- Premiums may be cheaper than average.
- Plenty of coverage is available.
- There is no online quote tool.
- Not available in all 50 states.
- Their claims process is lacking.
George Joseph established this insurance enterprise in California in 1962 to provide an affordable insurance option unlike those offered by renowned names in the industry. Rapid growth fueled chronic expansion for Mercury Insurance.
Mercury Insurance boasts a workforce of over 4,400 individuals, along with total assets exceeding $6.7 billion. Additionally, with a 0.72% of market share, they stand as the 20th-largest home insurance provider in the country in 2022.
Throughout the years, the enterprise reached out to other states, providing their expertise. Presently, their presence extends to 11 states, including:
George Joseph named the company after the Roman God of business and merchants. He wanted his insurance company to be fast and nimble like the deity himself. We’re here to see how god-like their insurance products and services are.
In this review, we’ll unearth some of Mercury’s inner workings and see just what a home insurance policy with the company will entail. We’ll look at their coverage and premiums, plus see how happy their customers are. Keep reading if you’re in the market for home insurance and need to see how Mercury stands up to the competition.
Mercury home insurance coverages
Mercury has a vast network of over 9,400 independent agents who help them sell insurance. As a result, an online quote is not feasible. Mercury requires us to contact a nearby agent to establish a suitable home insurance policy. This way, the company believes an exclusive Mercury agent will collaborate with you to design a bespoke plan
On the bright side, their site is loaded with information ready to explain what a typical policy with the company would look like. With this, it becomes clear that there are plenty of advantages associated with choosing Mercury.
- First, Mercury provides several options to choose from, including dwelling coverage, which safeguards your dwelling against destruction from lightning, fire, storm damage, smoke, and similar dangers.
- Additionally, personal property coverage protects your household belongings in case of fire, theft, or other insured damage.
- Other structures on your property are protected under a home insurance policy with Mercury as well. This coverage outlines the financial protection against fences, separated porches, or other detached structures on your property.
- Additional living expenses insurance provides coverage for any expenses you may incur if your abode becomes unlivable due to a covered loss.
- Personal liability is covered by this insurer as well. This is just their way of protecting you against the costs associated with your legal liability. For example, if your tree falls on another person’s property, you’re liable to repair the damage, and that’s where this coverage kicks in.
- A similar coverage called Medical Payments is also included, which will help pay for the medical expenses of an injured person on your property.
Additional coverages
There are several perks to a Mercury home insurance policy. This insurer has a few extra coverages ready to add to a home insurance policy. They include:
- Extended replacement cost: This endorsement offers extra coverage of up to 150% of your home’s policy limits in the event of a covered loss.
- Guest medical protection: In case of any accidental injury to your guests on your property, this coverage bears the medical expenses.
- Identity theft protection: The Insurance for Identity Fraud Expense and Resolution Services covers a maximum of $25,000 for possible expenses you may face if someone steals your identity. This includes expenses such as lost wages, notary expenses, legal fees, postage expenses, and fees to apply for a loan.
- Home systems protection: This is comprehensive insurance coverage that safeguards an extensive variety of important equipment. It provides added coverage to ensure that you are safeguarded against unforeseen mechanical or electrical malfunctions that may arise after the expiration of a manufacturer’s warranty. Diverse appliances are encompassed in these systems, such as central air conditioning, laundry and kitchen appliances, and home entertainment equipment like computers, and wireless devices.
- Home cyber coverage: The coverage provided by this policy incorporates coverage for computer attacks, cyber extortion, digital fraud, and more. Compensation is available for the retrieval and reinstatement of information and operating systems that have been compromised or harmed because of a cyber intrusion.
- Service line coverage: This endorsement offers protection for water, gas, electric, and sewer service lines, which compensates for up to $10,000 per incident for any harm caused to the lines. This particular insurance comes with a distinct $500 deductible apart from your homeowner’s policy. The coverage extends to:
- Water or sewage pipes that link the house or any other building to a communal water system or exclusive well.
