Liberty Mutual Insurance Review

By: Heather Hanks Nov. 28, 2019

If you’re looking for a reputable insurance company, then consider Liberty Mutual. The company has been in business since 1912 and offers a wide range of coverage. These include home, auto, renters, life, and more. You can insure just about any car you drive. This includes ATVs and off-road vehicles. They even offer pet insurance.

Liberty Mutual offers competitive rates and benefits, such as 24/7 roadside assistance and fraud protection. You can save money when you bundle your policies together. Manage your account online or meet with a customer service representative in person. For more information on the type of policies they offer, check out our Liberty Mutual Insurance review below.

Liberty Mutual Insurance Review

What is Liberty Mutual Insurance?

Liberty Mutual Insurance believes in helping people protect what they own. The company is currently headquartered in Boston, Massachusetts and has been in business since 1912. They are licensed to work in 30 different countries around the world. In 2014, they were ranked 76th on Fortune’s 100 list of the largest corporations in the United States.

Liberty Mutual allows you to insure just about anything you own or rent. They also provide top-notch benefits, such as 24/7 roadside assistance, fraud protection, and web accessibility. You’ll also save money when you bundle your policies. The company offers personalized insurance rates. You can get a free quote online to determine your costs. Doing so will currently help you save 12% off your policy.

What Does Liberty Mutual Insurance Offer?

Liberty Mutual offers personal and business insurance. Their personal insurance covers auto, home, renters and condo. You can also get insured for critical illness, pet insurance, tuition insurance, and more. Here is a list of personal insurance options that Liberty Mutual offers:

Auto and vehicle

Cars, motorcycles, boats and watercrafts, antique and classic cars, ATV and off-road vehicles, recreational vehicles (RV), and umbrella

Property

Homeowners, renters, condo, landlord, mobile home insurance, flood and umbrella

Other

Life, accident insurance, critical illness, identity theft, pet insurance, tuition insurance, and small business insurance

Here are some industries that you can use Liberty Mutual Business Insurance on:

Agriculture/farm

This coverage includes berry growers, grain and rice growers, cattle and livestock grazing, hay and alfalfa growers, vegetable and row crop growers, cotton and field crop growers, dairy farms, gentlemen/hobby farms and wineries and vineyards.

Food and beverage manufacturers

This protection includes coverage for a range of manufacturing businesses that includes beer, wine, and spirits, baked goods, cheese products, coffee, tea, and other drinks, frozen foods, meats, fish, and poultry, ice cream and frozen desserts and pet food.

Financial services

This coverage can be applied toward insurance companies, community banks, investment firms, managed care organizations, mortgage bankers, and national banks.

Printing and publishing

This provides coverage for your printing and publishing companies, such as blank books and loose-leaf binders, book printing, book publishing, bookbinding and related work, commercial printing, greeting cards, lithography, manifold business forms, newspapers, periodicals, platemaking services, miscellaneous publishing and typesetting.

Healthcare

This coverage offers protection for healthcare offices, such as skilled nursing facilities, dentists, doctor’s offices, kidney dialysis centers, health practitioners, medical and dental labs, outpatient facilities, and social services

Wholesale

This coverage protects goods that are delivered, such as industrial supplies, office equipment, apparel, food and beverages, home improvement equipment and more.

Building maintenance

This includes building maintenance that services government buildings, healthcare facilities, airports, office buildings, and schools.

Public entities

This covers government buildings, such as libraries, fire departments, and road maintenance departments, and education buildings, such as charter schools, trade schools, and K-12 schools.

Manufacturing

This option insures manufacturing business that include metal manufacturing, food and beverage manufacturing, plastic manufacturing, and printing and publishing.

Education

This coverage protects public, private, charter elementary and high schools. It also covers vocational/trade schools and community colleges.

Hospitality

This coverage protects company-owned or franchised properties, boutique hotels, conference centers, destination resorts, and private-label properties.

Education

This coverage protects public, private, charter elementary and high schools. It also covers vocational/trade schools and community colleges.

Real estate

This coverage insures real estate agents, residential and non-residential property managers, commercial real estate businesses, parking lot and garage owners, and real estate investment trusts.

