It’s easy to think you can live without renters insurance.
Why would you buy something you might never use?
Liberty Mutual renters insurance covers everything you’d expect.
They put personal property protection at the forefront, with coverage for valuables up to a specified amount.
In this review today, I am going to show you how Liberty Mutual Renters Insurance works, what their policies can cover, and why it’s one of the best options when searching for renters insurance for your new rental home or apartment.
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Who Is Liberty Mutual?
The Liberty Mutual Group is one of the largest insurance providers in the United States.They are best known for property and casual insurance.
However, they also cover renters, auto, homeowners, and general liability insurance.
The 107-year-old company started in Boston as a way to provide worker’s compensation insurance following new state laws and has grown into a Fortune 500 corporation.
Liberty Mutual handles more than $133 billion in assets and generates over $43 billion in annual revenue.
It has 45,000 employees across 900 global offices. That includes two dozen subsidiaries, including Liberty Seguros, Safeco, and Peerless Insurance.
The company has earned several accolades, such as Bostinno’s “50 on Fire” title as well as the Platinum and Digital Awards from 2018 Step Two Intranet.
Liberty Mutual holds an A rating from A.M. Best Co, one of the nation’s leading credit bureaus and has an A2 and A rating from Moody’s and Standard & Poor’s, respectively.
What Makes Liberty Mutual Different?
Liberty Mutual offers a user-friendly experience for Millennials and Boomers alike.
The intuitive online application makes it easier than ever to get a quote.
You can find all the information you need on the homepage, unlike competitor’s sites, which require some navigation.
The company has made a name for itself in renter insurance with its bundling and affinity discounts.
You can save if you bundle renters insurance with your auto policy.
There are also loyalty, military, and employer discounts to help you pay the lowest premium.
Pros And Cons Of Liberty Mutual Renters Insurance
Below is a list of some pros and cons of Liberty Mutual Group’s renters insurance plan.
Liberty Mutual Review – The Pros
- Offers a range of premium discounts
- Free mobile app
- Online applications, including an intuitive interface
- Above-average customer satisfaction ratings
Liberty Mutual Renters – The Cons
- Doesn’t cover water damage in the standard policy
It’s easy to see, the pros outweigh the cons and honestly, isn’t that what you want in a renters insurance company? However, keep in mind that there could be better options out there if you need renters insurance fast.
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Liberty Mutual Group Insurance Features & Benefits
Policy Pricing
Multiple factors influence your renters insurance premiums, including your age, location, pets, and whether you have roommates.
Each one of these considerations pushes your premiums higher or lower.
The average renters insurance policy costs $188 for $25,000 to $50,000 worth of coverage. Applicants can secure a Liberty Mutual policy starting at $12 a month or $144 a year.
Many people apply add-ons to their coverage, making the yearly Liberty Mutual renters insurance premium $285.Here are some of the annual premiums for competing insurance providers:
- Allstate: $187
- American Family: $157
- Farmers: $181
- MetLife: $188
- Nationwide: $236
- State Farm: $140
- USAA: $128
J.D. Powers placed Liberty Mutual in its top ten insurance companies for renters insurance satisfaction.
They scored high marks for flexible limits and coverage options. The company also ranked well for payment processing, customer service, and claims handling.
Covering High-Value Items
Most renters insurance providers cover conventional belongings, like clothing, furniture, and electronics.
One of the glaring exceptions is high-value items. Smaller agencies view high-value possessions as a liability and don’t extend standard policies to protect them.
Liberty Mutual offers additional coverage to protect valuables, such as jewelry. The blanket policy replaces lost or stolen items with no deductible.
Liberty Mutual also doesn’t require an appraisal to assesses the jewelry’s value before the loss.
Add-Ons
Personal property, liability, medical, and additional living expenses make up the base for the standard policy.
Liberty Mutual has several add-ons that policyholders can apply for extra protection.
For instance, personal property replacement protection covers theft up to a specified limit. Other add-ons include blanket jewelry and earthquake damage.
Discounts
Liberty Mutual lets policyholders save when they bundle renters and auto insurance.
Deal seekers can also take advantage of an above-average number of discounts.
Potential savings come in eight additional variations, including:
- Claims-free discount
- Early shopping discount
- Military discount
- Online purchase discount
- Paperless policy discount
- Safety device discount
- Setting up a preferred payment discount
- Smart technology at home discount
Adding safety devices to your apartment or condo is the easiest way to save after you sign up for Liberty Mutual renters insurance.
For instance, carbon monoxide detectors and security alarms cost little more than a biweekly coffee habit.
After your install the device, contact your Liberty Mutual insurance agent about a discount.
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Liberty’s Claims Process & Guarantee
Liberty Mutual renters insurance claims take five to ten minutes if you file online. All you need is the incident date and details.Fill out the questions, and a claims representative will contact you shortly.You can also file a claim by calling (844) 339-5299. Make sure you are safely away from the damage before making the call.A claims representative will work with you to schedule a damage inspection and finish your claim.
Liberty Mutual Renters Insurance Availability & Options
Liberty Mutual renters insurance is available in all 50 states, including Washington, D.C., as well as 29 other countries.Policies start as low as $12 and don’t have exclusions based on income, age, or credit score.Note that Liberty Mutual renters insurance doesn’t include flood or earthquake coverage.Consider taking out a separate policy or additional coverage to protect against natural disasters.
Alternatives To Liberty Mutual Renters Insurance
Your Best alternative to Liberty Mutual Insurance is going to be Lemonade. Not only do they offer a 100% online seamless process, but they also give you approval in minutes. You can check out our detailed Lemonade Insurance review here.
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Taking Action
Liberty Mutual renters insurance stands out among insurance providers for its unique approach and large financial backing.
They cover all the conventional bases and include enticing discounts so that policyholders can reduce their premiums.
While the policy doesn’t offer water damage protection, it’s a more practical option for those on a budget.
Check out Lemonade for the most affordable renters insurance. If you are ready to get covered you can simply click here to get quotes and instantly apply online.