- There are different levels of coverage to choose from.
- Customers are mostly satisfied with their service.
- Home insurance is not available for all US states.
- There is not online quote tool.
The Hanover Insurance Group functions as a hub for a myriad of property and casualty insurance providers. They’re one of the most established entities in their field, with a network of subsidiaries that collectively make up one of the nation’s largest and oldest conglomerates.
Founded in 1852, this insurer has consistently provided automotive, residential, and commercial insurance coverage, earning strength and success in every market niche they occupy.
Today, Hanover has since broadened their scope of products and established a presence in various states. Their official base is now located in Worchester, Massachusetts, and they have received numerous accolades and notable recognitions.
Hanover Insurance Group proudly boasts its values and outlines them with collaboration, accountability, respect, and empowerment. These core beliefs are what have made the business such a success. Nevertheless, we’re here to put these attitudes to the test.
In this review, we’ll check out The Hanover Insurance Group. Keep reading if you’re interested in learning more about this insurer, including their coverages, premiums, discounts, and more!
The Hanover offers homeowners insurance policies in 28 states and Washington, D.C.:
Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Louisiana, Maryland, Maine, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.
The Hanover home insurance policies & coverages
The Hanover Group has enthusiastically offered insurance through independent agents since its inception in the mid-1850s.
In fact, the same year the company was founded, it introduced its first independent agent, Samuel S. Coe. He was a well-known and knowledgeable entrepreneur in Cleveland, Ohio. Since then, Hanover has promised to uphold its collaborative and empowering values by having educated and professional agents sell their insurance products.
The problem with this is always the same – we can’t get an online quote about our potential services and costs. The good news is, their site is loaded with information to help you decide if calling a local agent is even worth the time.
The Hanover’s home insurance service presents homeowners with three options to choose from and plenty of methods to personalize their coverage. As such, potential customers will notice a high probability of finding a suitable policy.
At the most basic level, you can expect the typical coverages you would from any other worthy insurance company.
- This kind of HO-3 policy will protect your home from potential destruction caused by standard risks such as fire or lightning with dwelling insurance coverage.
- Other structures on your property, including garages and other buildings, are protected by this policy as well.
- Personal property coverage provides you with protection for personal items like electronics, clothing, and furniture, no matter where you are in relation to them. Your most valuable items may require secondary coverage, but more on that later.
- Next, personal liability coverage safeguards you and other listed residents by footing the bills resulting from legal claims made against you. This could come from an injury inflicted on a visitor or damage to their belongings.
- Loss of use coverage extends a safety net in scenarios where your home is rendered unsafe for habitation temporarily. It compensates for any additional expenses that may arise due to needing alternative living arrangements.
- Finally, a coverage option known as medical payments aims to safeguard you if your guests happen to get injured while visiting your home. Unlike liability coverage, this coverage aims to assist you financially regardless of who is at fault for the injury.
Platinum
If you want more from your insurance, you might consider leveling up to Hanover’s Platinum home insurance policy. It contains all of the protection from the first tier of coverage, plus auto insurance bundled neatly within.
With this policy, you can enjoy all the perks of home insurance and auto insurance in one place. That means your home insurance may benefit from auto insurance discounts.
It also comes with a guaranteed replacement cost. As the name suggests, this perk guarantees your property will be repaired or replaced regardless of your dwelling coverage limits. As a bonus, Platinum customers can enjoy water backup coverage, which protects the homeowner from the costs associated with backed-up water due to faulty plumbing or sump pump overflow.
Prestige
When you need your home to be totally immersed in protection, this policy is perfect for you. It contains all the essential coverages, plus some additional advantages that make for a quality policy. This coverage is initially considered for high-quality homes that need extra dwelling coverage and automatic endorsements.
This coverage includes flexible policy limits that allow the homeowner to create their policy with custom levels of protection. With Prestige coverage, you can customize your personal belongings coverage from 30% to 150% of your home dwelling coverage.