- Pipes with compressed air.
- Electricity lines carrying power from one structure to another
Mercury home insurance premiums &
Without an online quote tool to give us some peace of mind, we’re not able to directly find a price quote for home insurance. Luckily, we can figure out what your typical policy would run you with this company.
For starters, some of the 11 states served by the company are among some of the highest average annual premiums in the country. That said, your home state will play a big role in the amount you pay every year for your insurance. Oklahoma homeowners may see the biggest price tag, with $3,651 being the average cost for $350,000 worth of dwelling coverage.
Comparatively speaking, Nevada homeowners only pay an average of $745 for the same amount of coverage. Additional caveats come from the size of your home, the materials your home is made of, and some other factors.
According to the company, their efficient claims resolution system and Special Investigations Unit (SIU) work closely with law enforcement agencies to bust hundreds of fraudulent claim rings and tricksters every year. As a result, you’re saved from paying extra premiums due to fake claims. Unfortunately, customers are begging to differ.
On the other hand, other than raising rates (the same raising rates the company declared customers wouldn’t have to worry about), Mercury’s homeowners agree that their prices start fair and reasonable.
Potential discounts
Additionally, these homeowners are provided with a few options to save some money. Here are the discounts available to Mercury home insurance customers:
- Multi-policy with AUTO + HOME Discount: As the name suggests, you can save money on your annual premium when you combine your home and auto policies.
- Protective Devices Discount: You could be eligible for savings when you have smoke alarms, deadbolts, burglar alarms, etc installed on your property.
- Fire-Resistant Construction Materials: When your home is bought or renovated with fire-resistant roofing, flooring, etc, then you could qualify for savings
- Newer Home: If you buy a home that is less than 10 years old, you could receive this discount.
- Gated Community: You will get a discount for living within a gated community with limited access.
- Claims-Free: If you’re lucky enough not to file a claim in the last 3 years, you could be eligible for this discount.
Customer reviews
The NAIC didn’t register any home insurance complaints against Mercury Insurance in 2022. In 2021, the company only received 2 complaints, which still wasn’t enough to surpass the national average. This site uses 1.00 to dictate its average level of complaints. In 2021, they only reached 0.35.
The BBB tells a different story, however. They have yet to accredit the business, and they’ve provided the company with a B- for customer complaint mitigation. In the last 3 years, Mercury has accumulated over 230 complaints. Most of these complaints outline shotty claims practices and unresponsive adjusters.
Elsewhere on the internet, it’s the same. Most general customers have a hard time getting ahold of someone or finding solutions on time.
Claims process
Mercury’s automated digital experience enables you to file a claim anytime, any day. Simply go to their site, and you’ll be able to lodge a home insurance claim instantly. Afterward, you’ll obtain consistent updates as the claim progresses. You can also contact their 24/7 claims hotline at 800- 503-3724.
Although it isn’t visible on the NAIC, claims delays and denials seem to be a common trend among Mercury customers. Some homeowners are dealing with technicalities that leave them without air conditioning for weeks in the hot Texas weather. Lots of their customers say they’ll do what seems like anything to not carry out their promises.
Financial Leverage
Mercury Insurance has been in the industry for a while and has the financial stability to show for it. The company received an A (Excellent) rating for both financial stability and long-term issuer credit from AM Best. Their financial strength rating has remained the same for a while, but their long-term issuer credit was recently downgraded from an A+.
Weiss Ratings provided the company with a solid B for insurance safety. This rating outlines the business’s ability to uphold decent financial security amid a variety of negative economic implications.
Conclusion
As promised, Mercury contains the coverages and endorsements necessary to create a well-rounded home insurance policy. They boast cheaper prices than many of their competitors and even have additional discounts to get more bang for your buck.
Homeowners that put more value in customer service and claims approval integrity may want to look elsewhere for home insurance, however. They seem to be financially stable at this time, but as the God of business and merchants, Mercury is lacking in claims and communication.
