More on Home Insurance
More on Home Insurance
Mercury provides an impressive array of customizable coverage options thanks to a variety of add-ons and endorsements spread across three product tiers. But coverage is available in only 11 states, and premiums skew slightly higher than average.
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Wide variety of coverage available
All-risk coverage for all three coverage tiers
Only available in 11 states
Few digital tools
THE BOTTOM LINE
Mercury provides many high quality, customizable coverage options for residents in the 11 states their coverage is available. Potential policyholders can choose from an assortment of coverage add-ons in addition to standard policy protection, including extended replacement cost coverage, service line and equipment breakdown coverage, and unique endorsements like computer and cyber attack coverage. If you can get past the basic customer experience (no mobile app or online application), we recommend Mercury for its extensive coverage plans.
MERCURY COMPANY SPOTLIGHT
J.D. Power Rating
A trusted customer satisfaction and product quality research agency
A nonprofit organization focusing on marketplace trust and product quality
A.M. Best Rating
100-year-old U.S. credit rating agency focused on the insurance industry
The Bottom Line
Mercury Insurance has an impressive array of coverage options available. And it’s all customizable, thanks to a variety of valuable add-ons and endorsements spread across three product tiers. If you want extended replacement cost coverage, watercraft coverage, utility line and equipment breakdown coverage, along with reimbursements for damages derived from burglaries, cyber attacks, or libel suits, you can get it from Mercury. There are caveats: the annual premium skews slightly higher than average, and all this quality coverage is available in only a few states.
Wide variety of coverage options. Mercury has many coverage features available, including several optional add-ons and high-quality endorsements like service line coverage, equipment breakdown coverage, identity theft and cyber attack protection, and even watercraft coverage.
All-risk coverage for all three tiers. Mercury packs all-risk dwelling protection into each of its product tiers, meaning it will cover the home repairs caused by any event unless it’s specifically mentioned in your policy.
Only available in 11 states. The catch for that nifty coverage is that it’s only available in a handful of states. If you live in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas, or Virginia, then you can be a potential Mercury customer. If not, you’ve got to keep looking.
Few digital tools. Mercury’s customer experience is pretty basic. You can pay bills and change policy information online, otherwise just about everything is done over the phone. No mobile apps or online quote tools here.
Insurance rates can vary. If you live in an old home in a hurricane-prone state, then you’ll probably pay higher rates than someone who lives in a newer home in a milder climate. The coverages you choose and your home’s rebuild cost will also affect your rates.
According to Policygenius quoting data, Mercury homeowners insurance costs around $1,925 annually for around $300,000 of coverage. That's about 12 percent higher than the average quote with Policygenius. Homeowners insurance with Mercury is slightly higher than the industry average, but should still be affordable for most customers who live in the states where it’s available, especially if they take advantage of discounts.
Mercury offers a few rate-saving opportunities, including a multi-policy discount if you buy both home and auto insurance with Mercury, as well as protective device discounts.
Here’s a sampling of what you can expect:
Insurance companies need to stick around to pay out claims, so financial stability ratings are an important indicator of how reliable a particular company will be. To gauge companies’ financial soundness, we look at the scores from independent credit rating agencies, including A.M. Best, Moody’s, and Standard & Poor’s.
Here’s the breakdown:
Credit rating firm A.M. Best, which focuses specifically on the insurance industry, gives Mercury an A rating. That means Mercury has an “excellent ability” to fulfill customer obligations.
An A2 rating from Moody’s, a bond credit rating agency, means Mercury is subject to low credit risk, so there’s little danger in doing business with them.
Analysis firm Standard & Poor’s did not rate Mercury.
Besides credit ratings professionals, we also look at what regular customers are saying about their chosen insurance companies. In Mercury’s case, however, we only have a few third-party sites available to check customer sentiment. J.D. Power did not include the company in its recent homeowners satisfaction survey. Similarly, Consumer Affairs and Consumers Advocate lack review pages dedicated to the carrier.
Here’s what some third-party sources think of Mercury:
Better Business Bureau scores companies on their advertising claims, customer complaints, and other factors. Mercury gets an A+ rating from the nonprofit organization.
Consumers Advocate is a review site that covers companies’ policy options, customer service, and stability, but they do not have a review page for Mercury’s homeowners insurance. Neither does customer review site Consumer Affairs. However, both sites have reviews dedicated to Mercury's auto insurance offerings.
Trustpilot has a 3.7 rating out of 5 for Mercury, based on nine user reviews, most of which are about auto insurance.
J.D. Power, which judges companies based on billing, policy, and pricing information, did not include Mercury in recent homeowners insurance studies.
The National Association of Insurance Commissioners (NAIC) tracks complaints submitted to state insurance departments. Mercury has a zero rating, which means there weren’t enough customer complaints to count. This means barely anyone complained to their state about Mercury’s homeowners insurance.
Mercury has coverage packages separated into three tiers: Gold, Platinum, Titanium.
You’ll find the usual homeowners features in the Gold tier policy, which is meant for shoppers on a budget. The Platinum and Titanium tiers provide additional protections. All three packages are customizable with optional add-ons, and they include all-risk dwelling coverage, which means Mercury will pay for home repairs caused by any event unless it’s specifically excluded from the contract.
There’s also an optional bundle called the Enhanced Home Package that enhances your coverage, including replacement cost protection, personal belongings coverageproperty replacement, lock replacement, reward coverage, water backup coverage, and more.
Here’s what you can expect in Mercury’s Gold tier policy:
These are some of the additional coverages you can add to the Gold tier package, which are automatically included in the Platinum and Titanium policies:
Mercury also provides optional coverage for coins, trailers, watercraft, jewelry, furs, silverware, firearms, on- and off-premises business property, personal and business motor vehicle electronics, home computers, stamps, and rugs.
The Platinum package has everything you’ll find in Gold, plus the following:
This premium package includes everything in the Gold and Platinum tiers, as well as expanded limits for most coverage types including replacement cost coverage, personal liability coverage, medical liability coverage, and more.
Additionally, policyholders can add all of the same coverage add-ons as the previous coverage tier.
All the above options will vary depending on the state you live in. For a personalized look at coverage options, speak to a Policygenius home insurance agent. For more information about what homeowners insurance can cover, refer to our comprehensive homeowners insurance explainer.
Mercury has a call center dedicated to catastrophe claims for customers who suffer property damage from natural disasters such as an earthquake or hurricane. Beyond that, they’re a fairly straightforward company when it comes to handling claims, payments, and quotes.
On their website, you can find an agent, but you can't apply online or receive a quote. For that, you’ll have to pick up the phone. There’s no mobile app available. You can view and change policy information online through their customer portal.
You can also apply and receive a quote online via Policygenius.
Mercury products are available in only 11 states: Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia.
To apply or receive an estimation you need to contact a Policygenius agent, find an agent on Mercury’s website, or call Mercury’s customer service.
You can file a claim by calling Mercury's 24/7 customer service line.
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
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