Prestige customers can also enjoy extensive add-ons, including guaranteed replacement costs, water backup coverage, and:
- Ordinance or Law: This coverage will help pay for the cost of keeping up with code enforcement and general laws surrounding the rebuilding or repairing of your home.
- Service Line: This outlines $20,000 worth of coverage for the underground service lines to or from your home. These could include sewage pipes, cables, electric systems, etc.
- Loss Mitigation: This coverage offers $2,500 worth of coverage for claims reaching over $10,000 in damages.
- Deductible Waiver: If your loss exceeds $50,000 in damage, your deductible will be waived thanks to this endorsement.
As we mentioned earlier, highly valuable items of yours may require additional coverage limits. With Hanover, this looks like their Valuable Items Plus endorsement, which can be added to a Prestige policy. It outlines extra coverage limits for pricey personal property like furs, jewelry, musical instruments, and more.
The Hanover homeowners insurance premiums
It must be noted that The Hanover solely operates in 29 states. With this information, it becomes easier for us to provide you with an accurate annual premium prediction.
For example, Hanover homeowners from Utah will get the luckier end of the deal with the lowest average annual premium of all the states served by the company. Overall, Hanover customers can expect the annual cost of their home insurance to be between $528 and $2,271 for $200,000 worth of dwelling coverage.
Prestige customers may experience higher premiums due to the extensive coverage it offers. This protection will cost homeowners more in the ballpark of $821 to $7,255 for between $500,000 and $750,000 in dwelling coverage.
While raising rates seems to be a common topic of conversation among customers, many revel in Hanover home insurance prices that match the market. Several comments about their prices seem to be on the favorable side, quoting fair and reasonable costs.
Discounts
Luckily for those on a budget, The Hanover Group provides a short list of discounts ready to help homeowners save a little money on their premiums. These discounts include:
- New home discount: You might qualify for this discount if your home was built recently or has fresh renovations.
- Home buyer discount: You could receive this discount when you’re buying your home with a mortgage lender.
- Safety and security devices: This discount is available for homeowners with safety features installed in their homes, such as smoke detectors and central station alarms.
- Affinity groups: Certain members of approved groups may be eligible for this discount.
What customers have to say
According to the NAIC, The Hanover Insurance Group received less than the average number of complaints against their home insurance products in 2022. This scale depicts 1.00 as the bottom line of the average level of complaints, and this company received 0.20.
You can get the same impression from the BBB site, where the accredited company has an A+ rating. With close to 60 reviews, they have an average of 3.39 stars and only 8 complaints closed in the last 12 months.
Elsewhere online, customers either recall courteous service or the worst service they’ve ever encountered. This is where the independent agent caveat comes in. These individuals may be Hanover’s preferred agents, contractors, and adjusters, but varying attitudes and values can cause problems with Hanover’s reputation.
Processing claims
Hanover policyholders can log into their accounts to file a claim if need be. They even have a mobile app that allows you to file a claim wherever you are in the world. Alternatively, Prestige customers can call 877-922-2774, and all other home insurance customers can call 800-628-0250.
Of the below-average level of complaints mentioned earlier by the NAIC, home insurance claims were a topic of conversation. As it turns out, underwriting cancellations and nonrenewals were bigger issues than claims handling, denials, and delays.
Financial stability ratings
The Hanover Insurance Group has been provided with pretty decent financial stability scores by prestigious rating companies. AM Best registered the group’s ratings to be an A (Excellent) for financial stability and an A+ for long-term issuer credit.
Weiss Ratings has provided the company with a solid B for insurance safety, dictating a stable environment for further growth and continued success. According to them, Hanover comfortably passes several stability tests used to determine how strong a company’s finances are.
Final verdict
The Hanover Insurance Group is a promising candidate for your home insurance needs. With multiple levels of coverage to choose from and several customizing options, you have no choice but to receive only the service you need at a reasonable price.
With a positive financial outlook and a knack for making customers happy, we believe this insurer is a great choice for anyone seeking home insurance in their service areas. However, you should be prepared to work with an agent instead of doing everything online.
