Liberty Mutual Renters Insurance Review
For over 100 years, Liberty Mutual has helped protect its customers’ automobiles, businesses, and homes. The company boasts more than 50,000 employees, serving customers in 30 countries. Liberty Mutual enjoys high ratings from all major financial ratings companies, along with high marks for customer satisfaction. Liberty Mutual has earned a coveted spot on the Fortune 500 list for 25 years, ranking 75th in 2019.
Liberty Mutual’s renters insurance offers flexible, customizable policies, add-on coverages, and a host of discount programs to lower your premium. It may not be the best option if you need lots of personal property coverage or need coverage for expensive jewelry — coverage for those items cap at $25,000 and $10,000, respectively — but with a low deductible option and high liability coverage caps, it’s still worth getting a quote.
$100 deductibles available
Liability coverage up to $1 million
Online quotes and policy purchasing
Blanket jewelry coverage limited to $10,000
Poor customer service ratings
The Renters Insurance Factors We Analyzed
According to the National Association of Insurance Commissioners, Liberty Mutual received more than the average number of consumer complaints against U.S. insurers for homeowners insurance in 2018. The insurer received fewer complaints than in 2017, but the sheer number is still concerning. Liberty Mutual also didn’t fare well in J.D. Power’s 2019 U.S. Renters Insurance Study, falling well below the industry average with two out of five stars in overall customer satisfaction.
With that said, in J.D. Power’s 2019 U.S. Property Claims Satisfaction Study, Liberty Mutual ranked eighth in the nation, with an overall customer satisfaction score of three out of five stars. Liberty Mutual’s highest score was in claims servicing, with four out of five stars; so while Liberty Mutual may not be the most reliable option overall, customers seem to have decent experiences when it comes time to file a claim.
We give Liberty Mutual a thumbs-up for its excellent mobile app. Available for Android and Apple devices, the highly rated app enables you to view your policy information, access your auto insurance ID card, and file and track a claim from the convenience of your smartphone or tablet. We also like Liberty Mutual’s online quote tool, which allows you to enter your information and receive an instant quote. The system even enables you to change your coverage and deductible levels and add coverages for electronics, identity fraud, and jewelry, as well as search for discounts for which you may qualify. At the end of the process, the app gives you a quote and the option to buy a policy.
Liberty Mutual’s standard renters insurance policies include personal property, liability, additional living expenses, and medical payments coverages. These coverages cover most of the bases for most renters, offering protection for their belongings, liability coverage in case a court finds them liable for damages or injuries, and coverage to pay medical expenses if someone sustains an injury in their home. We like the inclusion of additional living expenses coverage, which can help pay your living expenses if you must temporarily move out of your residence due to a covered peril, such as a fire.
Liberty Mutual also offers renters additional add-on coverages. Blanket jewelry coverage enables you to set a blanket coverage amount to protect your gems without impacting your personal property limit. The earthquake add-on covers personal property damaged or destroyed by earthquake or aftershocks, coverage not included in most standard renters policies. And the personal property replacement cost add-on pays to repair or replace your personal belongings at current market prices, regardless of depreciation. Replacement cost coverage is a must if you have valuable computer equipment or electronics, so we were pleased to see its inclusion with Liberty Mutual.
Deals, discounts, and add-ons
In most locations, renters insurance is reasonably priced, but Liberty Mutual offers discounts to reduce your premium. In fact, Liberty Mutual’s renters insurance discounts are among the best we’ve found:
- If you get a Liberty Mutual renters insurance quote before a policy with another provider expires, you could earn up to a 45% discount. And if you purchase your policy online, you could save even more money.
- When you sign up for a Liberty Mutual renters policy, you could earn a claims-free discount if you haven’t filed a claim with your previous insurance provider in at least five years.
- If you already have a Liberty Mutual auto, health, or life insurance policy, you may qualify for a multi-policy discount.
- When you pay your Liberty Mutual premium through automatic payments from your bank account, you could qualify for a preferred payment discount. Save even more when you choose a paperless insurance policy.
- Liberty Mutual also offers discounts for active duty, reserve, and retired members of the U.S. Armed Forces.
- Smart home devices such as security systems and thermostats can earn you a discount on a Liberty Mutual renters policy.
- If your rental property is equipped with traditional, non-smart devices such as burglar alarms, deadbolt locks, fire alarms, fire extinguishers, and sprinklers, you may also qualify for a discount.
Liberty Mutual Overview: Financial Strength, Availability, and History
Liberty Mutual’s century-plus of insurance experience has earned it top ratings among customers and consumer organizations. It holds top financial ratings from three of the biggest independent ratings agencies (A.M. Best, S&P Global, and Moody’s), and the Better Business Bureau gives Liberty Mutual an A rating. Most consumer complaints filed with the BBB center were on issues common in the insurance industry, including billing and collections grievances and problems with products and services.
However, a recent Boston Globe report criticized Liberty Mutual for investing heavily in the fossil fuel industry. Citing a press release issued by the Rainforest Action Network, a nonprofit environmental organization focused on climate change, the Globe reported that Liberty Mutual has refused to acknowledge more than a dozen RAN requests to discuss its role in the fossil fuel industry. The Globe took issue with Liberty Mutual’s insuring the controversial Transmountain pipeline and Liberty Metals & Mining Holdings LLC, a Liberty Mutual subsidiary, which has involvement in coal mining.
- In business since: 1912
- S&P Global financial strength rating: A
- Moody’s financial strength rating: A2
- A.M. Best financial strength rating: A
- States served: 50 plus Washington, D.C., Guam, Puerto Rico, and the U.S. Virgin Islands
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All information accurate as of January 15, 2020.
The Bottom Line
Overall, Liberty Mutual renters insurance is a good choice for most renters. We particularly like its easy quote and purchasing process, which allows you to request an online quote and obtain coverage in just a few minutes. Liberty Mutual offers a number of discounts, some of which you may qualify for immediately. We are impressed with Liberty Mutual’s high liability coverage option, though we wish customers could choose higher coverages for personal property and add-on coverages for items such as jewelry. It’s also worth considering your priorities when it comes to customer service; Liberty Mutual has a shaky track record, although customers do praise its claims handling. We always recommend pulling a few quotes to see which provider offers you the best premium, but if you are looking for sound renters coverage, Liberty Mutual could be the provider for you.
Liberty Mutual Renters Insurance FAQ
According to The Zebra, an organization that researches the insurance industry, Liberty Mutual’s renters insurance is among the most expensive in the United States, averaging $285 per year. However, your quote depends on your individual situation, which is why we always recommend requesting quotes from multiple companies.
Liberty Mutual’s standard renters insurance policies offer personal property coverage, which covers your clothing, electronics, furniture, and other valuables. Standard policies also include liability coverage, medical expense coverage, and additional living expense coverage. You also have the option to purchase additional coverage for expensive jewelry, along with earthquake coverage to pay for items damaged or destroyed by temblors. And if you choose replacement cost coverage, you can replace your valuable property with new items, with no additional out-of-pocket expenses, other than your deductible.
Liberty Mutual’s policy purchasing process is typical. On the Liberty Mutual website, you can request a quote, adjust coverage limits, add additional coverages, and search for discounts. Once you receive a quote, you can purchase a policy from the quote page. If you know the amount of coverage you want, you can receive a quote and purchase a policy in about five minutes.
Liberty Mutual has sold insurance products for more than 100 years. All financial ratings companies give Liberty Mutual top financial ratings, and Fortune magazine has included the company on its Fortune 500 List for 25 years.