In this post:
- Liberty Mutual - Company Overview
- Why We Like Liberty Mutual’s Umbrella Policy
- What Is Umbrella Insurance?
- How Does Liberty Mutual Umbrella Insurance Work?
- How Much Does Liberty Mutual Umbrella Insurance Cost?
- How To Get Started with Liberty Mutual Umbrella Insurance
- How To Submit a Claim
- How To Cancel Your Umbrella Policy
- Liberty Mutual Customer Service Contact Info
- Is a Liberty Mutual Umbrella Policy Worth It?
If you’ve ever worried that your insurance products, like homeowners insurance and car insurance, may not protect your assets enough if a costly event occurs, then it might be a good time to start thinking about getting an umbrella insurance quote from Liberty Mutual. A Liberty Mutual umbrella policy provides an extra shroud of protection over the policies you currently have, allowing you to get extended coverage when unexpected events happen.
With its longtime track record in the insurance industry, Liberty Mutual is a popular choice for people looking for umbrella insurance. Some policyholders could get umbrella insurance for as little as $2 per day, so it’s worth looking into, even if you don’t have several valuable assets to protect.
Liberty Mutual – Company Overview
Liberty Mutual was founded in 1912 as a workers' compensation insurance company, eventually expanding into auto, home, renters, life, and multiple other insurance coverage options. In 1973, the company began expanding outside of the United States and currently has offices and operations in 20 countries in addition to serving customers in all 50 states.
Pros
- Coverage extends to international travel
- Multiple policy options for individuals and businesses
- 24/7 claims reporting available via phone and mobile app
Cons
- Not available in every state
- No online quotes available—must call an insurance agent
Coverage Limit: $1-10 million
Multi-policy Discounts Available: Yes
Minimum Home Insurance Requirements: $100k liability coverage
Minimum Auto Insurance Requirements: $250k bodily injury liability per person, $500k bodily injury liability per accident, $50k property damage liability OR $500k combined single limit
Liberty Mutual’s parent company, Liberty Mutual Group, has been accredited with the Better Business Bureau since 1931 and currently holds an A- rating. The company boasts numerous awards, including being named one of the best places to work by Built In and a top employer for diversity. They’ve also won awards for their charitability, innovative financial approaches, and community involvement.
Through the Liberty Mutual Foundation, Liberty Mutual helps support youth, people with disabilities, education, people with disabilities, and health and human services. They also sponsor local community events and causes.
As one of the best umbrella insurance providers, competitors of Liberty Mutual include:
- Allstate Umbrella Insurance
- Geico Umbrella Insurance
- Chubb Umbrella Insurance
- The Hartford Umbrella Insurance
Why We Like Liberty Mutual’s Umbrella Policy
With up to $10 million in coverage, a Liberty Mutual umbrella policy from Liberty Mutual Insurance casts a wide net of protection for people with virtually any amount of assets they’d like to protect. To keep costs more affordable for an umbrella policy, Liberty Mutual grants discounts to policyholders who bundle their other insurances with Liberty Mutual, like life insurance, motorcycle insurance, homeowner insurance, or boat insurance.
A Liberty Mutual umbrella policy covers not just you but also the other eligible people living in your household, so they won’t need to get their own policies to stay protected. We also appreciate the highly customizable policies Liberty Mutual offers, allowing you to get the coverage you need while still sticking to your budget.
While you can’t receive online quotes for a Liberty Mutual umbrella policy, the company still makes it easy to get a quote by phone with an experienced agent. The process takes just a few minutes when you have the information for your other policies handy.
What Is Umbrella Insurance?
Umbrella insurance provides coverage for your assets beyond the limitations of your homeowners insurance, car insurance, and other policies. If you have a claim against your covered policies that’s more than the coverage you have on those policies, umbrella coverage takes over, essentially giving you excess liability coverage in the case of unexpected events.
Whether you have several high-value assets or simply want more protection for your home or vehicle, umbrella insurance can help. Some claims can be costly, especially those dealing with libel, defamation, or slander, and having umbrella insurance on your side can extend your insurance coverage by up to $10 million.
How Does Liberty Mutual Umbrella Insurance Work?
Liberty Mutual has personal and business umbrella coverage. If you want an umbrella policy to add excess liability coverage to your business insurance, you can choose commercial umbrella insurance. Otherwise, a Liberty Mutual umbrella policy adds coverage to your home or auto insurance.
Liberty Mutual extends a minimum of $1 million over your auto insurance or home insurance in the form of liability insurance. As an example, say you were at fault for a vehicle accident that damaged multiple vehicles, and their occupants visited the hospital. If your auto insurance only covers a portion of the hospital bills, your umbrella policy can help cover the rest, up to the amount of umbrella coverage you have.
Liberty Mutual Umbrella Insurance Coverage and Limitations
It’s important to remember that, although Liberty Mutual offers umbrella insurance for personal and business use, you can’t use your personal insurance to cover events related to your business. You’ll need a separate commercial insurance policy to cover those events.
