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Liberty Mutual Renters Insurance Review

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Founded in Boston, Massachusetts in 1921, Liberty Mutual is a global property and casualty insurer offering private and commercial insurance solutions and related services in the United States, Canada, the Middle East, Latin America, Europe, and Asia. They currently offer several personal insurance options, including home, renters, condo, auto, motorcycle, life, and personal liability insurance.
 
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How is Liberty Mutual rated?

Breakdown

4.5/5
Coverage Options
4.5/5
Add-Ons & Discounts
5.0/5
Customer Service
4.5/5
Financial Strength

Overall Rating: 4.6 / 5 (Excellent)

As one of the five largest U.S. property and casualty insurers by market share, Liberty Mutual offers a broad range of reliable insurance solutions including affordable property insurance for both businesses and individuals. Their renters policy can be purchased for as little as $20 a month and includes personal property protection as well as liability coverage for accidents within the rental unit. Their plans offer protection against damage or theft for valuables such as smartphones, computers, and jewelry. Liberty Mutual's renters insurance is a good, simple, item-centered policy from a well-known, financially stable insurance provider.

Liberty Mutual Coverage

Coverage Options - 4.5 / 5

Liberty Mutual markets two standard renters insurance coverages: a personal property protection coverage and a liability component. Their personal property protection option is intended to safeguard valuables, whether inside or outside the home, against events such as fire, theft, and vandalism, but not natural disasters like storms, floods, or earthquakes, inline with standard industry practices. Protection for high-cost items like computers, smartphones, and jewelry is not included under their standard coverages but under their "additional protection" plans, which come with an added price tag. Liberty Mutual's personal property protection plan reimburses policyholders for the item's replacement cost or the actual cash value minus depreciation. Their website explains both options in detail.
Basic Coverage
Personal Property
Personal Liability
Loss of Use / Additional Living Expenses
Property Valuation Methods
Replacement Cost
Actual Cash Value

Exclusions

Damage from natural disasters like floods and earthquakes is not covered.

Pricing & Discounts

Add-Ons & Discounts - 4.5 / 5

Liberty Mutual only extends discounts for bundled policies, group memberships, and claim-free policies. The company states that their coverages can cost as little as $20 a month or about the same as a pizza delivery, but actual insurance premiums will vary depending on multiple factors, including the applicant's location, credit score, and selected deductible amount. Customers who want to find out more about renters insurance premiums can request a free, no-obligation online quote on their website.

Customer Experience

Customer Service - 5 / 5

Liberty Mutual has an B+ rating with the Better Business Bureau. Data collected by the National Association of Insurance Commissioners (NAIC) reveals that Liberty Mutual received more complaints about their home insurance products in 2017 than other similar-sized companies. This information must be taken with a grain of salt, however, as larger insurers tend to receive many more complaints than smaller companies, and unsatisfied customers are much more likely to file complaints than satisfied ones. Liberty Mutual allows clients to file claims online at any time.

Customer Ratings

BBB Rating
B+

National Association of Insurance Commissioners

NAIC Complaint Ratio
13.77
NAIC Total Complaints
92
*The NAIC complaint ratio (in this case 13.77) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Financial Strength Ratings

Financial Strength - 4.5 / 5

According to credit rating agencies A.M. Best, Moody's, and Standard & Poor's, Liberty Mutual enjoys an outstanding financial reputation as evidenced by A (Excellent) financial strength ratings and stable long-term outlooks from all three CRAs. Liberty Mutual remains one of the largest, most well-established insurers in the country, offering reliable insurance products and vast industry experience.
Underwriter
Liberty Mutual Holding Company, Inc.
Standard & Poor's Financial Rating
A
Moody's Financial Rating
A2
AM Best Financial Rating
A
Company Type
Underwriter
*The above information reflects the financial strength of the underwriter of the Liberty Mutual renters insurance policies: Liberty Mutual Holding Company, Inc..

Contact & Additional Information

Homepage URL
https://www.libertymutual.com/
Company Phone
(800) 290-7841
Headquarters Address
175 Berkeley Street, Ninth Floor, Boston, MA
Year Founded
1912

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