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Preferred Mutual Home Insurance Review

Preferred Mutual Home Insurance Review

Preferred Mutual Home Insurance Review

The Preferred Mutual Fire Insurance Company out of Chenango County is how it was first known when it was founded back in 1896. It had been made to model after the very first insurance company formed in the United States by Ben Franklin back in 1752, The Philadelphia Contributionship for Insurance of Houses from Loss by Fire.   

In 1899, Preferred Mutual completely burned alongside 11 other structures within New Berlin. The founder, Frank Holmes, carried no fire insurance on the business property. The business, though, was able to recover quite fast from the point of employing only three to now having over 270 employees and upwards of over 450 independent agents located throughout four states including New Jersey, Massachusetts, New Hampshire, and New York

Preferred Mutual provides coverage for home, auto along with commercial insurance. Their coverage offerings include:

  • Business
  • Boat
  • Condo
  • Commercial auto
  • Landlord
  • Identity theft
  • Motorhome
  • Mobile home
  • Umbrella
  • Personal valuables
  • Snowmobile
  • Seasonal home
  • RV

Homeowners Insurance

Preferred Mutual homeowners insurance provides a solid list of home insurance offerings. They aren’t really very specific on their website with detailed information but provide enough to give an idea of what they can offer. 

Standard homeowners coverage

  • Structure – Standard coverage against named perils or catastrophes, e.g. hurricanes, tornadoes, fires, lightning, or other disasters that would be specifically detailed in your homeowners plan. Exclusions would be floods or earthquakes which would need to be covered under a separately purchased plan.
  • Personal Property – Basic coverage for contents within your home at what most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. This can be extended if you require more coverage with valuable possession endorsement added to your homeowners policy.
  • Liability – Standard homeowners policy will include coverage to protect you as well as your family against risks including guests getting injured on your property. With lawsuits being plentiful, an umbrella policy will give you extra coverage above what is generally in a standard homeowners policy and will help to make sure that you won’t be at risk for losing your home or being financially devastated due to liability.

High-Value Home Insurance

  • Pinnacle – When you own a home of exceptional value, having just standard homeowners insurance is generally not sufficient. The Pinnacle program, offered by Preferred Mutual, is specifically for high-value homes and is made to allow you the flexibility to customize a plan that will meet your unique requirements. 
  • Valuables – Pinnacle is a good way to insure high-end valuables.
  • Recovery – Pinnacle provides for recovery limits that are higher than traditional policies including personal injury for you as well as your family, damage due to water from sumps/sewer drains, covered property direct physical loss, replacement cost, identity fraud, misplacement-theft-loss.

Other Home Insurance

  • Condo – Provides condo owners coverage against liability and for personal property, covers living expenses in the instance of an emergency, offers broad-range coverage to include possible gaps in homeowners association master plans. 
  • Renters/Tenants – Provides personal property and liability coverage to tenants who rent a home.
  • Mobile – Covers mobile homes, related out-structures, property, contents. Offers added living expenses if you’re left displaced due to a covered peril. Provides comprehensive personal liability as well as medical payments for instances of injury to others.
  • Rental property/landlord – This coverage will cover the rental structure, related buildings, as well as rent loss.
  • Seasonal – Coverage for the property that is frequently vacant will be the same as for your main residence. Protects the home, related structures, property, and personal contents. Provides personal liability as well as medical payments for instances of injury to guests.

Preferred Mutual doesn’t offer quotes online but rather provides a quick form which you can use in order to get in contact with an agent.

Discounts

  • Multi-policy
  • Build/reno home
  • Construction of no more than 20 years old
  • Non-smoking
  • Protective devices
  • Hard-wire generator
  • Central-station alarm systems
  • High deductible discounts

Ratings

Preferred Mutual has received an A+ rating with the Better Business Bureau where it was accredited in 2011. It also received an A (Excellent) with A.M. Best for financial stability and A+ with A.M. Best issuer credit rating. 

Claims

Preferred Mutual offers online claims filing when logged into the customer support center. There is also an email where claims can be filed with no need to log into the support system. You can choose to call a toll-free phone line or file with an agent directly as well.

Forms for filing claims are available to download on the website quite easily which will make the claims process much more simplified.

Reviews

Preferred Mutual received fantastic reviews on Clearsurance. The general consensus was that they are a great company to use with excellent rates. Folks found that they have very helpful agents, easy to get a hold of when you need to contact them, and they offer very competitive rates. All of them boasted to really like this insurance company. There was one who stated that it began rocky with them over a significantly large claim which took time, but the company paid in full. The overall basic feeling is they are a great company, very easy to work with, low prices, excellent customer service, and fast easy claims.

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