Personal Liability Insurance Coverage Example
| Insurance Type | Coverage Limit | Scenario Coverage | Total Coverage |
|---|---|---|---|
| Auto Liability | $250,000 per person | Covers initial $250,000 of the claim | |
| Umbrella Policy | $1 million | Covers remaining $550,000 after auto policy | |
| Total Coverage | $1.25 million |
Claim Payment Breakdown
| Situation | Auto Policy Liability | Umbrella Policy Liability | Out of Pocket | Total Paid |
|---|---|---|---|---|
| With Umbrella Coverage | $250,000 | $550,000 | $0 | $800,000 (Covered fully) |
| Without Umbrella Coverage | $250,000 | $0 | $550,000 | $250,000 (Partial) |
A Liberty Mutual umbrella policy also does not cover things like claims stemming from intentional damage or harm, workers compensation lawsuits, or people outside of your household.
However, an umbrella policy from Liberty Mutual can help you in several circumstances. For example, if you’re a landlord and your tenants file a wrongful eviction suit against you, your umbrella policy can extend coverage over your homeowners’ insurance. Similarly, umbrella insurance can help if you’re sued for libel, slander, or defamation and other legal matters covered by personal injury insurance coverage. Your policy can even go toward lawsuit-related expenses, like attorney fees.
How Much Does Liberty Mutual Umbrella Insurance Cost?
| Cost Factor | Detail |
|---|---|
| Daily Rate | As low as $2/day |
| Annual Rate | About $730/year or $60/month |
| National Average | $150 to $300/year |
| High Coverage Impact | Using $10 million coverage increases costs |
The cost of a Liberty Mutual umbrella policy varies by the amount you choose, where you live, your coverage limits on your other policies, and your risk, as determined by policy underwriters. Liberty Mutual notes that its umbrella insurance can cost as little as $2 per day, which works out to $730 per year or a little over $60 per month. That’s higher than the national average of around $150 to $300 per year.
However, Liberty Mutual also doesn’t require you to hold your other policies with the company to extend umbrella coverage as some companies do. That means that you can shop around to get the best rates on your auto and home insurance while using Liberty Mutual for umbrella coverage.
Keep in mind that using the highest amount of coverage that Liberty Mutual offers, $10 million, will increase your costs for umbrella coverage.
The best way to get an estimate of your umbrella policy costs is to call Liberty Mutual for a quote. Have your auto and home insurance policies ready so that you can explain your coverages for a more accurate quote.
How To Get Started with Liberty Mutual Umbrella Insurance
Since Liberty Mutual doesn’t have an online quoting process, you’ll need to call 1-888-498-2145 to speak with a representative who can give you a quote. This is because an agent needs to go over the details of your property insurance and auto insurance with you to give you the most accurate quote. Therefore, be sure you have your coverage limits and policy details on hand before you call.
After receiving your quote, Liberty Mutual Insurance Company will help you sign up for your plan if desired. They’ll also let you know if there are any changes you need to make to your current policies, like increasing the amount of liability insurance you have.
How To Submit a Claim
You can submit a claim online through Liberty Mutual’s portal or via your Liberty Mutual account, which is also where you’ll find your member information, policy documents, and customer service information. Add the details of your claim and any requested documents to the online claims submission portal, and you should hear from a Liberty Mutual representative within 1-2 business days regarding your claim details.
Alternatively, call 1-800-225-2467 if you need help submitting your claim.
How To Cancel Your Umbrella Policy
Each state differs in its laws about early insurance cancellations, so you may have a cancellation fee if you decide to cancel your umbrella policy with Liberty Mutual. You can learn more about your exact cancellation fees when you sign up for your policy.
To cancel your umbrella policy, you’ll need to contact Liberty Mutual by phone at 1-800-290-8711. If you get a policy with another company, that company may also cancel your policy with Liberty Mutual at your request.
Liberty Mutual Customer Service Contact Info
Liberty Mutual has several customer service options for umbrella insurance policyholders. The general customer service number is 1-800-290-8711, which can direct you to various departments, including claims, policy cancellations and updates, and quotes.
You can also log into your account to manage your policy online, like updating your information, modifying your coverage, and printing your ID cards. Or, download the Liberty Mutual mobile app on the Apple App Store or Google Play to have your account at your fingertips.
If you need to contact Liberty Mutual about fraudulent activity, call 1-617-357-9500 or send an email to [email protected].
Is a Liberty Mutual Umbrella Policy Worth It?
Protecting your personal property and assets is a primary reason why you hold any kind of insurance policy, whether it be landlord insurance, condo insurance, flood insurance, or RV insurance. A Liberty Mutual umbrella policy isn’t an insurance you can use on its own like other coverages, but it adds extra protection to the policies you already have, essentially watching over your most important assets if an unexpected and costly event occurs.
A Liberty Mutual umbrella policy extends your home or auto insurance, potentially saving your assets from being caught in legal matters as a consequence.
Liberty Mutual’s pricing may be higher than other companies for some policyholders, so it’s important to take advantage of a free quote, which takes just a few minutes to receive if you have the information from your other policies readily available. If you have higher coverage limits on your other policies, you may find that a Liberty Mutual umbrella policy is actually quite affordable, and even invaluable if you have high-value assets to protect.