Restaurants

This coverage protects franchise restaurants, family-owned eateries, and fast-food, casual or fine dining restaurants.

Transportation

This coverage insures bus companies, towing companies, trucking companies, ambulance operators, and more.

Energy

This coverage protects gas, oil, utility and power companies.

What is Umbrella Insurance?

Umbrella insurance refers to liability insurance that you can take out in addition to your primary insurance policies. It offers an additional layer of protection for losses that are not covered by primary insurance in case of an emergency. For example, you may already have auto or home insurance. However, a bad car accident or property mistake could result in a pricey claim that isn’t covered under your original policy.

Liberty Mutual umbrella insurance helps you cover all assets. A single umbrella policy covers items under all policies you own, such as motorcycles, boats, home and auto. It also covers these underlying policies if limits kick in or you exhaust your options. It’s a great added layer of security to have in case an emergency occurs. Liberty Mutual umbrella insurance is affordable. For about a dollar a day, you’ll enjoy $1 million in coverage.

Umbrella insurance protects you by adding and extending your liability coverage. It pays for expenses and damages that you or your covered family members are responsible for. This includes auto accidents, home accidents and recreational vehicle accidents.

Liberty Mutual umbrella insurance provides the following:

  • $1 million in coverage (higher limits are available)
  • Protection from claims that are not normally covered under your home insurance, such as slander and libel
  • More coverage that kicks in when you exhaust your auto, home, and recreational vehicle coverage
  • Coverage for all insured persons, including you and anyone who lives in your house (if they are on the policy)
  • Financial coverage for defense costs, attorney fees, and other costs associated with a lawsuit (no matter how costly or serious the lawsuit)

Liberty Mutual Auto Insurance Coverage

Liberty Mutual’s auto insurance comes standard with coverage for medical payments, property damage, and bodily injury liability. These benefits include a 12-month rate guarantee, a lifetime repair guarantee, and 24/7 customer service. You can add on coverage for towing and labor, rental car coverage, and better car replacement. Earned benefits include accident forgiveness and new car replacement. With better car replacement, Liberty Mutual will pay for a new car that is one model year newer and 15,000 less miles than your current car. This is good coverage to have if your car is totaled in an accident, but it does not come standard.

Here is a list of all standard features included in your auto insurance policy:

Medical payments for your well-being

This includes coverage for medical expenses, legal fees, pain and suffering, lost income, and bereavement costs if you are in an accident. This covers you even if you are at fault. It also covers passengers in your car, and family members living with you who are injured as a pedestrian or in a car accident.

Bodily injury liability for other’s well-being

This insurance covers other’s well-being if you’ve caused an accident. This includes medical expenses, legal fees, lost income, pain and suffering and bereavement costs.

Property damage for other’s well being

This feature covers other’s property if you are responsible for damaging it. You’ll be covered for repairs or replacement of someone else’s vehicle. It also includes damage to mailboxes, fences, and other property.

Medical payments for your passenger’s well-being

This includes initial coverage for treatment if your passengers are injured. You can use it for ambulance transportation, hospital stay, emergency room care, and other accident-related expenses. This coverage is available regardless of who is at fault.

Here is a list of all add-on features:

  • Injury or damage by an uninsured person: this covers you from an uninsured, at-fault motorist if you are in an accident. Liberty Mutual will pay for your injuries based on the limit you choose.

  • Extended well-being coverage after an accident: this personal injury protection plan covers you for potential medical expenses if you are in an accident. It includes coverage for medication, prosthesis, rehabilitation costs, or hospital bills. This coverage varies by state.

  • Damage from a collision accident: this coverage repairs or replaces your car if you are involved in an accident with another car or object, such as a tree or a guardrail.

  • Damage from a non-collision accident: this coverage repairs or replaces your car if it’s damaged from an incident that does not involve a collision, such as theft, vandalism, floods, storms, and fires.

  • Liberty Mutual deductible fund: this coverage helps you reduce and eliminate your deductible. It works by reducing your deductible by $100 each year when you pay $30 as part of your premium. This can save you $500 in five years.

  • Accident forgiveness: this coverage ensures that your rate does not go up after your first car accident. To qualify, you must be accident-free and violation-free for five years either with Liberty Mutual or another insurance provider.

