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Mercury Home Insurance Review

Owning a home is an asset and a great accomplishment in every person’s life, that is why protecting it is important. To get the best protection for your home, you may research your options thoroughly. Mercury homeowners insurance might be one of your options, so here are some of the things that you should know about this company; from how they started up to their pros and cons.  

Brief History of Mercury


This California-based insurance company was founded by George Joseph in 1949. He intended to offer an alternative the high-cost premiums that are offered by the big names in the insurance industry and wrote its first insurance policy in 1962. It opened its second office in Orange County in 1964 and the third branch in San Fernando Valley in 1966 because growth came fast. They opened more branches and in 1968 and moved to Northern California to open an office in San Francisco. After four years, they expanded the services they are offering by writing policies for homeowners.

 

The company grew and grew over the decades and offered their services to other states as well. Today, they are already serving 11 states, has more than 4,500 employees, and they currently have more than $4.5 billion in assets. Other than that, they are the fourth largest insurance company in California.

 

The Truth


Mercury offers affordable auto insurance rates if you're looking for auto insurance with low rates. However, if you're a homeowner looking for the best-priced insurance for your home, this might not be your best pick because its policies are plagued by a lack of discounts and high premiums. They don't have any redeeming attributes when it comes to their home insurance policies and they have mixed reviews about their customer service. Other than that, they also don't offer online home insurance quotes so shopping for coverage can be inconvenient, especially to tech-savvy people. They have a mobile application; however, the only thing that you can do to this app is to make payments, request roadside assistance, and view your policies.

 

The Claim


“Offer consumers quality insurance products at affordable rates combined with top-notch customer service” is the company's mission. They also claim that they delivered on this promise and that they have grown to become one of the most respected and biggest insurance companies in the United States.

 

Is the company's claim true?


Just like the things stated above, Mercury offers affordable insurance rates for drivers but not for homeowners. Their strongest attribute is their highly-competitive auto insurance rates, while their homeowners insurance rates don't have any redeeming attributes. Their home insurance premiums are some of the highest across multiple policy limits and their customer service have mixed reviews from their customers. If you're searching for better discounts, lower rates, or a better list of endorsement, you should find a different home insurance company because their claims above aren't that true when it comes to their home insurance premiums.

 

Mercury Home Insurance Coverage


The company's options for home insurance include all of the standard options, with some endorsements that can be added to your standard policy for additional protection. These include:


  • Additional Living Expenses

This provides reimbursement for the cost of your hotel stay and food if your home is uninhabitable and damaged due to damage stemming from a covered loss.

 

  • Identity Theft Protection

Provides up to $25,000 in coverage for expenses that incur as a result of identity theft. It will allow you to seek reimbursement in mailing costs, loan application fees, notaries, lost income, and attorney fees.

 

  • Additional Coverage for Valuables

If you own any items worth more than $1,500 or some items worth a few hundred dollars, this will be a great help to add in your home insurance policy because this endorsement can cover it.


  • Service Line Protection

This provides coverage for the damages of sewer piping that connects your home to a public sewer, ground loop piping, power lines, piping that supplies compressed air, water piping that connects your home to a public water supply, and the pipings that provide heating.


Additional 50% coverage in case your dwelling coverage exceeds its limit.


Mercury Home Insurance Discounts


They only offer a few discounts for homeowners; however, their insurance agents can help you find more discounts depending on which state you are in. You can only have a discount if:


  • Your home insurance is bundled to your auto insurance.

  • It was built with fire-proof materials.

  • Your home is located in a gated community.

  • You have burglar or deadbolts alarms and smoke alarms installed in your home.

  • You have a new home.

Mercury's Ratings


It isn't as popular as State Farm, Geico, or Farmers; however, it's financial strength is strong enough to pay the claims of their customers. A.M Best Rating gave them an A+ (Superior) for their financial strength, which is second to the highest rating. This means that they are superior when it comes to meeting their financial obligations.

 

Based on 605 customer reviews in Clearsurance, Mercury received 4.12 stars out of 5, which is a bit lower compared to State Farm or Geico. Consumers say that the rates keep on going up even if they don't make any claims and that the customer service is hard to contact when they are making claims.


In the recent J.D. Power Home Insurance Study, Mercury is not included in the list; it is only included in J.D. Power’s Auto Insurance Study and their customer satisfaction rating is still very low compared to State Farm and Farmers that both got an about average rating. There might be a lot of positive reviews in Clearsurance; however, being ranked poorly in a customer satisfaction survey is quite concerning and one of the things that you should consider.

 

The Pros and Cons of Mercury Insurance


To sum up our review, here are the advantages and disadvantages of getting home insurance in Mercury:

Pros

  • They have a mobile app where you can check your payments, pay bills, and others.

  • One of the largest insurance companies in California.

Cons

  • They only offer a few discounts and endorsements.

  • Their customer satisfaction rating is poor.

  • The rates on their home insurance premiums are high.

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