Liberty Mutual Homeowners Insurance Review: Features
Information support: Good online information hub, tackling subjects beyond basic insurance.Customer support: Telephone, online, live chat and email support available. The company is also on social media.Interface: Browser, mobile app and Amazon Alexa.
- Long list of discounts
- One or two standout add-ons
Liberty Mutual makes a great play of its flexibility, claiming that it can create a policy that suits your individual requirements. There is some truth in that. It depends on what your personal requirements are, of course, but the company is the only one weve found that offers features like inflation protection endorsement, which protects you against price rises in labor, materials or building costs.
A Liberty Mutual policy will cover personal belongings as standard and can also cover your valuables. It will help you pay your living expenses if you cant reside in your home while damages are being repaired. It can cover other buildings on your property, like a shed or outhouse, and boasts an add-on that has you covered for water backup and sump pump overflow. Check with a Liberty Mutual agent to see what features and add-ons might best protect your individual property.
There are others and, taken as a whole, this is the longest list of discounts weve come across, and a considerably more comprehensive one than that offered by State Farm, the biggest company in the sector.
Liberty Mutualhome Insurance Discounts
Liberty Mutuals discounts are mostly similar to its competitors’, but there are a few standouts. Discounts are available for the following:
Claims-Free: You may be able to claim this discount if you didnt file any claims within the last five or more years with your previous home insurer.
Safe Homeowner Program: If you go claim-free on your Liberty Mutual home insurance for three years, you might be eligible for additional savings.
Early Shopper: This discount is applicable if your current policy with another carrier expires in 31 or more days.
What Types Of Insurance Does Liberty Mutual Offer
Liberty Mutual offers a variety of coverage solutions for individuals and businesses. Their products include:
- Homeowners insurance
- Commercial auto insurance
- Excess liability insurance
This list of insurance products offered by Liberty Mutual is far from exhaustive. Your independent insurance agent can help you decide if Liberty Mutual has the right type of coverage to best meet your needs.
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Liberty Mutual Reviews And Ratings
- Customer satisfaction ratings are average or lower.
- Received more than the expected number of complaints for auto insurance, relative to its size.
- Many options for coverage and discounts.
Liberty Mutual is the nations sixth-largest auto insurer based on direct premiums written. In addition to car insurance, Liberty Mutual offers a vast array of personal and commercial insurance policies.
What To Know About Liberty Mutual
Liberty Mutual Insurance Company was founded in 1912, giving the carrier more than a century of experience in the insurance industry. The insurance company offers a large catalog of coverage options for individuals and businesses, including umbrella insurance, homeowners insurance, commercial auto insurance, and more. The insurance company is headquartered in Boston, MA.
Today, Liberty Mutual is the sixth-largest global property and casualty insurer. As of 2019, Liberty Mutual had a reported $133.6 billion in assets and $43.2 billion in revenues. The insurance company was ranked 75th on the Fortune 500 list. The carriers reach extends globally, and there are nearly 46,000 employees found on its LinkedIn network.
Thanks to its rich history, massive size, and catalog of coverages offered for individuals and businesses, Liberty Mutual has become known as a financially sound insurance company with a strong outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Liberty Mutual an A rating, indicating the carrier is an excellent choice for insurance customers. High ratings from A.M. Best assure customers that Liberty Mutual is capable of offering guaranteed, secure coverage from a trustworthy and reputable insurance carrier.
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What Is The Bottom Line
Comparably this Liberty Mutual app performs at least as well if not better than most other insurance applications we have reviewed. It provides useful functionality and added features not available on the website. In the event of an incident, the Liberty Mutual app seems as though it provides true value. Aside from their main insurance and claims app, the others seem gimmicky while providing no tangible benefit. Stick with the one Liberty Mutual app and you should be just fine.
Liberty Mutual Auto Insurance
Liberty Mutual auto insurance earned 4.5 stars out of 5 for overall performance. NerdWallets ratings are determined by our editorial team. The scoring formula takes into account pricing and discounts, ease of filing a claim, website transparency, financial strength, complaint data from the National Association of Insurance Commissioners and more.
Based on these ratings, Liberty Mutual is among NerdWallets Best Car Insurance Companies for 2021.
Common types of car insurance coverage
When youre shopping for car insurance, its important to understand what car insurance coverage you want and what youre required to buy. Most states require car insurance to drive a vehicle, although minimum coverage requirements vary from state to state. This generally includes liability insurance and uninsured and underinsured motorist coverage.
If you want extra protection, you may be interested in full coverage insurance. Full coverage isnt a specific policy you can buy, but rather a combination of coverage types like liability, collision and comprehensive insurance.
Check out the most common types of car insurance coverage below to see how they work:
Liberty Mutual offers standard auto policies to which you can add several types of optional coverage, including:
Teachers Auto Insurance is a unique offering from Liberty Mutual. Although it may not be available where you live, it comes at no extra cost to teachers and includes:
Liberty Mutuals auto insurance discounts:
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What Is This Rating
A.M. Best’s Financial Strength Rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations.
