Connect with us

Featured Posts

Liberty Mutual Home Insurance Review

Published

on

Since 1912, Liberty Mutual has provided home insurance products to customers surrounding their Boston headquarters and beyond. Today, the company is the fifth-largest global property and casualty insurer on the market. But do Liberty Mutual’s home insurance products stand up to their many accolades? Our team used SimpleScore, our proprietary methodology, to evaluate Liberty Mutual’s home insurance offerings in five categories: available discounts, coverage options, customer satisfaction, customer support and accessibility. Keep reading to find out if Liberty Mutual homeowners’ insurance is right for your needs.

Best for Mobile Claims Filing – Liberty Mutual

It turns out you can teach an old dog new tricks — especially if the dog is a globally recognized home insurance carrier and the trick is easy claims filing through a mobile app.

SimpleScore

4.4 / 5.0

SimpleScore Liberty Mutual 4.4
  • Mobile claims filing through the app.
  • Online quote tool.
  • Flexible coverage options.
  • Average customer satisfaction
  • Average cost of premium

Liberty Mutual is the go-to home insurance provider for web-based and mobile tools.

America’s top-rated home insurance

  • Policies starting at just $25/month
  • Sign up in seconds, claims paid in minutes
  • Zero hassle, zero paperwork

What we like about Liberty Mutual

Mobile claims filing

Despite being more than 100 years old as a company, Liberty Mutual has mastered digital offerings, providing policyholders with an easy-to-use mobile app where they can manage policies. Not only can users gain access to key information, such as their policy number, bill pay and coverage information, but they can even file a claim right from a smartphone. Customers are even able to make updates to their policies through the mobile app.

[Read: Farmers Home Insurance Review]

Online quote tool

In addition to the mobile app, Liberty Mutual’s online tools are incredibly beneficial for both existing and potential customers. The Coverage Customizer Tool allows customers to uncover additional coverage that may benefit them as well as available discounts for which they may qualify. The Am I Covered? tool also allows customers to see if their current coverage is enough to protect them in the event of an emergency situation. Finally, the online quote tool helps provide a free and accurate quote so customers can make informed, financially wise decisions about their insurance needs.

Flexible coverage options

Dwelling, personal liability, wind and hail coverage all come standard in Liberty Mutual’s base homeowners’ insurance policies. Their standard coverage even covers living expenses if you’re displaced from your home due to a covered emergency. However, the company also offers a broad range of additional coverage options that may benefit policyholders. These include Personal Property Replacement Cost Coverage, Blanket Jewelry Coverage, Hurricane Coverage, Escape of Water Coverage and Inflation Protection Coverage.

[Read: Geico Home Insurance Review]

Who should get this policy?

Homeowners seeking a digitally advanced insurance carrier capable of providing web-based and mobile tools would enjoy Liberty Mutual. Not only does the company offer a broad range of digital tools to customers, but they boast great financial strength and have a long history of providing coverage solutions to policyholders throughout the United States.

Things to consider

Average customer satisfaction

Although Liberty Mutual has great financial strength, mobile and online tools, and a broad range of coverage options, its average customer satisfaction rating isn’t what one might expect. Most customers found its pricing, customer service and claims handling to be merely “average,” earning the company an unimpressive 792 out of 1,000 for overall satisfaction from J.D. Power. If you’re looking for a more personal approach to your insurance needs, you may need to look elsewhere.

[Read: MetLife Home Insurance Review]

Average annual premium

The average customer can expect to pay $1,200 annually for a Liberty Mutual home insurance policy. While this isn’t more expensive than what’s considered the national average across all homeowners’ insurance carriers (currently $1,211, according to the Insurance Information Institute), it certainly isn’t on the low end of available insurance options either. However, there are quite a few available discounts through Liberty Mutual that can help bring down the total cost for your premium. Be sure to consult with your agent to understand what options are available to you.

Who shouldn’t get this policy?

If you’re looking for a more personalized approach to insurance coverage, Liberty Mutual may not meet your expectations. Most customers found their services, claims handling, and cost of coverage to be merely average, and therefore may not be a great fit for those seeking more robust assistance. Depending on if you qualify for any of their available discounts, Liberty Mutual may not be a good fit for those seeking a more affordable solution either.

[Read: Progressive Home Insurance Review]

What we analyzed

Discounts

Our team compared Liberty Mutual’s available discounts across multiple providers to help shoppers make the best decision. In general, its discounts aren’t much different than others on the market. Liberty Mutual’s offerings are pretty standard, including New Home Discounts, New Roof Discounts, Multi-Policy Discounts and Paperless Discounts. Where Liberty Mutual stands out from the rest is with their Claims-Free Discounts. Customers will save if they have not filed a claim with their previous insurer for five years or more, plus if they keep their Liberty Mutual policy claims-free for three years, they’ll be eligible to redeem the Safe Homeowner Program Discount for additional savings on their premium.

Coverage

Liberty Mutual’s standard home insurance stands out from the crowd for its inclusion of reimbursed living expenses if policyholders are displaced from their homes due to a covered event. In addition to their standard coverage, Liberty Mutual also offers optional add-ons that can help provide policyholders with further protection. For example, the company offers optional coverage for jewelry, hurricanes, water damage, and rate inflation.

[Read: Safeco Home Insurance Review]

Customer satisfaction

According to J.D. Power’s 2019 Homeowners’ Insurance Customer Satisfaction Survey, Liberty Mutual received a 792 out of 1,000 (or 3 out of 5 stars) for overall customer satisfaction. Other nationally recognized providers, such as Allstate, State Farm and Farmers, scored much higher in this category. If customer service is of the utmost importance to you — especially if you anticipate having to file a few claims down the road — Liberty Mutual may not be the best option.