  • Lifetime repair guarantee: this coverage ensures that your car will be repaired for as long as you own the car. You must take it to an approved facility.

  • New car replacement: this coverage allows you to get a new car if your car is totaled. This applies to cars that are less than one year old and has fewer than 15,000 miles.

  • Better car replacement: this coverage means that Liberty Mutual will pay for a new car that is one year newer and has 15,000 fewer miles than your current car. This is available if your current car is deemed a total loss.

  • Rental car reimbursement: this option covers the cost of your rental car until your car is fixed.

  • Towing and labor: this roadside assistance coverage ensures that you won’t be stranded if you get into an accident or have a flat tire. Covered situations include a dead battery, flat tire, run out of gas, get locked out of your car, or need a tow.

  • Auto loan/lease gap for leased vehicles: this coverage helps you cover the amount you owe on a lease if your car is totaled. The car’s value must be lower than the amount left on your loan. This feature can help reduce what you pay out of pocket.

  • Teacher’s car insurance: this coverage provides extra protection for a teacher’s vehicle and their supplies. This includes damage or loss at a school from vandalism, stolen properties from your car, or collision.

  • Mexico car insurance if you’re driving to Mexico: this coverage protects all vehicle types if you’re driving across the border to Mexico. You can personalize this policy by choosing your coverage limits, the length of your policy, and the type of vehicle you’ll be traveling in.

Liberty Mutual Homeowners Insurance Coverage

Homeowners insurance covers your home and possessions inside from damage or theft. This is beneficial for events such as fire, frozen pipes, sewer backup, theft, storms, floods, and more. Liberty Mutual offers homeowner insurance for every state, but your rates and terms might vary.

Liberty Mutual homeowner’s insurance coverage comes standard with dwelling, liability, personal possessions, and additional living expenses. You can add on features such as inflation protection, coverage for valuables, and water backup/sump pump backup. Here is what’s covered under your homeowners insurance policy:

  • Liability: this covers you if someone is injured or has property damage on your property. Liberty Mutual will defend claims against you and pay them as much as your policy allows. They will also cover medical expenses up to your limit no matter who was at fault for the damage or injury.

  • Physical structures: this protects your house and other structures on your property, such as a tool shed or garage. If these items are deemed a total loss, then Liberty Mutual will replace or repair them.

  • Personal belongings: this covers your personal possessions if they are damaged or deemed a total loss. Liberty Mutual will replace then or pay for their repairs. This includes clothing, appliances, and furniture.

  • Other living expenses: this covers you for additional expenses if repairs need to be made to your home for a covered reason.

You can use the home insurance coverage calculator on the Liberty Mutual website to determine your rates. You’ll need to enter your age, net worth, and risk tolerance. Then you can choose your coverage and policy limits. For example, a 23-30 year homeowner who makes between $100K-$300K, has a medium risk tolerance and is not worried about identity theft will have $300,000 in liability coverage and $1,000 in deductible amount.

Here are some homeowners insurance add-ons that you can get:

● Inflation protection: this coverage adjusts your limits when it's time to renew to keep up with inflation. You’ll also get a discount on your premium.

● Personal property coverage: this covers any item that you want protected if it gets lost, stolen, or damaged. You’ll get a replacement or near match.

Liberty Mutual Renters Insurance

Liberty Mutual offers renters insurance for as low as $5 per month. You can get renter’s insurance for the home, apartment or condo you rent as well as your appliances, such as your smartphone, tablet, laptop, or video game console. The renters insurance comes standard with liability, personal property, medical payments, and additional living expenses. You can get add-ons such as earthquake insurance, personal property replacement costs, and jewelry insurance.

Here is what you’ll get with your standard renters insurance plan:

Personal property coverage

This coverage protects your belongings, such as valuables (up to a certain amount), clothing, furniture, and electronics. You can also get coverage for personal property outside of your home.

Property damage or injury to others on your property

This covers medical bills if someone is injured on your property. It also covers repairs due to accidental damage of another person’s property and legal costs if you are sued under covered reasons.

Loss of rent/additional living expenses

This coverage reimburses you for living expenses if something happens to your house that makes you unable to live there. This includes a fire, tornado, severe weather hazards and other covered reasons.

