score81Service, Cost and More
Liberty Mutual Renters Insurance Review: Cost & Service (2023)
Review Rates
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score815/5
satisfaction
4/5
affordability
4/5
stability
pros
Good customer satisfaction score
Excellent financial stability rating
Has online tools and a mobile app
cons
Only a few optional coverages
Doesn’t have rare discounts
Verdict
Liberty Mutual scored well on customer satisfaction and financial stability, making it a good option for renters insurance. And the company’s customer complaint ratio is below the national median, which means it receives fewer complaints than the average insurer.
Liberty Mutual renters insurance has five discounts and three optional coverages, though none are unique. The insurer also provides online tools and a mobile app that you can use to improve your customer experience.
Does Liberty Mutual Have Good Customer Service?
It’s imperative to consider customer service when looking for the best renters insurance company. Your chosen carrier should provide you with quality service and follow through on claims quickly and fairly.
Liberty Mutual has a high customer service score from J.D. Power and financial stability rating from AM Best, making it a solid choice for renters insurance. Plus, it receives fewer complaints than the average insurer, according to the National Association of Insurance Commissioners (NAIC).
Customer Satisfaction Rating
J.D. Power gave Liberty Mutual a customer satisfaction score of 823 out of 1,000 — lower than the industry average of 848. The company placed seventh on the overall customer satisfaction index ranking for renters insurance. J.D. Power measured customer satisfaction by examining a company’s interaction, policy offerings, the price billing process, policy information and claims.
Liberty Mutual
Another way to see how well an insurance company performs is its NAIC score. That score is based on the number of customer complaints received by a company. Liberty Mutual has a score of 0.55 on the NAIC’s complaint index report, which is below the 1.00 national median. As it stands, the company gets less complaints compared to other insurers in the market.
Financial Stability Rating
Liberty Mutual’s AM Best rating is an A, indicating its excellent ability to meet its ongoing insurance obligations to policyholders. AM Best is an organization that assigns insurers a financial strength rating, determined by how it can pay claims, debts and other financial obligations in a timely manner.
What to Expect From Liberty Mutual Renters Insurance
Having more detailed information about how to obtain a policy can make shopping for renters insurance easier. It can guide you on what you need to do, especially if you’re a first-time buyer. However, the process of obtaining information varies among insurers. MoneyGeek broke down the steps to acquire, manage and cancel a Liberty Mutual renters insurance policy.
1
Getting a quote
Liberty Mutual has an online tool that you can use to get personalized renters insurance quotes. You can also peruse the Liberty Mutual renters insurance quotes collected by MoneyGeek in the next section.
2
Customer support
To reach a customer service representative at Liberty Mutual, call its customer service line or send a message via text, email or social media.
3
Filing a claim
You can file a claim using Liberty Mutual’s website or mobile app.
4
Canceling your policy
You can cancel your Liberty Mutual renters insurance policy by calling 1-800-290-8711. From there, customer service experts help you through the entire process.
STATE AVAILABILITY
Liberty Mutual renters insurance quotes are available in 28 states and the District of Columbia. These states include Arizona, Arkansas, Connecticut, Florida, Iowa, Idaho, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Nebraska, New Hampshire, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, Virginia, Vermont and West Virginia.
How Much Does Liberty Mutual’s Renters Insurance Cost?
On average, renters insurance costs $159 per year for $20,000 of personal property coverage. However, that rate can change depending on your chosen insurer.
For example, Liberty Mutual charges around $230 per year for a policy with a $20,000 personal property coverage limit, which is about $71 more expensive than the national average. Fortunately, you can take advantage of Liberty Mutual’s available discounts to lower the cost of renters insurance.
Average Cost of Liberty Mutual Renters Insurance
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- CoverageLiberty Mutual Average Premium
- 10K$157
- 15K$186
- 20K$230
- 25K$270
How much renters insurance costs heavily depends on the coverage limit you choose. You don’t want too much or too little coverage — $20,000 is a good starting point, but it’s still best to choose an amount that approximates the value of your property. You can use MoneyGeek’s personal property calculator to find out how much coverage you need.
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MONEYGEEK EXPERT TIP
Figuring out the exact value of your personal property can help you determine how much coverage you need. When you accurately estimate the value of your personal property, you save money on renters insurance because you’re not paying for what you don’t need.
What Discounts Does Liberty Mutual Offer?
Liberty Mutual offers five discounts, which is the industry average. When getting quotes for Liberty Mutual renters insurance, you can check if you can get a discount for being claims-free, bunding policies, buying a policy online, quoting in advance or setting up automatic payments. Most insurance companies offer these discounts.