Customer support

Despite a poorer level of customer satisfaction than its competitors, Liberty Mutual does offer a broad range of support resources for their policyholders. For example, its mobile app allows customers to fully manage their policies, make updates, pay their bill and file and manage claims. Additionally, their Coverage Customizer Tool and Am I Covered? Tool each allow customers to identify optional coverages that may benefit their personal circumstances.

[Read: Travelers Home Insurance Review]

Accessibility

In terms of digital accessibility, Liberty Mutual outperforms the competition. The company provides a broad range of online tools as well as a comprehensive mobile app where they can easily file claims and manage policies. It also provides an easy-to-use online quote tool that provides a free and accurate quote in no time. The website is user-friendly and even offers complete financial transparency with the company’s current revenue stream through its downloadable risk assessment guides.

Liberty Mutual vs. the competition

Amica Mutual

SimpleScore: 3.8/5

While Liberty Mutual might outperform Amica in terms of mobile accessibility, Amica Mutual is a strong competitor for this Boston-based carrier. Amica Mutual’s average customer satisfaction is a whopping 5/5 stars on J.D. Power’s 2019 survey. Additionally, the average annual premium cost for a policy through Amica is $1,070 compared to Liberty Mutual’s $1,200.

[Read: USAA Home Insurance Review]

Farmers

SimpleScore: 3.2/5

Liberty Mutual and Farmers are pretty comparable. However, Liberty Mutual offers a more robust online and mobile platform for its users. While Farmers outperforms Liberty Mutual in terms of customer service, the company only touts a 16-point lead. Plus, policyholders pay a pretty penny for coverage from Farmers. The average customer pays a $1,480 annual premium for homeowners’ insurance through the carrier.

MetLife

SimpleScore: 2.5/5

If you have the choice between a MetLife policy and one through Liberty Mutual, you’ll be much better off going with the former. MetLife’s customer satisfaction rating is even lower than Liberty Mutual’s at 791 out of 1,000. Not only that, but the company’s online tools are lackluster, and they do not provide much information about their coverage options. The company also charges an average annual premium of $2,042 for homeowners’ insurance coverage — nearly $1,000 more than Liberty Mutual’s rate without discounts applied.

[Read: Nationwide Renters Insurance Review]

America’s top-rated home insurance

  • Policies starting at just $25/month
  • Sign up in seconds, claims paid in minutes
  • Zero hassle, zero paperwork

Liberty Mutual’s rates

The average cost for a homeowners’ insurance policy through Liberty Mutual is $1,200 — just $11 below the national average. To determine the cost of your homeowners’ insurance policy, agents consider the following:

  • Location
  • Estimated Replacement Cost (Property Value)
  • Home Age & Condition
  • Safety Devices
  • Deductible

While the company’s base rate doesn’t provide much in the way of robust savings, there are a number of different discounts available that customers may qualify for to help lower their premium.

Liberty Mutual online and mobile app

Online tools

As mentioned before, Liberty Mutual features some great tools for policyholders and shoppers to take advantage of during their homeowners’ insurance search. The Am I Covered? Tool shows customers what their current coverage protects them from as well as which coverage options are currently available that they may wish to add to their policy. Additionally, the Coverage Customizer Tool helps customers build a policy that works for them based on their specific information. Liberty Mutual’s online quote tool is also an excellent source of information, providing customers with a personalized, free quote in no time.

[Read: State Farm Renters Insurance Review]

Mobile app

Few insurance carriers offer the robust mobile tools that Liberty Mutual does. Through the mobile app, customers can easily submit a claim, manage their policy and pay their bills. The mobile app boasts a rating of 4.6/5 stars on Google Play and 4.8/5 stars on the Apple Store.

Liberty Mutual renters, auto and life insurance

Renters insurance

Liberty Mutual provides renters’ insurance policies that are especially great for those seeking low-cost basic coverage. With a low average annual premium of $285, these policies offer a great solution for non-homeowners in need of protection for their personal property.

[Read: The Hartford Renters Insurance Review]

Life insurance

There are three types of life insurance policies currently available through Liberty Mutual: term life insurance, whole life insurance and fixed annuities/fixed income. For those seeking to plan ahead for their loved one’s financial security, Liberty Mutual is a great place to get started.

Auto insurance

Comprehensive Coverage is offered by Liberty Mutual to help policyholders further protect their vehicles. Not only is their comprehensive plan robust, but they offer a broad range of additional coverages to help consumers stay even better protected while on the road.

[Read: Best Home Insurance]

Bundling options

Like most insurance carriers in the modern age, Liberty Mutual offers special discounts for those who choose to bundle policies together. According to its website, customers can save as much as $842 on auto and home insurance by bundling their policies together.

Liberty Mutual in the News

  • Despite catastrophic losses due to the COVID-19 pandemic, Liberty Mutual reported a 46% increase in Q3 net income in November 2020.
  • Liberty Mutual recently promoted Tracy Ryan to president of Global Risk Solutions North America, who was named one of the 2021 Executives to Watch by Risk & Insurance.
  • Liberty Mutual’s iconic boardwalk “Truth Tellers” ad series recently expanded to include a video-game-style premise featuring a wizard and teddy bears.

Frequently Asked Questions

Home insurance providers with comparable services and rates include State Farm, Allstate, GEICO and Progressive.

The amount of coverage needed will change from homeowner to homeowner. Buy enough insurance for your property and home to ensure you are able to replace the essentials after a serious incident.

The average annual cost of a home insurance premium in the United States is $1,211. However, home insurance rates differ significantly by location, home and individual. To find how much it will cost for your home, get an individualized quote from a provider, either online or over the phone.

Last updated November 23, 2020 – Updated SimpleScore data. We welcome your feedback on this article and would love to hear about your experience with the insurers we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.