Here are some add-ons you can get:

  • Blanket jewelry insurance: this policy provides a dollar amount of coverage for jewelry outside of your personal property coverage. Your jewelry needs to have an appraisal before filing a claim.

  • Earthquake damage: this covers you from earthquake damage and aftershocks that occur 360 hours afterwards. Your deductible will apply to this feature.

  • Personal property replacement: this policy covers the cost of repairing or replacing your damaged items at their brand new value. You’ll need to determine how you would like your items valued. Your deductible is the same as your personal property deductible.

Liberty Mutual Life Insurance

Liberty Mutual life insurance protects you and your family. You can choose from a number of features to best fit your needs. This includes term life insurance, whole life insurance, and fixed annuities/fixed indexed insurances. Here is what each offers.

Term life insurance provides temporary insurance. It comes standard with a guaranteed death benefit for the term length you choose. Your payments will remain the same for the length of your term. A term life insurance plan features the following:

● Premiums for 10, 15, 20 and 30 years

● You can continue coverage at the end of your term

● Conversion guarantee

● Add-on benefits that can be customized

● Temporary coverage without a long application process or medical exam when you pick the simplified issue only

Whole life insurance offers a variety of protection. It also allows you to build cash value that can be accessed through loans. It includes the following:

● Guaranteed level premium and income-tax free death benefit

● Guaranteed coverage without a long application process or medical exam when you pick the simplified issue only

● Death benefit higher than the single premium for the single premium whole life option only

● Customizable add-ons

● Minimum return guaranteed

● Access to principal immediately

● Single premium whole life only offers 100% return of premium

This option offers one lump sum premium payment if you agree to a certain amount of income during your retirement years. You’ll get:

● Long-term interest rate guarantee of 60 months or so

● Access to money when qualifying conditions occur

● Tax-deferred interest

● FIA only offers access to indexed strategies 

For example, if you’re a healthy 55 year old male (has a healthy BMI and doesn’t smoke) who lives in California and wants $500,000 in coverage for 20 years, then your payment will be $241.21 per month.

Liberty Mutual Insurance: Pros and Cons

Liberty Mutual Pros

  • You’ll save money on your renter’s insurance policy when you don’t have a claim for five years
  • Flood insurance, pet insurance, business insurance, condo insurance, landlord insurance, identity theft, critical illness, umbrella insurance and much more offered
  • Wide variety of coverage options for all insurance policies with add-ons available
  • Renters insurance available on homes and smartphones, laptops, and other devices
  • Temporary life insurance available with options to renew at the end of your term
  • They service every state and you can always connect with an agent
  • Liberty Mutual will help you determine your needs with a “needs calculator”
  • 24/7 customer service
  • Personal and business insurance is offered
  • Accident forgiveness means your rate won’t go up after your first accident
  • You can insurance any vehicle, boat, watercraft, or recreational vehicle
  • Offers affordable renters insurance for as low as $5 per month
  • You can save money when you bundle your insurance policies
  • Liberty Mutual is a well-established company that you can trust
  • Auto insurance covers you even if you are at fault for an accident
  • Roadside assistance available so that you never get stranded
  • Auto insurance options include new car replacement
  • Pay your bill and manage your account online

Liberty Mutual Cons

  • You can find your rate for free online, but there is no way to confirm your rate until you apply. Your rates also vary by state, which makes it harder to compare to other insurance companies.

How Do I Find My Rate?

You can find your rate by visiting the Liberty Mutual website and entering your information to find a quote. You can use this for any insurance provided by Liberty Mutual, including auto, renters, life and homeowners insurance. For auto insurance, Liberty Mutual will want to know what kind of car you drive, your driving history, and your budget. Then you can pick the coverage you want.

Your homeowners insurance will depend on your net income, your age, whether you rent or own, and your risk tolerance. To determine your life insurance rate, you’ll need to fill out questions about your age, health, and how much coverage you want. You can get a discount on any policy when you bundle it with another. If you’re unsure of the kind of life insurance coverage you need, then utilize the “needs calculator” to find out. Once you find a rate you like, you can have it forwarded to an agent where you can start the application process.

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