Discount | Description |
|---|---|
Claim-Free Discount | You’re eligible for a discount if you have not filed a claim with your previous carrier for five years or more. |
Quote in Advance Discount | If you get a quote before your current policy expires, you save when you sign up with Liberty Mutual. |
Multi-Policy Discount | This discount automatically applies when you bundle multiple policies from Liberty Mutual. |
Online Payment Discount | Liberty Mutual gives you a discount if you buy a policy and complete your purchase online. |
AutoPay Discount | You can get this discount when you set up automatic payments from your bank account. |
MONEYGEEK EXPERT TIP
You can save by bundling multiple policies from the same company. For example, if you own a car, you can choose to bundle your Liberty Mutual auto and renters insurance policies to get an automatic multi-policy discount to help you save money.
Which Coverage Types Does Liberty Mutual Offer?
Coverage is a significant factor that affects the cost of renters insurance. Aside from the standard coverages, Liberty Mutual offers three optional coverages that you can add to your policy. Note, however, that this number is less than the industry average of seven coverages. As for coverage limits, Liberty Mutual has five options to choose from.
MoneyGeek included the three optional coverages offered by Liberty Mutual in our renters insurance review. They are blanket jewelry, personal property replacement cost and earthquake damage.
1
Blanket Jewelry
This optional coverage replaces your jewelry if it is lost or stolen, with no deductible or initial appraisal necessary.
2
Personal Property Replacement Cost
Liberty Mutual pays for the total cost of repair or replacement of damaged items with the cost of a brand new version in the event of a covered loss.
3
Earthquake Damage
If you live in an area that’s susceptible to earthquakes, this optional coverage can protect personal property in the event of an earthquake.
When you collect quotes for renters insurance, make sure to get the standard renters insurance coverages. These include personal property, personal liability, medical payments and additional living expenses coverage.
You can also purchase optional coverages like flood, earthquake or bed bugs, depending on your needs and situation. However, some are rarely offered. For example, Liberty Mutual does not have bed bug or flood coverage available.
Renters Insurance Coverages: What to Expect
- Personal Property Coverage
- Personal Liability Coverage
- Medical Payments Coverage
- Additional Living Expenses (Loss of Use)
- Flood Coverage
- Earthquake Coverage
- Insect or Bed Bug Coverage
AVAILABLE COVERAGE LIMITS
Liberty Mutual lets you choose among the following renters insurance coverage limits:
- $5,000
- $10,000
- $15,000
- $20,000
- $25,000
What Online Renters Insurance Tools Does Liberty Mutual Offer?
Various online tools and features provided by a company can help improve the customer experience. Liberty Mutual has several tools that policyholders and those without a policy can use for free, including an online quote tool and mobile app.
Other Liberty Mutual Insurance Products
Aside from renters insurance, Liberty Mutual offers different insurance products, including auto insurance, business insurance, pet insurance and life insurance. Keep in mind that when you buy a renters insurance policy through Liberty Mutual, you can also purchase other products to get a multi-policy discount.
Type of Product | Description |
|---|---|
Auto and Vehicle Insurance | You can purchase Liberty Mutual auto insurance for your car or insure a motorcycle, boat or watercraft, all-terrain vehicle, off-road vehicle, snowmobile or recreational vehicle. |
Business Insurance | Liberty Mutual offers comprehensive, tailored business insurance solutions that can help protect your people, property and reputation. |
Life Insurance | Liberty Mutual provides life insurance. You can choose to purchase term, whole life or fixed annuities/fixed income insurance policies. |
Pet Insurance | With Liberty Mutual’s pet insurance, you get your pet the best veterinary care available in the event of an accident or illness. |
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Methodology
To evaluate Liberty Mutual’s quality as a renters insurance company, MoneyGeek analyzed Liberty Mutual’s website, manually collected quotes and consulted consumer intelligence organizations such as J.D. Power, the NAIC and AM Best.
About Mark Fitzpatrick
sources
- J.D. Power. "Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds." Accessed April 5, 2022.
- NAIC. "Liberty Mut Personal Ins Co National Complaint Index Report." Accessed April 5, 2022.
- Liberty Mutual. "Financial Ratings." Accessed April 5, 2022.
- Liberty Mutual. "Renters Insurance." Accessed April 5, 2022.
- Liberty Mutual. "Renters insurance discounts." Accessed April 5, 2022.
- Liberty Mutual. "Browse renters coverage options." Accessed April 5, 2022.
- Liberty Mutual. "Cancelling your insurance policy." Accessed April 5, 2022.
- Liberty Mutual. "Claims Center." Accessed April 5, 2022.
- Liberty Mutual. "Get customer support now." Accessed April 5, 2022.
- Liberty Mutual. "Auto and Vehicle Insurance." Accessed April 5, 2022.
- Liberty Mutual. "Liberty Is Here For You." Accessed April 5, 2022.
- Liberty Mutual. "Life Insurance." Accessed April 5, 2022.
- Liberty Mutual. "Pet Insurance." Accessed April 5, 2022.