Our verdict: Mercury offers comprehensive coverage, excellent add-ons, and good customer support. If it is available in your state, you’ll enjoy an affordable and reliable insurance policy.
Mercury was founded in 1961 to provide consumers with affordable and high-quality insurance products along with top-notch customer service. In 1972 Mercury home insurance was introduced to the market, and ever since, the company has been expanding.
Forbes named it one of the most trustworthy companies in 2013 and 2016. Mercury offers comprehensive coverage options and various insurance policies. In addition, it has a Special Investigation Unit, which cooperates with local and federal law enforcement to fight frauds and scams.
Mercury has over 4,000 employees, 9,400 independent agents, and $5.9 billion in total assets. Keep reading to learn more about its home insurance coverage, and see if Mercury will fulfill your needs.
Mercury Home Insurance Pros and Cons
Each insurance company is different, and you can expect various kinds of service quality and products. Our list of Mercury’s strong and weak sides can help you decide whether it is the best fit for you.
Pros
- Easy-to-use website
- Well-explained coverage
- Multiple coverage options
- Affordable policies
- Over 50 years of industry experience
- Offers water leak detection service
Cons
- Available in only 11 states
- Customer service could improve
Mercury Homeowners Insurance Overview
If you’re looking for comprehensive home insurance, Mercury has you covered. Its homeowners policy includes standard coverage, like dwelling, personal property, and liability, but it also comes with extended replacement cost, guest medical protection, and a few other unique features.
You can also purchase extended coverage for valuables. However, Mercury’s offers vary by state. Its policies are available in 11 states via different insurers for each one. Keep in mind that not all discounts and services are available in all areas.
Features
Below we’ll explore the essential features of Mercury home insurance and related property policies.
Homeowners
You should consider insuring your home together with the items inside. If you decide to go with Mercury, you’ll have a dedicated agent who will help you create the best policy. The standard insurance covers the dwelling in case of:
- Fire
- Lightning
- Smoke
- Storm damage and similar perils
The personal property feature protects your household items in the event of fire, theft, or other covered loss.
Mercury home insurance coverage also includes extended replacement cost, which is additional coverage of up to 150% of the dwelling policy limits that serves to rebuild your home. The additional living expenses help you pay for hotel or rent if your home becomes uninhabitable.
Personal liability protection is essential in case you damage someone else’s property or cause bodily injury. Guest medical protection pays expenses if someone accidentally injures themselves on your property.
The ID theft protection add-on helps you pay for costs caused by criminal identity theft. Mercury home insurance has three more add-ons to customize your homeowners, renters, or condo policy:
- Home Systems Protection — extra coverage for your appliances and electronics
- Service Line Protection — covers damage to the exterior underground service lines
- Home Cyber Protection — protects against compromised data
Condo
If you own a condo, your association probably has a master policy that covers the shared areas of the building. However, it doesn’t extend to the inside of your unit and the items you own. The condo insurance policy will provide specific coverage, including:
- Personal property
- Improvements
- Loss assessment
- Additional living expenses
- Personal liability
- Guest medical
- Workers’ comp coverage
- Condos rented to others
Renters
This Mercury home insurance is the best option to choose if you live in a rented apartment. It covers your belongings, pays medical expenses, and has other features, such as:
- Personal property coverage
- Personal liability protection
- Guest medical protection
- Workers’ comp coverage
Keep in mind that this coverage is different in each state, and you should consult with your agent about what’s available to you.
Landlord
Mercury house insurance for landlords covers:
- Dwelling and other structures
- Additional replacement cost
- Personal property
- Fair rental value and loss assessment
- Premises liability
- Medical payments and personal injury
- Service line protection
- Home systems protection
Know that this insurance doesn’t include regular maintenance, wear and tear, or your tenant’s personal items.
Earthquake Insurance
If you live in a state that is high risk for earthquakes, you will likely be required to purchase the appropriate insurance. Know that your standard home policy won’t protect you against this peril. That is why Mercury offers earthquake insurance.
The policy is designed to help you repair or rebuild your home. Even though it covers some contents, it won’t insure and replace all items. If you live in California, you can purchase this insurance via your local independent Mercury agent.
Flood Insurance
Standard homeowners insurance doesn’t include flood coverage, which is why you’ll have to purchase it via the National Flood Insurance Program. Luckily, you can get Mercury flood insurance to protect your home and belongings.
