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
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A.M. Best Rating
100-year-old U.S. credit rating agency focused on the insurance industry
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:
Alarm systems and protective devices discount. Get a discount if you have smoke alarms, burglary systems, water leak detection systems, or other home safety devices installed
Claim-free discount. If you’ve gone without a claim for three years or more you can save some money
Dwelling age discount. Save money if you live in a newer home that was built in the last nine years
Higher deductible discount. Increase your deductible for a higher discount
Gated community discount. Earn savings if you live in a gated community protected by security guards
Multi-policy discount. Bundle your home insurance with an auto insurance policy to save on premiums
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:
Year founded: 1961
A.M. Best: A
Standard & Poor’s: N/A
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:
Consumers Advocate: N/A
Consumer Affairs: N/A
J.D. Power: N/A
Trustpilot: 3.7 / 5
NAIC complaint index: 0.85
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:
Dwelling coverage. All-risk coverage in the event of your home needs rebuilding or repairing from anything not specifically mentioned in the policy
Other structures coverage. All-risk coverage for other structures on your property such as garages, greenhouses, or tool sheds
Personal belongings. Provides coverage for your household belongings if they’re lost from a fire, theft, or other covered loss
Additional living expenses. This will pay for hotel stays in case you can’t live in your home due to damage or repairs
Personal liability. Pays legal costs up to $100,000 if you experience personal injury or property damage
Medical expenses. Pays up to $1,000 towards medical bills for injuries on your property
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:
Loss assessment coverage. Pays the cost of assessing property damage that’s covered by your dwelling coverage
Debris and tree removal coverage. Reimbursement for the removal of any trees or detritus that fell on covered structures due to bad weather
Fire department service charge coverage. Reimbursement if your local department charges you for fighting a fire
Credit card forgery and transfer coverage. Up to $1,000 towards fees for dealing with credit card balance transfers or forgery
Property damage to others coverage. Covers the costs for damage and liability for property damage and injuries policyholders or their families cause to other people
Ordinance or law coverage. Helps bring your home up to current building codes during repairs after a covered loss
Food spoilage coverage. Up to $500 for any spoiled food in the event of a power outage or covered loss
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:
Additional replacement cost coverage. Provides 125 percent of your coverage limit to rebuild your home
Replacement cost loss settlement. Mercury will pay whatever is necessary to have your personal items replacedhome repaired or rebuilt to its prior condition
Identity theft coverage. Includes $25,000 of coverage for expenses towards attorney fees, mailing costs, loan application fees, notaries, and lost income if your identity is stolen
Cyber protection coverage. Mercury will pay to recover data and restore systems lost or damaged from a cyber attack, and provide payments and assistance with cyber extortion and online fraud
Service line breakdown coverage. Up to $10,000 of coverage for repairs to water pipes, sewer pipes, and utility lines that run underneath your property
Home systems protection coverage. Coverage for repairs of your air-conditioning unit, computer, furnace, power tools, stove, well pumps, or other home appliances if they break down
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.
Special personal property coverage. Expanded coverage for your personal possessions that can help reimburse for belongings in your car or even while staying in a hotel room
Water backup and sump overflow coverage. Pays for any repairs necessary to your home and personal property from water damage due to sewage or sump pump backups
Personal injury coverage. Mercury will cover expenses related to libel claims, false arrest, detention, or imprisonment
Lock replacement coverage. Mercury will pay for replacing locks for doors that need locks replacing (say that five times fast)
Reward coverage. Mercury will provide reward money for information that leads to the arrest of individuals who commit theft or arson against the insured
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.
Online bill payment and policy management
Digital copies of policy documents and bills
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.
Credit or debit card over the phone
Check by mail
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