Liberty Mutual Renters Insurance Review: Cost & Service (2023)

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).

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’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.

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.

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.

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.

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.

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.

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.

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.

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.