Liberty Mutual Renters Insurance Review: Cost, Coverage, and More (2024)
Liberty Mutual offers reliable coverage at competitive rates but has fewer discounts than some other insurance companies.
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Written byJanet Berry-Johnson
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8+ years writing about insurance, taxes, and personal finance
Certified public accountant
Janet applies her experience in personal finance, taxes, and accounting to make complex financial topics accessible. Her byline has appeared on numerous web media.
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Edited byKatie Powers
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Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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Updated October 29, 2024
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Table of contents
Liberty Mutual is the fifth-largest insurance company in the U.S. by market share, and it offers a wide range of coverage options, including renters insurance.[1]
If you rent an apartment, condominium, or house, renters insurance protects your personal belongings and provides liability coverage. Comparing renters insurance companies helps you find the best value and coverage to fit your specific needs.
Here’s what you need to know about Liberty Mutual’s renters insurance options, including costs, coverage, and more, to help you decide if it’s the right fit for you.
Quick Facts
Liberty Mutual renters insurance includes standard coverages, plus the option to add earthquake coverage.
Policyholders can file claims with Liberty Mutual online, through the mobile app, or by phone.
Liberty Mutual has a mixed reputation for customer service, with praise for claims handling but some complaints about rising premium costs.
Insurify’s take on Liberty Mutual renters insurance
Liberty Mutual’s rates are competitive, but it’s not always the cheapest option compared to other insurance companies. Liberty Mutual offers standard renters insurance coverages, including personal property protection, liability insurance, and additional living expenses.[2]
Liberty Mutual sells policies in all 50 U.S. states and Washington, D.C. The company offers several discounts, including savings for purchasing a policy online, remaining claims-free for five years or more, and bundling renters insurance with a Liberty Mutual auto insurance policy.
Pros
Comprehensive coverage options
Competitive rates
Available nationwide
Cons
Fewer discounts than some competitors
Premiums may increase significantly after a claim
Mixed customer service reviews
What Liberty Mutual renters insurance covers
Here’s a breakdown of what a renters insurance policy from Liberty Mutual typically includes:
Personal property coverage
Personal property insurance covers the cost of repairing or replacing your belongings, including furniture, electronics, and clothing, if theft or damage occurs.
Liability coverage
Liability coverage helps pay legal fees, medical bills, and repairs if you’re responsible for injuring someone or damaging their property.
Additional living expenses coverage
If your unit becomes uninhabitable due to a covered loss, such as a fire or water damage from a rainstorm, loss of use coverage helps pay for the cost of a hotel stay or temporary housing.
In addition to the standard coverages, Liberty Mutual offers some additional coverage options, such as:
Blanket jewelry coverage
Renters insurance typically includes jewelry coverage, but it might not cover the full cost of a stolen or damaged item due to sublimits for certain valuable items and deductibles. Liberty Mutual’s optional blanket jewelry coverage replaces your high-value jewelry if theft or damage occurs with no deductible or up-front appraisal necessary.
Earthquake coverage
A standard renters insurance policy excludes earthquake coverage.[3] Liberty Mutual offers renters the option to add it.
But, like other insurance companies, Liberty Mutual has coverage limitations. A renters policy from Liberty Mutual doesn’t cover property damage from the following:
Floods
Pests like termites or bed bugs
General wear and tear or neglect[4]
Liberty Mutual renters insurance discounts
Renters insurance discounts can lower your premiums and help you get more value for your money. Although Liberty Mutual doesn’t always disclose specific percentages, some of its available discounts include:
Bundling policies: Bundle renters insurance with a home or car insurance policy for a discount.
Purchasing online: You can save by buying your renters insurance directly from the Liberty Mutual website.
Staying claims-free: If you haven’t filed a renters insurance claim for five years or more, you can earn a discount.
Shopping early: Liberty Mutual may provide a discount if you secure a quote before your current policy expires.