A.M. Best’s rating is NOT used to calculate the overall score but it is important information to consider when choosing an insurance company.
Average Cost Of Liberty Mutual By State
Based on 530 quotes generate on Insurify, we found that the average monthly cost for a Liberty Mutual insurance policy was $137 a month. Below is a table showing the average cost of Liberty Mutual home insurance by state.
Dont see your state? We havent gathered enough data from that state yet. We will update this page with more quoting information as soon as we are able. Stay tuned!
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Homeowners Insurance Quote Comparison
We collected hundreds of quotes from across the country and found that Liberty Mutual’s homeowners insurance rates are generally among the least affordable compared to its competitors. The company is most affordable to people looking to insure properties worth less than $200,000. Even though its prices are still relatively expensive compared to other companies’, qualifying for discounts could lower your policy’s cost and put it on par with, or even below, your state’s average premium.
This graphic illustrates Liberty Mutual’s average prices at three different levels of coverage. We chose the figure $217,600 to correspond with the national median value of owner-occupied homes.
Liberty Mutual Car Home & Renters Insurance: Ratings Discounts And Coverage
Liberty Mutual prides itself on working on behalf of its policyholders, not its stockholders. This has been true since Liberty Mutual was first launched as the Massachusetts Employees’ Insurance Association , back in 1912. Today, Liberty Mutual says its purpose is to help people embrace today and confidently pursue tomorrow. Liberty Mutual has operations around the world, and says it is committed to providing insurance products and services to meet the needs of individuals, families and businesses.
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Liberty Mutuals Cost For Standard Policy
The average U.S. home insurance premium in 2018 was $1,249 per year. We found Liberty Mutuals premiums to range from $87 to $359 per month, or $1,044 to $4,308 per year, depending on how many discounts youre eligible for. We used a general homeowner profile and a $300,000 home with a $1,000 deductible in Illinois to obtain quotes. You can find more details about this profile in the Methodology section below.
Your monthly premiums may vary greatly depending on your location, homes age and condition, home safety devices, and deductible.
Some insurers use credit scores to help determine your premium. Married couples should give both spouses information because some companies will take the highest credit score of the two, saving you money.
Liberty Mutual Affiliation Discounts
- Military: A discount if at least one member of the household is active, retired, or reserved in the United State Armed Forces. Discount amounts vary, but drivers can save up to several hundred dollars a year.
- Teachers: Specialized $0 deductible car insurance options including vandalism loss protection, personal property coverage and collision coverage that apply to teachers’ vehicles and the belongings within them while on school grounds and during school functions.
- Students: Discounts for students with a GPA of B or better and students who attend school more than 100 miles away from their car.
- Affiliated Organization: Discounts for customers associated with particular employers or credit unions. Liberty Mutual partners with more than 20,000 organizations, and you can call the company to see if your employer or credit union qualifies.
Keep in mind that the eligibility details for Liberty Mutual’s affiliation discounts vary by state. Also, the company offers a wide variety of general car insurance discounts that can help auto insurance customers save even more.
Liberty Mutual has rideshare insurance that it offers through Lyft and Uber in select states as one of the rideshare companies’ official auto insurance providers. However, Liberty Mutual does not sell rideshare insurance directly to drivers as an add-on for personal car insurance policies.
A driver’s personal car insurance policy applies when their rideshare app is turned off.
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Liberty Mutual Homeowners Insurance Review: Quality Of Product
- Reasonable but not great financial stability
- Question marks over customer service and claims handling
Liberty Mutual appears to have quite a lot going for it, with excellent discounts and well-considered tools and resources. So whats behind that disappointing JD Power customer satisfaction score?
Clearly, some customers think that, despite the discounts, the price they pay isnt great for the coverage they receive. The score for interacting with the business is also a little below par, suggesting that Liberty Mutual should spend some time brushing up its customer service. The company does not have the best reputation for the speed and ease with which it handles claims.
We were also a little surprised that Liberty Mutual only receives an A score from A.M. Best, which is a measure of financial stability. An A rating isnt bad, but its a couple of levels below State Farms A++ and a level below the A+ scores achieved by Allstate, Nationwide and Amica, among others.
What Coverages Are Offered
Liberty Mutual writes full coverage auto insurance policies with a lot of options. They advertise their approach to insurance as being a pay for only what you need customized policy, but selecting from add-ons and endorsements is the norm at most insurance companies.
In this next section well take a look at what Liberty Mutual offers for coverage and how, if at all, it differs from the other options out there.
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Compare Liberty Mutual Vs Geico Insurance
- Insurance Reviews
- Liberty Mutual vs. GEICO
Liberty Mutual and GEICO are both huge names in the insurance industry. Both companies have exceptional consumer reviews and customer satisfaction ratings from top review services and websites. GEICOs prime focus is on car insurance. So it offers more discounts for auto insurance than does Liberty Mutual. GEICO also ranked as the #1 auto insurer of 2015, with Liberty Mutual as #8.
