Liberty Mutual Home Insurance 2024 Review

What is Liberty Mutual?

Liberty Mutual is an American insurance company and the country’s sixth-largest property and casualty insurer. The insurer offers a range of policy types, including customizable homeowners insurance. In addition to standard offerings, customers can choose from several endorsements and take advantage of numerous discounts.

Liberty Mutual homeowners’ insurance products

Liberty Mutual offers several types of property insurance, including homeowners, renters, condo, landlord, mobile home, flood, and umbrella. Homeowners’ policies come with several standard coverages, and policyholders can customize their plans with optional endorsements.

These are the standard types of coverage included in Liberty Mutual homeowners’ insurance:

• Dwelling coverage: Dwelling coverage comes standard and applies to damage to your home. Liberty Mutual’s dwelling coverage also covers other structures on your property, like fences, sheds, and other structures not attached to the house.
• Wind/hail damage: Liberty Mutual’s standard homeowners’ coverage includes damage caused by wind and hail.
• Hurricane: While some insurers exclude damage caused by hurricanes, Liberty Mutual includes hurricane coverage in its standard homeowners’ policies.
• Personal property coverage: Personal property coverage is standard and pays the actual cash value of personal property damaged in a covered event.
• Additional living expenses/loss of rent: Sometimes referred to as loss of use coverage, Liberty Mutual’s additional living coverage provides financial support if you cannot live in your house or experience an increase in living expenses due to a covered event.
• Personal liability and medical payment to others coverage: These standard coverages provide financial protection if someone else is injured or incurs property damage due to a covered event at your home.

Premiums are based on several factors, including the home location and the materials used to build the home (foundation, walls, and roof). Liberty Mutual also considers how the home is used (rental, business, etc.) and the personal items in the house when calculating premiums. The cost of a policy is also based, in part, on the homeowner’s credit score and other personal factors.

Key features of Liberty Mutual

These are some of the key characteristics of Liberty Mutual home insurance policies:

Optional Coverage

In addition to the standard homeowners’ coverage included in Liberty Mutual policies, the insurer offers several endorsements that customers can add for customized coverage.

• Blanket jewelry: Replaces lost or stolen jewelry (no deductible or up-front appraisal required)
• Personal property replacement cost: Pays the actual cash value of damaged items in the case of a covered event up to the current market cost
• Water backup coverage: Covers damage caused by water backup and overflow
• Inflation coverage: Coverage limits are automatically adjusted to stay in line with inflation

Discounts

Eligible homeowners can take advantage of more than 10 discounts to reduce the cost of insuring their property. Liberty Mutual’s discounts are as follows:

• Online Purchase Discount: Available to homeowners who purchase their Liberty Mutual policy online
• Bundle and Save Discount: For homeowners who have more than one policy with Liberty Mutual
• Newly Purchased Home Discount: Offered to homeowners who have recently purchased their homes
• New/Renovated Home Discount: For recently built or renovated homes
• New Roof Discount: Limited to homes with new roofs
• Claims-Free Discount: Available to homeowners who have not filed a claim with their previous insurance company for at least five years
• Safe Homeowner Program: For Liberty Mutual policyholders who do not have a claim for three years
• Early Shopper Discount: Reserved for homeowners who get a Liberty Mutual quote before their current homeowners’ insurance policy expires
• Insured to Value Discount: Available where homeowners insure up to 100% of the home’s replacement cost (not the market value or selling price)
• Preferred Payment Discount: Homeowners who sign up for automatic payments receive a discount
• Paperless Policy Discount: Reserved for policyholders who sign up for paperless billing

Exclusions

Homeowners’ insurance generally does not cover flooding, earthquakes, normal wear and tear, infestations, and wind and hurricane damage. Furthermore, policies typically exclude service lines for utilities like water and sewer and coverage for equipment breakdown, government actions, mold damage, and faulty workmanship. However, Liberty Mutual’s home insurance policies include hurricane and wind/hail damage as part of standard coverage.