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4.8/5 (3,806+ reviews)
Liberty Mutual reviews: What real customers are saying
All casualty insurers get some negative reviews from unhappy customers, and Liberty Mutual is no exception. The company has a rating of 1.1 out of 5 stars on Trustpilot, based on more than 500 reviews. Many customers complain about the company dropping their coverage seemingly without reason or facing substantial rate increases after filing small claims on their policies.
Liberty Mutual also has a customer satisfaction rating of 1.1 out of 5 stars on its Better Business Bureau (BBB) profile page.
Keep in mind that these reviews come from users with all kinds of insurance products, including homeowners insurance, auto insurance, and renters insurance. Here are a couple examples of common complaints from customers:
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How to buy a Liberty Mutual renters insurance policy
Liberty Mutual makes it easy for customers to purchase renters insurance through multiple channels. You can get insurance quotes and buy a policy online, over the phone, or by working with a local agent.
Here’s how to buy a policy online:
Visit the company website. Select the “Renters insurance” option.
Enter your information. You’ll need to provide your address, how long you’ve lived there, your name and birthdate, the approximate value of your personal belongings, and information on any roommates other than your family members. You’ll also need to give Liberty Mutual your email address and phone number so it can contact you with a quote.
Review your quote. Liberty Mutual will generate a quote based on your information.
Complete your purchase. If the policy meets your needs, you can finalize your purchase with a major credit card or electronic funds transfer from your bank account.
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4.8/5 (3,806+ reviews)
How to file a renters insurance claim with Liberty Mutual
You can start the claims process online, through the mobile app, or over the phone. Here are the steps to follow:
1. Document the damage or loss
Before filing a claim, take photos or videos of any damage to support your claim.
2. Call or log into your account online
Visit Liberty Mutual’s website or open the mobile app. You can also call the claims line if you prefer.
3. Provide the necessary information
Provide details about the incident, including the date, time, and a description of what happened. Be as specific as possible.
4. Submit the claim
Once you provide all the necessary information, submit your claim for review.
5. Work with a claims adjuster
Liberty Mutual will assign a claims adjuster to evaluate the damage and guide you through the next steps.
6. Receive payment
If Liberty Mutual approves your claim, you’ll receive a payout based on your coverage terms and deductible.
Liberty Mutual renters insurance FAQs
You may have more questions about Liberty Mutual renters insurance. The following information can help you get a better understanding of its policies.
Is Liberty Mutual reputable?
Yes. Founded in 1912, Liberty Mutual is a well-established insurance company. AM Best gave the company a financial strength rating of A (Excellent), indicating strong financial stability and an ability to pay claims.
Is Liberty Mutual good at paying claims?
Liberty Mutual generally handles claims efficiently, although customer reviews are a mix of negative and positive reviews. Some customers praise the smooth claims process, while others report delays. It’s important to document everything and work closely with your claims adjuster to resolve your claim quickly.
Can you cancel Liberty Mutual renters insurance at any time?
Yes. Liberty Mutual allows policyholders to cancel their renters insurance anytime. But depending on your policy terms, you may have to pay a cancellation fee or receive a prorated refund based on your payment plan.
Which companies have cheaper renters insurance than Liberty Mutual?
Liberty Mutual offers competitive rates, but the cost of your renters insurance policy might be lower with another insurer depending on your location, property characteristics, credit history, claims history, and other factors. According to Insurify data, Erie and American Family offer the most affordable average monthly rates for renters insurance across the U.S.
Sources
- Insurance Information Institute. "Facts + Statistics: Insurance company rankings."
- Liberty Mutual. "Renters insurance coverage types."
- Insurance Information Institute. "Renters Insurance."
- Insurance Information Institute. "Which disasters are covered by homeowners insurance?."
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Janet Berry-Johnson
Janet Berry-Johnson, CPA is a freelance writer with a background in accounting and income tax planning and preparation. She's passionate about making complicated financial topics accessible to readers. She lives in Omaha, Nebraska with her husband and son and their rescue dog, Dexter. Visit her website at www.jberryjohnson.com.
Janet has been a contributor at Insurify since October 2022.
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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