This insurance is optional for most homeowners but required if you live in a flood-prone area. Keep in mind that this policy usually takes 30 days to become effective, so make sure to purchase it on time.
Leak Detection Services
Mercury Insurance provides the best protection against the leading cause of damage — water leaks. The damage could be so severe that you might have to move out while it’s being fixed.
Luckily, with Mercury insurance for water damage and smart home water detection products, you’ll have an additional layer of security.
Mercury partners with the leading providers of smart water loss prevention — Flo by Moen and Flume. If you decide to purchase this service, you’ll also save money on the home insurance policy and water bills.
Mobile App
Mercury offers a mobile app you can use to manage your home and auto insurance. For example, you can access digital ID cards, pay your bills, or get roadside assistance. You can also see all the necessary information about your policies.
Via the Mercury insurance app, you can also set up paperless options and receive your bills online. For extra security, the app supports biometric login.
The latest customer reviews are mixed — some users complained that they couldn’t use the app at all, while others stated they had great service.
Financial Strength
When it comes to Mercury’s financial strength, the company has earned high ratings. A.M. Best and Fitch gave it an A, and Forbes recognized it as one of the best midsize employers in the US.
Mercury has total assets of over $5.9 billion, which attest to the company’s financial stability. Based on these ratings, you won’t have issues filing your claims and receiving payment.
Mercury Insurance Customer Service
If you wish to contact Mercury customer service, you can do so via the phone numbers or email listed on the “Contact Us” page. It doesn’t offer support via chat or social media accounts.
We recommend you reach out to your agent, instead of the company directly, regarding policy changes.
The customer support reviews are mixed for both auto and home insurance. Some customers had faced issues with their claims, while others were satisfied with the service. Still, J.D. Power didn’t rank it in its 2020 Home Insurance Study for customer satisfaction.
- NerdWallet — 3.5
- WalletHub — 2.2
- Clearsurance — 3.7
- Valuepenguin — 60%
Mercury Home Insurance Quote
The primary factors affecting your premium are your location, type of coverage, home age, and discounts you qualify for. You can use the online quoting tool on Mercury’s website or find an agent to discuss the rates.
The home insurance is usually calculated for $250,000 to $300,000-worth dwelling. In Mercury’s case, the average monthly premium is about $89. The company also offers a solid list of discounts to help you lower the prices even more.
Mercury Insurance Discounts
Let’s explore Mercury discount options for homeowners, renters, and other property insurance policies.
Multi-policy
That is a standard way of saving money by combining two or more policies with the same insurer. Mercury offers deals for auto, home, renters, landlord, or condo bundles.
Protective Devices
If your home has any protective devices, like sprinklers, or fire alarms, you might be eligible for this discount.
Fire-resistant Materials
If you’ve built your home with fire-resistant construction materials, see if you qualify for this deal.
New Home
The newer home you own, the bigger the discount you might receive on your Mercury home insurance quote.
Gated Community
If you live in a gated community, check with your agent to see if you’re eligible for this offer.
Higher Deductible
If you select a higher deductible, that means you’ll pay less for your monthly premium.
Loss Free
You might be eligible for this offer if you have no history of claims. This discount is available with several insurance policies.
Mercury Home Insurance Rate Comparison
We’ll compare Mercury’s rates with a few other companies to determine whether Mercury offers affordable insurance policies.
Mercury vs. Liberty Mutual
Like we already mentioned, Mercury charges less than the national average. Its homeowners policies are likely to cost around $90 per month.
With Liberty Mutual, the location plays a key role in the cost of your insurance. Overall, its home insurance cost ranges from $87 to $359 and might be higher than the national average.
You can lower your Mercury home insurance quotes with many available discounts, and many of them are similar to Liberty Mutual’s deals.
Mercury vs. Nationwide
Nationwide is another insurer that offers excellent prices. Still, your location and other factors can change the cost of your home insurance.
Overall, Nationwide is another affordable option, with a premium of about $82 per month for a $200,000-worth dwelling. Both Nationwide and Mercury have similar prices, and it’s up to you to select the company you consider better.
Overall Competition Comparison
Mercury homeowners insurance has limited availability, and that is another essential factor to consider when you consider your option. Let’s see how Mercury compares with Allstate, GEICO, and State Farm.
Mercury vs. Allstate
Allstate is among the best insurers in the US. It has a large financial balance and paid out close to $2 billion in dividends to its parent companies during 2020. Fitch rates it with an A+ affirmed rating, and A.M. Best assigned it an A rating, just like Mercury’s home insurance rating.