Home insurance coverage calculator

Liberty Mutual provides homeowners with a home insurance coverage calculator that suggests customized homeowners insurance coverage options. Policy recommendations are based on the user’s ZIP code, the estimated value of belongings, and information regarding the home’s features and proximity to earthquakes. Users can also indicate whether they prefer to pay more out of pocket with a lower premium or a higher premium with lower out-of-pocket costs.

Claims

Liberty Mutual policyholders can file claims through their online accounts. The process reportedly takes five to 10 minutes. It requires homeowners to provide the date of the incident and basic information describing what happened. A Liberty Mutual Claims Representative follows up if more information is needed. Policyholders can manage and view the status of their claims online.

Once a homeowner files a claim, a Claims Representative contacts them to schedule an in-person or over-the-phone damage review. Beyond the standard claims management process, Liberty Mutual offers a hotline where homeowners can get help with emergency services like finding temporary housing. When the repair estimate is complete, Liberty Mutual works with the policyholder to ensure the claim is paid.

Liberty Mutual pros and cons

Liberty Mutual lets homeowners customize coverage in addition to offering robust standard policies. That said, the insurer may not be a good fit for everyone. These are the advantages and disadvantages of Liberty Mutual home insurance:

Pros

• Robust standard policies, plus additional optional coverage
• Offers a wide range of discounts
• Provides online and agent-based policy and claims management

Cons

• Online reviews are poor
• Premiums may be higher than other insurance companies

Who is Liberty Mutual best for?

In general, Liberty Mutual may be best for:

• Homeowners who want to customize insurance coverage
• Homeowners who prefer online claims management
• Homeowners who are eligible for the insurer’s numerous discounts

How to get a Liberty Mutual homeowners’ insurance policy

Start the quote process by navigating to Liberty Mutual’s website. Then select the kind of insurance you want (in this case, “Home”), enter your ZIP code, and click on “Get my price.” If you prefer to get a quote via telephone, contact a representative at 1-800-295-2723. Alternatively, you can use Liberty Mutual’s home insurance coverage calculator before getting a quote.

Next, add the full address for the home you want to insure, including the apartment or unit number. Also indicate whether you currently live at the property. If you do not live at the address, provide your home address and indicate whether you own or rent the property and whether it is a house or condo.

Enter your personal information, including first and last name, date of birth, and email address. If someone else owns the property with you, also provide their information. Then, follow the online quote wizard to complete the process.

Liberty Mutual vs. Geico

Liberty Mutual and Geico are two of the largest insurance providers in the United States. Liberty Mutual provides a broad range of coverage, including personalized coverage options for water backup, jewelry, and inflation protection. Geico focuses more on value by offering standard coverage with some basic discounts.

In terms of overall pricing, Liberty Mutual tends to be slightly more expensive than Geico for identical coverage, although shopping around and getting multiple quotes is always recommended for finding the best deal. Thoroughly compare Liberty Mutual versus Geico to make an informed decision about your unique home insurance needs.

Methodology

When looking at small business insurance carriers, we want to know that our customers are working with the best. This is why we search for carriers that have high AM Best ratings or marketplaces that work with carriers that have those ratings. We review the key features of the provider and look at how costs are derived. The quote process is essential to a good customer experience, which is why we go through the process to test the efficiency of the system.

Is Liberty Mutual legit?

Liberty Mutual is a legit provider of home insurance and other types of insurance. The company has been in business for over 100 years and has an A (Excellent) rating from AM Best. The insurer has an easy-to-use online quote process that requires minimal effort to get competitive quotes on home insurance coverage. Still, Liberty Mutual has largely negative online ratings, so consider this when choosing an insurance provider.

How does Liberty Mutual work?

Liberty Mutual provides homeowners insurance that is easily accessible and can be tailored to meet the specific needs of customers. After submitting information about your home address, property type, personal details, and timeline preferences, Liberty Mutual generates a quote with discounts based on your profile. Once you choose a policy and bind coverage with them, you can manage your account online or through their customer service team.

Does Liberty Mutual pay claims well?

Liberty Mutual lets policyholders file claims online so the company can pay claims in the shortest possible timeframe. The insurer also lets policyholders track their claim progress online or through its customer service team, making it easier to know when a payment will arrive.