However, Liberty Mutual won a J.D. Power award in 2015 for best customer buying experience. It also offers additional discounts for customers who are newly graduated, married, retired, or moved.
Liberty Mutual Vs Geico: Coverage Options
When youre looking for the best car insurance company, you want to review coverage to be sure the provider of your choice has the protection you need for ultimate peace of mind on the road.
Here’s how Liberty Mutual and Geico stack up in terms of policy offerings:
Guaranteed Asset Protection Insurance
When comparing Liberty Mutual vs. Geico head to head, Liberty Mutual is the clear winner for the number of policy options offered. Now lets talk about which types of car insurance apply to you.
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Liberty Mutual Home Insurance Reviews: Customer Satisfaction
Any insurance company is likely to have a fair amount of customers who give rave reviews and equally as many who express complete frustration. Liberty Mutual is no exception, as it has relatively average ratings. Customers can obtain coverage through an independent agent, so any negative experiences are likely tied to each individual insurance agent?. However, some do take issue with Liberty Mutuals claims processes, stating that payouts can be minimal and take far longer than expected.
Although Liberty Mutual Insurance Company does have some less than satisfied customers, the overwhelming majority of policyholders note that their homeowners policy is precisely what theyre looking for. Liberty Mutual combines fantastic base options along with optional coverage to give homeowners exceptional peace of mind. Some even enjoy purchasing auto insurance as well and end up saving money with a multi-policy discount.
What Is Excluded From Homeowners Insurance
Home insurance policies never include coverage for the perils listed in the table below. These require additional and different policies instead however, there are also some exceptions for perils that would normally be covered.
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Liberty Mutual Standard Home Insurance Coverage Plan
Liberty Mutual is the direct underwriter of its homeowners insurance policies, but those policies can vary depending on your state. Its standard homeowners insurance policy generally includes the following coverage:
Liberty Mutual will provide coverage for your homes physical structure as well as on your detached property, such as fences, driveways, and sheds. Damage to your home due to severe weather, fire, water , theft, and vandalism will be taken care of by the insurer, whether its replacing or repairing damaged structures in question.
Wind and Hail Coverage
This portion of standard coverage will protect your home from damages caused by wind and hailnot general weather damage. Depending on your state, homeowners may be required to have a separate deductible in their policy.
Personal Property Coverage
If your personal items, such as rugs, furniture, and electronics, are damaged due to a covered loss or theft, Liberty will pay out the actual cash value of the property. Limits to the coverage amount can vary depending on your state.
Personal Liability Protection
Coverage will be provided to homeowners who have accidentally damaged someone elses property or are sued in certain situations. This may include costs to cover repairs of the damaged item or legal payments.
Medical Payments to Others
In the event someone is injured on or around your property, your policy will cover that persons medical bills, up to a certain amount.
What Are Liberty Mutual Homeowners Insurance Coverage Options
Liberty Mutual offers many add-on coverages to extend protection on your home and personal property on your Liberty Mutual homeowners insurance policy. Optional add-on coverages offered by the company include:
Personal Property Coverage: You can insure your valuable items with Liberty Mutual’s personal property homeowners insurance coverage. Valuable items you can insure with this coverage include engagement rings and jewelry, antiques, artwork, collectibles, silverware and more.
Inflation Protection: Liberty Mutual offers inflation protection, which automatically adjusts your homeowners insurance coverage limits when you renew your policy to match inflation.
Water Backup and Sump Pump Overflow: Liberty Mutual offers this coverage option to protect your home if it experiences water damage thats a result of drain or sump pump overflowing.
Below is a list of the many other insurance products that Liberty Mutual offers.
How Much Does Homeowners Insurance Cost
While the national average premium is around $100 a month, its important to know that there isnt a single established price for home insurance. Although they vary from company to company and policy to policy, here are some of the most common factors that can determine how much you pay for insurance. Factors that impact your premium
Coverage amount needed. How much coverage you choose to buy will obviously have the greatest impact on your monthly or yearly premium. This means the overall cap the insurer agrees to cover in the case of an included peril. You dont need to cover the entire cost of your house, you can buy an amount you deem reasonable depending on the highest risks you think your house has.
Location of your home. The location of your house determines the type of perils it could be exposed to and so this will greatly impact the rate an insurance company offers you. For example, a house in a floodable zone will be more expensive to insure than one that isnt.
Style and age of the home. The overall build and condition of the house is taken into account in order to adjust the premium. If a house is fairly deteriorated or built with outdated materials, for example, its structure is at a higher risk, thus raising the price on coverage.
Square footage. No surprise here: the size of your home is used to calculate your premium. Larger homes will inevitably need more resources to fix or rebuild, and are also more prone to neglect in certain areas.