passed, AIG expanded its fire insurance and broader P&C operations even more, making it one of the largest commercial and industrial fire insurers in the US. Its fire insurance offerings have been integrated into its extensive portfolio of commercial P&C insurance products, catering to a wider range of industries and risks globally.
AIG offers fire insurance coverage mainly via its commercial and personal property insurance products in America. These are the key fire-related insurance products it offers:
This protects businesses against fire damage to buildings, equipment, inventory, and other physical assets. Commercial property insurance also includes cover for direct loss from fire and related perils. It is also designed to help businesses recover and rebuild after fire incidents.
AIG’s BOP bundles property insurance, including fire coverage, with liability protection for small to mid-sized businesses. This product can provide comprehensive coverage for fire-related losses.
AIG provides fire coverage for individuals as part of homeowners’ or private client insurance policies. This can protect clients’ homes and personal property from fire damage.
Through its subsidiaries like American Home Assurance Company and National Union Fire Insurance Company, AIG offers tailored fire insurance. AIG’s specialty property insurance can provide solutions for complex commercial risks, including industrial and catastrophic risks.
AIG has optional endorsements to bolster its fire insurance, such as coverage for additional living expenses if a home is rendered uninhabitable due to fire damage. Other extended coverage for fire damage includes replacement cost coverage for damaged or lost possessions and cover for valuable items.
Market share: 5.71%
It was not until 2004, however, that Travelers merged with the St. Paul Fire and Marine Insurance company, to address the problem of frequent fires during that time. This merger also resulted in the creation of St. Paul Travelers Companies Inc., which is now one of the largest P&C insurers in America.
Today, Travelers Group provides fire insurance mostly through its homeowners' and commercial property insurance policies.
The company offers fire insurance cover mainly through its homeowners' and commercial property insurance products. Travelers’ key fire-related insurance products include:
This covers damage from accidental fires that affect the dwelling, garages, sheds, and personal property inside the home, like furniture and electronics. It also covers living expenses if the home becomes unlivable due to the fire and provides personal liability protection related to the fire incident.
For claims settlement, policyholders have the option of either the replacement cost value or the actual cash value of the damage or lost items.
For businesses, Travelers can provide fire insurance as part of their commercial property policies. Coverage includes the building, equipment, inventory, and other physical assets from fire and other perils. The policy can also assist businesses to recover and rebuild after fire losses.
This covers the cost of lost personal belongings damaged or destroyed by fire. It is typically included in homeowners’ and renters' insurance policies.
Travelers also provide endorsements and optional cover like extended replacement cost, valuable personal property replacement, and additional living expense cover for enhanced fire protection.
Note that coverage limits, details, and availability can vary by state and policy.
Market share: 4.75%
Berkshire Hathaway is a major American conglomerate headquartered in Omaha, Nebraska. It is headed by finance legend Warren Buffett, the “Oracle of Omaha.” BHG entered the insurance industry in 1967 with the acquisition of National Indemnity Company, which included National Fire & Marine Insurance Company, making its formal entry into the US fire insurance market.
Over the succeeding years, Berkshire Hathaway expanded its insurance operations through its subsidiaries, like Berkshire Hathaway Homestate Companies (BHHC) and Berkshire Hathaway GUARD Insurance companies. Both companies still offer P&C insurance including fire insurance, across the US.
Today, Berkshire Hathaway provides fire insurance via BHHC and a specialist subsidiary, National Fire & Marine Insurance Company, to businesses nationwide. Since the late 1960s, the conglomerate has been recognized for its expertise, robust financial strength rating, and broad reach. It also ranks as one of the best fire insurance companies in the US.
BHG does not offer standalone fire insurance products; rather, the company provides various types of fire coverage within its commercial property insurance lines across its different subsidiaries. Coverage caters to businesses of varying sizes and complexity. The subsidiaries are:
These companies offer commercial property and casualty insurance products that include fire insurance coverage tailored to small and mid-sized businesses. Their coverage emphasizes workplace safety and risk mitigation.
This subsidiary provides tailored commercial property insurance solutions, including fire insurance. BHSI offers the appropriate fire insurance for complex and large-scale risks, supporting businesses with specialized coverage and claims services.
This Berkshire Hathaway Group member specializes in property and casualty insurance, with fire insurance as part of its main offerings. This subsidiary is rated A++ by A.M. Best.
See why it’s important to know about an insurance company’s ratings and get to know the most trusted insurance ratings companies in this guide.
This is a simplified, comprehensive hazard insurance policy for small businesses and is the only standalone fire insurance offered by Berkshire Hathaway. Its coverage includes fire, along with other hazard protections like floods and wind.
Market share: 4.11%
Founded in 1927 by John C. Tyler and Thomas E. Leavey, Farmers Insurance initially focused on providing auto insurance to rural drivers in the US. The company expanded quickly and diversified its product portfolio over the years.
Its most notable change came in 1942, when Farmers launched its Fire Insurance Exchange, a reciprocal insurer that specializes in home insurance that included fire coverage. This marked Farmers’ formal entry into the US fire insurance market.
Farmers now operates through its three main reciprocal exchanges – Fire Insurance Exchange, Farmers Insurance Exchange, and Truck Insurance Exchange. Each of these insurance exchanges focuses on different insurance specialties.
For over 80 years, Farmers has been among the best fire insurance companies in the US, maintaining a strong presence and reputation for claims service and community support during disasters.
As with other larger fire insurance companies, Farmers offers fire coverage embedded within its homeowners’ and commercial property insurance lines. Here's where clients can obtain its other fire insurance products:
This bundles property insurance, including fire coverage with liability protection for small to medium-sized businesses.
This type of fire insurance is included in homeowners’ or renters' insurance, covering personal possessions damaged or destroyed by fire incidents.
