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Mutual Benefit Group (MBG) Home Insurance Review

Mutual Benefit Group (MBG) Home Insurance Review

Mutual Benefit Group (MBG) Home Insurance Review

The Mutual Benefit Group began as a way for 14 businessmen to help each other carry the risk of their businesses. At present, MBG still works to make sure that each policyholder will be part of a group that provides financial protection during unfortunate events. The purpose of MBG is only to provide insurance to their policyholders, which allows them to offer their premium at a lower price.

Are you wondering if the Mutual Benefit Group is the right fit for you? Find out in this article.

A Brief History

Mutual Benefit Group Insurance was founded in 1908 in Pennsylvania. While they have expanded their operations to Maryland, their headquarters remain at Pennsylvania and their company’s operations remain to be regional. In 1908, MBG began with 14 businessmen as their initial clients and investors. They pooled their resources and decided to build Mutual Benefit Insurance Company, which is now a part of Mutual Benefit Group.

Currently, MBG holds consolidated assets of over $250 million and they have a financial strength rating of A- (Excellent) from A.M. Best Company. They now have 155 employees and are being represented by 250 dependent agencies. Moreover, from 14 initial clients/investors, they now have 75,000 policyholders all over Pennsylvania and Maryland.

Homeowners Insurance

MBG Standard Policy

The standard policy offered by MBG covers the loss and damage to the structure, personal liability, and personal property. The dwelling coverage allows for repair or replacement based on the current value on the market. For the personal property coverage, MBG will reimburse 50% of the dwelling value. On the other hand, they provide a $100,000 limit for personal liability. 

However, personal property coverage is limited to certain types of loss like fire and vandalism. They also provide coverage for business personal property, debris removal of trees, and credit card losses. They also offer ordinance or law coverage and replacement of personal property.

Promark Advantage

Apart from having a higher limit, the Promark Advantage offers coverage for more types of losses. On top of that, they also offer wider coverage for different damages that won’t require the client to purchase add-ons. For the personal property coverage, MBG will reimburse 75% of the dwelling value. On the other hand, they provide a $300,000 limit for personal liability.

Compared to the standard policy, the Promark Advantage puts a higher limit to their coverage. Moreover, they also offer coverage for spoiled refrigerated products, animal death, water backup, and reward for theft on their property. These benefits are not offered on the standard policy of MBG. High-valued possessions are also covered with a higher limit with this policy.

Discounts

Despite their small operation, Mutual Benefit Group offers a sizable number of discounts to help their clients save on their premium. Here are some of the discount programs of Mutual Benefit Group Insurance:

  • Personal Account Credit – Policyholders that get their home and auto insurance from MBG gets an instant discount of up to 15% on their premium payment.
  • New Home Discount – Homes that are less than 10 years old can save up to 20% on their policy. This is because newer homes carry lower risk than homes that are 10 years and older.
  • Loss-Free Discount – Homeowners that have not reported a loss in three years may be able to get an additional discount as they are considered to be low-risk.
  • Protective Device Credit – Homes that have installed protective devices are given a discount. If a home has more than one protective device installed in their premise, homeowners may be able to get more discount on their premium.

Claims

While glass-only claims can go through the online claims process, the rest of the claims should be filed via the 24/7 toll-free claims line of Mutual Benefit Group. However, this is only used for the initial report because the policyholder will soon be assigned a claims adjuster for their case. They are given a separate phone number if they wish to follow up on the status of their claims. On top of their limited online claims processing, MBG also lacks the online quotation option. With their limited online presence, you may think that their website is lackluster. However, the MBG website is informative and contains several necessary details.

Pros and Cons

PROS

  • Several Discounts Offered
  • Informative Website
  • Strong financial standing
  • Few customer complaints

CONS

  • No Online Quotation
  • Limited Online Claim Option

The Verdict

MBG’s operation is focused on Pennsylvania and Maryland, but Mutual Benefit Group ensures that they operate as a mutual fund company that offers great value for the money. If you look into the many discounts that they offer, policyholders will find that this insurance company offers reliability during times of need.

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