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Old 10-26-2009, 02:21 PM
 
Location: Suffolk County
819 posts, read 2,472,800 times
Reputation: 259

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My husband and I are in the process of purchasing homeowner's insurance for the house we are buying. My insurance broker suggested Mercury Insurance and told me they are a very sound company. I'm a little weery b/c I've never heard of them. Does anyone have them for homeowner's? If so, I'd love to hear your thoughts on them. They are about $800 less per year for us then Traveler's. Right now I have Traveler's for my condo and love them but they are just too expensive to have for our house.

Any info on Mercury Insurance would be helpful. Thanks in advance.
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Old 10-26-2009, 02:25 PM
 
Location: under the beautiful Carolina blue
15,743 posts, read 23,977,253 times
Reputation: 11700
Action 6: Don't Trust Mercury - Affordable Car & Home Insurance - Consumer Watchdog (http://www.consumerwatchdog.org/insurance/donttrustmercury/ - broken link)#

Might be of interest to you.

How much are they wanting for HO insurance premiium for the year?
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Old 10-26-2009, 02:28 PM
 
Location: In the basket
9,585 posts, read 11,177,859 times
Reputation: 5824
Never even heard of this company before.
I too am shopping for a better rate.
I'm paying around $1100 for a Cape with some off brand company.
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Old 10-26-2009, 02:31 PM
 
Location: Suffolk County
819 posts, read 2,472,800 times
Reputation: 259
Quote:
Originally Posted by twingles View Post
Action 6: Don't Trust Mercury - Affordable Car & Home Insurance - Consumer Watchdog (http://www.consumerwatchdog.org/insurance/donttrustmercury/ - broken link)#

Might be of interest to you.

How much are they wanting for HO insurance premiium for the year?
For a ranch home in Kings Park (1150 square feet with a finished basement) $1,033.00 per year. I think it's a great rate but God forbid anything happens...will they cover it? that's my concern. My broker actually told me he switched all his own personal stuff over to them. I did see many bad things about the car insurance end with them but I'm only concerned with HOI. Who do you have now?
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Old 10-26-2009, 02:39 PM
 
Location: Nassau, Long Island, NY
16,416 posts, read 27,941,732 times
Reputation: 7250
It sounds like this company might be what they call an "excess line" insurance company. For starters, if this is the case, you need to know their status in NY ... is their coverage going to be protected by NYS if they go bankrupt, etc.?

Read this post for more information on determining whether an excess line company would work for you:

http://www.city-data.com/forum/10735724-post7.html

As a matter of fact, read the whole thread, because there is also some good advice from fitz123 on there about homeowners insurance.
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Old 10-26-2009, 04:49 PM
 
Location: Suffolk County
819 posts, read 2,472,800 times
Reputation: 259
Quote:
Originally Posted by I_Love_LI_but View Post
It sounds like this company might be what they call an "excess line" insurance company. For starters, if this is the case, you need to know their status in NY ... is their coverage going to be protected by NYS if they go bankrupt, etc.?

Read this post for more information on determining whether an excess line company would work for you:

http://www.city-data.com/forum/10735724-post7.html

As a matter of fact, read the whole thread, because there is also some good advice from fitz123 on there about homeowners insurance.
Thanks for the info. It was very helpful. I don't think I am going to go with this company. According to BBB's website, they got a rating of a D+. I don't feel confident going with them.

Can anyone else recommend who they use for homeowner insurance? If so, are you happy with them?
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Old 10-26-2009, 07:11 PM
 
Location: under the beautiful Carolina blue
15,743 posts, read 23,977,253 times
Reputation: 11700
I can't believe you can't do better than that. I pay $1400 a year for a 1700 square foot with finished basement and I have State Farm. I'd shop around. Car insurance you can fool around with...but the only time you are going to use your HO is if something major happens, and do you really want "Mercury Insurance" standing behind you when that happens?
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Old 11-11-2009, 07:22 PM
 
7 posts, read 22,295 times
Reputation: 10
We're new to the market too... shopping around we got quotes from one called Otsego Mutual Insurance. Premium was very competative and deductible/coverage was comprable to the 7 or 8 other company quotes we got.

Has anyone heard of this co.?
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Old 01-30-2010, 11:18 AM
 
152 posts, read 475,350 times
Reputation: 112
Quote:
Originally Posted by noah88 View Post
I recommend checking out your insurance carrier on www.ambest.com - that's the rating agency who evaluates the financial strength of insurance carriers. Mercury is an "A" Rated company, where as Otsego and Interboro (for example) are not. What this means is that their financial strength is unknown by the insurance rating agencies... If anyone is looking to save on home, auto, business, property or professional liability insurance - my company is appointed with all the major carriers, and I'd be happy to educate/help!

Noah J. Bank
Licensed Insurance Broker
The B&G Group, Inc.
55 West Ames Court, Suite 400
Plainview, NY 11803
(516) 396-8342
nbank@thebggroup.com
It's not appointed with State Farm and Allstate. Those are the biggest!
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Old 01-30-2010, 12:57 PM
 
102 posts, read 182,545 times
Reputation: 80
AARP sell homeowners insurance to anyone over 50 years of age.
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