Farmers offers options like extended replacement cost, valuable personal property cover, and cover for additional living expenses. The additional living expense cover is in case the policyholder must find alternative accommodation while their home is being repaired after it sustains fire damage.
Market share: 3.97%
In the following decades, Zurich grew its US presence by acquiring established fire and casualty insurers like the Fidelity and Deposit Company of Maryland, and Universal Underwriters Group. These moves solidified Zurich’s role as one of the top providers of fire insurance in America.
Zurich has since offered fire insurance in the US through its acquisitions and dedicated subsidiaries. This allowed it to establish and maintain a strong presence in commercial and fire insurance markets.
Zurich offers fire insurance coverage in the US mainly through its commercial and personal property insurance products, under its subsidiaries. Its main fire insurance products include:
This can be purchased from Zurich as either a completely standalone insurance product or as part of its P&C insurance policies. Zurich holds licenses to write dedicated fire insurance policies that cover direct losses to property.
This includes coverage for fire as part of a broader property insurance policy and covers various other types of property damage.
Zurich’s fire insurance products are integrated within its broader P&C insurance portfolio to serve a wide range of industrial and individual clients with tailored coverage solutions. The company has been licensed to offer fire insurance in New York since 1998 and maintains a strong claims service and robust risk management expertise.
Market share: 3.17%
Originally founded as Chubb & Son in 1882 in New York City, Chubb is a leading global insurance company. It has deep roots in P&C insurance and began offering fire insurance early in its history. Notably, Chubb put up the Vigilant Insurance Company in 1939 as its dedicated fire and marine insurance company.
Over the years, Chubb further expanded its fire insurance business as part of its commercial and personal property lines, catering to both individual and corporate clients. Chubb’s reputation for underwriting specialty and niche insurance products, including fire insurance, has made it a trusted insurer in the US market for well over a century.
As with many of the other fire insurance providers, Chubb mainly offers fire insurance via its commercial and personal property insurance lines. Its fire insurance products include:
Chubb provides fire protection for businesses and their buildings, equipment, and inventory. Coverage includes fire-related perils like lightning strikes. This can be further customized to include flood, explosion, and storm damage cover. This insurance product is designed to cover medium to large risks, including multinational programs.
This cover includes comprehensive fire coverage for damage to the home, other structures, and personal possessions, making their homeowner’s insurance in California even more valued.
Chubb homeowners’ insurance also offers extended replacement cost coverage to cover rebuilding costs even if they exceed policy limits. Additional living expenses are also covered if the homeowner is forced to find alternative accommodation after their home is rendered uninhabitable.
Chubb also provides risk consulting and wildfire defense services to help prevent and mitigate fire damage.
Chubb also offers a specialized service that provides wildfire hazard assessments, proactive defense measures during wildfire threats, and support after wildfire events, like claims assistance. This is an invaluable product for residents of wildfire-prone areas like California.
Market share: 3.15%
Established in 1916 in Michigan, Auto-Owners began expanding beyond car insurance in the 1930s and has offered fire insurance in the US since at least the mid-20th century. With its insurance services offices headquarters in Lansing, Michigan, Auto-Owners cover fires as part of its home, business, and property insurance products that are available across 26 states.
The group is renowned for its strong financial stability, mutual company structure, and strong focus on customer service. It distributes policies exclusively via independent agents. Auto-Owners have made fire insurance a core component, offering fire protection for homes and businesses for decades.
This company offers fire insurance products through its:
This covers fire damage to the home itself, as well as to the attached or adjacent structures like garages or sheds. This insurance also includes cover for fire department charges, debris removal work, and even food spoilage due to accompanying power outages. Additional living expenses are also covered if the house becomes unlivable. Optional endorsements like guaranteed home replacement cost and special personal property coverage can boost protection.
This protects businesses from fire damage and covers the business’ buildings, equipment, inventory, and other assets. It also helps businesses hit by fire to recover from their losses.
This coverage from Auto-Owners is included in the homeowner's policy. It takes care of the legal costs that can be incurred by fire incidents and cause injury or property damage to others.
Whether you’re a consumer looking for the right insurer to protect your home or an insurance broker seeking the right cover for their clients, the best fire insurance companies are not necessarily those with the biggest market share. This is not the only metric insurance brokers or potential clients should consider. Here are other essential factors to look at:
Brokers should ensure that the insurance company faithfully complies with licensing requirements in their state. This is crucial to ensure regulatory oversight, and your client has legal recourse in case of any disputes.
Even if the fire insurance company has a significant market share and impressive revenues, ensure that its financials are stable and sustainable. You can find this out from the insurance company’s fire insurance ratings from independent insurance ratings agencies like AM Best and Moody’s. Information like AM Best ratings and financial reports can be crucial to find out if the insurance company can pay claims promptly.
Evaluate the insurer’s ability to offer comprehensive and flexible insurance coverage. This includes looking at riders. Consider your clients’ needs like replacement cost, additional living expenses, and cover for related risks like wildfires. These are essential when looking at the best fire insurance companies for your client's needs.
Assess the insurer’s reputation for giving fair, efficient, and responsive claims processing. This can be critical for clients that live in fire-prone areas.
Consider insurers with substantial underwriting expertise in fire insurance and the willingness to cover your client’s specific risk profile without significant gaps or exclusions.
Insurance brokers should work with insurers that have a strong market presence and good relationships with brokers to obtain competitive pricing and payment terms.
Brokers and consumers alike should consider the total cost of the risk and not just the premium price. Consider the deductibles, coverage limits, and potential gaps that may increase out-of-pocket expenses after a fire loss.
Don’t forget to subscribe to Insurance Business Premium and gain exclusive access to IB+ Data Hub and other premium content.