Allstate is also ranked high on the J.D. Power 2020 Home Insurance Study with a score of 829/1,000, while Mercury is not listed. That shows that Allstate has a low number of customer complaints compared to the national average.
Allstate definitely wins with its policy availability. Mercury offers insurance in only 11 states, while Allstate covers all.
Mercury vs. GEICO
A.M. Best ranks GEICO with an A++ rating, just like S&P. Moody’s and Fitch ratings are Aa and AA-, respectively. The company has over $32 billion in assets, meaning it’s financially stable and will likely remain so in the future.
Neither GEICO nor Mercury is listed in J.D. Power’s 2020 Home Insurance Study for overall customer support rating. Still, GEICO offers a better online experience with its chatbot feature. Kanbay Research Institute rated it as the best insurer for its customer support.
Since GEICO offers its policies via a network of other insurance companies, it covers more states than Mercury.
State Farm vs. Mercury home insurance
According to State Farm’s financial strength report, A.M. Best gives it an A++, and S&P an AA rating. It has been financially strong for almost 100 years, and you won’t have issues with your claims.
When it comes to customer support, in its 2020 Home Insurance Study, J.D. Power ranked State Farm with 829/1,000. Customers are satisfied with State Farm’s support, and its website has enough information to answer any standard questions.
State Farm offers its policies in all states except New York, Wisconsin, and Massachusetts and covers a wider area than Mercury Insurance.
Expert Thoughts
Mercury home insurance is affordable, with excellent coverage options, add-ons, and good customer service. The company is also financially solid, with good ratings from A.M. Best and Fitch. Currently, it has over $5.9 billion in assets.
If you decide to go with Mercury, you’ll also have access to a good list of discounts. Unfortunately, even though customers are satisfied with the home insurance, J.D. Power didn’t place Mercury in its 2020 Home Insurance Study of customer satisfaction.
Mercury has about 50 years of experience in the industry, and we believe it’s a good insurer to select if you’re looking for a home policy. Still, you can get it in only 11 states.
People Also Ask
Mercury was founded in 1961 and began offering home insurance in 1972. Since then, the company has expanded and earned numerous awards and recognitions. Today, Mercury’s policies have comprehensive coverage and add-ons that help you customize your insurance.
The customer reviews are mixed, although there are predominantly positive. The company is financially stable, so you shouldn’t have issues with your claims. Mercury Insurance is also affordable. Unfortunately, it’s available in only 11 states.
When it comes to financial strength ratings, A.M. Best and Fitch gave Mercury an A rank, which shows it’s a financially solid company with no problem paying out claims. Still, the customer satisfaction ratings are slightly mixed.
Although there are more positive reviews than negative ones, J.D. Power still didn’t list Mercury in its 2020 Home Insurance Study. That is why we think Mercury can offer better service in the future and correct these ranks.
Mercury General Corporation owns Mercury Insurance. It is the leading independent agency, provider of auto and home insurance policies. It’s ranked as the sixth-largest auto insurer in California.
Mercury General Corporation has numerous insurance and non-insurance subsidiaries. Altogether, Mercury Insurance is financially stable, and its policies are available in 11 states. It has over 4,400 employees and over 9,400 independent agents ready to help.
If you purchase home insurance from Mercury, you’ll enjoy comprehensive coverage with great options to expand it beyond your home and belongings. The standard policy covers the dwelling and other structures, personal property, liability, and similar.
Your roof will be insured if the covered perils cause damage. Still, roof leaks that resulted from the lack of maintenance or normal wear and tear won’t be covered.
The standard Mercury insurance policy covers the dwelling and includes the cost to repair your home, your personal belongings, and liability, which protects you if you cause injury or damage to another person.
You’ll also have guest medical insurance, extended replacement cost, additional living expenses coverage, and other structures coverage. The optional add-ons include ID theft, Home Systems, and Home Cyber protection features. Floods, earthquakes, and landslides require separate policies.
Each home insurance policy has specific perils named in it that you’ll be covered for. The common ones include fire and smoke damage, weather-related hazards, theft, vandalism, damage from civil disturbances, snow or ice, explosions, and similar.
If the mold results from the named peril, like the water leak from internal sources, chances are it will be covered. The best way to know whether your policy will cover the mold is to ask your agent to explain all the coverage options in your Mercury home insurance.
