Comparing Mercury Insurance to Homeowners Insurance Companies

Mercury Insurance operates in just 11 states but offers unique policy add-ons that set it apart from other insurers. When it comes to homeowners insurance, preparedness is crucial because disasters can strike unexpectedly. It’s essential to select a policy tailored to your needs and opt for the right add-ons for peace of mind.

Mercury Insurance is among the options for homeowners coverage, but it’s limited to residents in 10 states where they operate. While it may not have the brand recognition of Nationwide or Allstate, it still offers suitable policies. In this review, CNBC Select evaluates Mercury Insurance to help you determine if it’s the right insurer for you.

Mercury Homeowners Insurance Review

Cost: To estimate your cost, it’s best to request a personalized quote.

Maximum coverage: Details about maximum coverage are not disclosed.

Policy Highlights: Mercury’s policy covers damage to your home caused by fire, lightning, smoke, storm damage, theft, loss of use, personal liability, and accidents occurring on your property.

Does Not Cover: Mercury’s policy excludes coverage for earthquakes and flood insurance, but additional protections are available (see below).

Pros:

• Convenient online and phone claims submission
• Service line protection
• Discounts for bundling home and auto insurance
• Mobile app available
• Identity theft coverage up to $25,000
• Discounts for residing in gated communities
• Discounts for policies with higher deductibles

Cons: Mercury Insurance is only available in 10 states.

Overview: Mercury offers homeowners insurance coverage in Arizona, California, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, and Virginia. However, this limited availability is not as extensive as insurers like Farmers Insurance, which operates in 40 states.

Policy Coverage:

• Dwelling protection: Covers damage from fire, lightning, smoke, or storms.
• Personal property: Protects household items in cases of fire, theft, or covered losses.
• Extended replacement cost: Covers up to 150% of the dwelling’s policy limits for rebuilding after a covered loss.
• Additional living expenses: Covers living expenses if your home becomes uninhabitable due to a covered loss.
• Personal liability protection: Covers bodily injury and property damage to others caused by covered incidents.
• Guest medical protection: Covers medical expenses for visitors injured on your property.
• Identity theft protection: Covers expenses related to identity theft.
• Optional coverage for high-value items, flood, and earthquake insurance.

Additional Protections:

• Service line protection: Covers the cost of underground utility lines or pipes if they fail.
• Home systems protection: Prevents unexpected repair and replacement costs for various home systems and appliances.
• Home cyber protection: Provides financial protection against cyberattacks and personal information breaches.
• Identity management services: Covers up to $25,000 in expenses related to identity theft.

Features: Mercury Insurance offers a convenient app for Android and iOS users to manage their policies, pay bills, review coverage, and contact customer service. Claims can be filed online or by calling 1-800-503-3724.

Discounts: Mercury offers standard policy discounts for bundling home and auto insurance, having protective devices, using fire-resistant materials, owning newer homes, living in gated communities, and choosing higher deductibles. Eligibility for discounts may vary by state.

Other Insurance Offered: In addition to homeowners insurance, Mercury provides auto insurance, condo insurance, and renters insurance. They also offer landlord insurance, umbrella insurance, business owners insurance, and business auto insurance.

Comparison: Mercury’s coverage is limited compared to other insurers in the homeowners insurance market. While Mercury operates in 11 states, competitors like Lemonade and Hippo have broader coverage areas, making them more suitable for homeowners in states where Mercury doesn’t operate.

Bottom Line: Mercury Insurance offers standard coverage and discounts within its limited service area. If you reside in one of their covered states, it could be a viable option for you. However, as with any homeowners insurance policy, the choice of add-ons can significantly impact your coverage, so carefully select additional protections that align with your needs.