Mercury Insurance Offers New Coverages and Discounts in Oklahoma

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Mercury Insurance (NYSE: MCY) announced new insurance coverages and discounts for homeowners and renters in Oklahoma. The new coverages include options for eco-friendly replacements, matching of undamaged siding and roofing, coverage for spoiled food due to appliance failure, and protection against hidden water leaks. Additionally, discounts are available for homes with green certifications, updated homes, and those with a good payment history. These initiatives aim to enhance customer savings and promote environmentally friendly practices.

Positive

• Introduction of eco-friendly coverages that may enhance customer satisfaction.
• New discounts encourage policyholders to adopt green practices and maintain their properties.

Negative

• None.

Mercury's new added protection comes with environmentally-friendly perks, while discounts put hard-earned money back in the pockets of policyholders

LOS ANGELES, Dec. 12, 2022 /PRNewswire/ -- Mercury Insurance (NYSE: MCY) today announces five new coverages and five new discounts available for homeowners and renters in Oklahoma. Mercury's new coverages provide additional insurance protections with an option for environmentally-friendly replacement products. Discounts are available for homeowners already taking eco-friendly measures and will put hard-earned money back in the pockets of policyholders.

"It's important that we offer customers savings and great value, something Mercury has done since we first opened for business," said Jeremy Berlin, Mercury Insurance Product Manager. "Our goal is to continue providing our policyholders with coverages and savings that they can depend on."

 New coverages include:

• Green Home: Mercury will cover up to an additional 10% of the replacement costs for environmentally-friendly alternatives or construction methods with a covered loss. For example, if a homeowner with this additional coverage has damaged carpeting and selects an eco-friendly replacement, Mercury would issue funds up to 10% more than the costs to replace the carpeting so the homeowner can go with the green flooring option. The protection also extends to other types of property, such as an HVAC or appliances, when replaced with an eco-friendly product. "Each day we help policyholder's put their property back together and, at the same time, we see materials that will take a long-time to break down go off to landfills. Mercury is going to continue to help policyholders and, if we get the chance to, the environment as well," said Berlin.
• Matching of Undamaged Siding and Roofing: Many times, roofing or siding repair is limited to a damaged area of the home, and with time the older existing and non-damaged material will fade or the roofing or siding is no longer available. In the past, homeowners could end up with roofing or siding that does not match. Today, Mercury is providing two additional coverages—siding or roofing—that allow the undamaged portions to be replaced as well when there is a mismatch.
• Refrigerated Products: During the pandemic, many homeowners spent hundreds of dollars stocking their refrigerators from top to bottom. Mercury's new protection covers up to $1,000 of food items if there's a loss of power or a mechanical failure of a refrigerator resulting in spoiled food.
• Limited Hidden Water, Steam Seepage or Leakage: Water claims are one of the most common claims that can lead to costly repairs along with many inconveniences for homeowners. In some instances, a water leak may be hidden from the homeowner within a wall or ceiling and go on for weeks or months and only be found when a wall is opened up. To better protect homeowners from water damages that are hidden, Mercury is offering coverage that would apply to the resulting damages in these instances.

New discounts include:

• Green Home: Mercury is offering up to 5% discount for all perils if the home has a Green certification by the U.S. Green Building Council LEED rating system or meets the requirements of the National Association of Home Builders Green Building Guidelines (NAHB).
• Updated Home: Mature homes, more than 20 years old, with permitted renovations, such as HVAC replacement, re-roofing, remodeling, or a new addition, during the last 10 years are eligible for up to a 10% discount on the wind and water perils.
• Good Payer: Homeowner policyholders who've paid on time for the past 36 months are eligible for the Good Payer Discount, which saves 2% on the policy. Both new business and existing policyholders are eligible for the discount.
• Paid in Full: Mercury is offering a discount of up to 10% in savings on premiums for renters insurance policyholders.
• Digital: This is a new discount of up to 2% in premium savings for policyholders who sign up for the customer portal, paperless billing and paperless document directory.

Mercury offers insurance for Personal Auto, Mechanical Protection, Ride-Hailing, Condo, Homeowners, Home Cyber Protection, Home Systems Protection, Identity Management Services, Renters, Service Line Protection, Business Auto and Personal Umbrella in Oklahoma. 

About Mercury Insurance

Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Illinois, Georgia, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states.

Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultracompetitive rates with excellent customer service. Mercury has earned "A" ratings from A.M. Best and Fitch, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com. For more information visit www.MercuryInsurance.com or follow the company on Twitter or Facebook.

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SOURCE Mercury Insurance

FAQ

What new coverages has Mercury Insurance introduced in Oklahoma for homeowners?

Mercury Insurance has introduced eco-friendly replacements, matching of undamaged siding and roofing, coverage for spoiled refrigerated food, and protection against hidden water leaks.

What discounts are available from Mercury Insurance for homeowners and renters in Oklahoma?

Mercury Insurance offers discounts for homes with green certifications, updated homes, good payment history, paid-in-full renters insurance, and digital engagement.

When was the announcement made regarding new coverages and discounts by Mercury Insurance?

The announcement was made on December 12, 2022.

How much coverage does Mercury Insurance provide for spoiled refrigerated food?

Mercury Insurance covers up to $1,000 for spoiled food due to power loss or mechanical failure of a refrigerator.

What is the significance of Mercury Insurance's new eco-friendly coverages?

The new eco-friendly coverages aim to provide additional protection while promoting environmentally friendly practices among policyholders.