Home Forums Hunting & Shooting Hunter's Campfire Madison Mutual Insurance

Since my current insurance company is trying to hose me over having a 16 year old driver I’ve been out getting insurance quotes.

Anyone us Madison Mutual Insurance company? I think their headquarters are in the communist state of Illinois. They couldn’t help me on my auto insurance but they quoted me about half price for my homeowners policy. (yes the same coverage down to the exact dollar amount).

Anyone know of anything good or bad about them?

Thanks

Anyone?

I’m going to bump this one more time.

It bothers me that no one from the campfire is familiar with this company…. Even though supposedly they have been in business for more than 100 years.

Sorry Oqh.
Back in 1992, the wife and me bought a house. Out if sheer, "Just pick one!", we went with State Farm.
About as cheap as anybody else we checked with and with the name recognition, we've been with them ever since.
Yeah, we've had to have a discussion on occasion.... and I didn't win them all. But they've been fair.

They have a decent AM Best rating (A- Excellent) I wouldn't shy away from them if the price is right.
AM Best

Years ago, I left State Farm and went with a small mutual insurer in Ft Worth, Texas - Miller’s Mutual.

That year, my house was burglarized. 6 guns, jewelry, 35mm camera, and other stuff - even a homemade quilt and a grandfather clock.

I had receipts for everything. But dealing with Miller’s was like getting robbed a second time.

I quickly went running back to State Farm. I’ve had a couple of homeowners property damage claims - State Farm was very fair and reasonable, I believe in large part because I had a great agent. They aren’t the cheapest, but it ain’t always about selecting the lowest price.

State Farm here also. Some of the cheaper policies don't have replacement cost coverage like my State Farm policy has. Saved my bacon on our roof. Roof replacement was almost $60,000 and they didn't balk. It was a 20 year old roof and would have hurt badly if my policy only covered the non depreciated cost.

We went with the class IV high impact shingles and it saves me 25% ongoing on my home owners insurance with State Farm. I had to pay for the up-charge for the better shingles, but it was less than $3,000. It saves me almost $2,000 per year in homeowners insurance and will save more if they continue to increase the policy costs which I am certain they will.

We mostly deal with an independent agent who shops policies. We buy home, auto, life, disability and balloon liability policies. No insurer will pay more than contractually required. Most will try to pay less. You’ll buy from a smiling local agent and seek payment from an anonymous adjuster. I deal with insurance companies through work as well. I think they’re more alike than different.

Madison Mutual hasn’t been mentioned much, I’ve never heard of ‘em.

Believe it or not, A- isn't great.

I've been in the insurance claims business for over 30 years. I've worked for 2 (and still work for one). And I've dealt with many insurers in that amount of time, most of them probably. I've never heard of Madison Mutual.

The rating isn’t great but it’s in the “secure” category, I wouldn’t get hung up on that.

Where do you live, if it’s not the upper Midwest you would have never come across this company as they are not a nationwide carrier. I have heard of them, but was in a related business. If you like your agent then I wouldn’t be afraid to use them!

I handle claims. I handle claims in any and all states, but most frequently on the east coast, Missouri and Illinois. I have an adjusters license in every state in the US that requires such lincense. I also handle claims in Germany and Italy.

I'm not speaking ill of Madison Mutual, just saying that in the time I've been doing this, as well as auditing claims files, I've never come across them. They must be very small, indeed. That's something that could affect an AM Best rating. That's not necessarily a bad thing. It is what it is.

It looks like a 4-state company sold by independent agents. They have farm policies as well as regular homeowner policies. Read the policy, ask the agent questions and make your own decision.

I have no qualms about dealing with a smaller company.

State Farm replaced the roof on our home. No building codes or restrictions out here in the country, so we opted for a metal roof.
State Farm would only pay to replace the composite roof we had. Cost us about $2K to upgrade to metal.....BUT... State Farm reduced our homeowners by $60/mo. That was 10 years ago. We've more than saved the $2K.

Had a hail storm beat up the metal on the end of the house. State Farm paid $X. Since the wife and me built the house, we bought and replaced the metal and put $1100 in our pocket!

I truly think the worst company on claims now is State Farm, actually I feel very strongly about this. If you have any military history you can get USAA who by many consider the best. Auto Owners, Acuity, Amica are also very good!

Every one I appreciate the advice.

I currently have USAA and have had them probably ten or more years with no claims.

For my son to drive a 22 year old Ford Escape they way want $2800 a year plus my and my wife’s vehicles went up another $600 a year because he has access to them….I didn’t even notice the increase on the other vehicles until I got the bill and called them.

So I called a insurance broker and he got me quotes of almost half price on Auto and homeowners. I’m sure it will go up every year but I just can’t see paying USAA anymore.

Thanks again.

I’ve had Farm Bureau for 35 years and can’t complain a bit.

Though I understand Farm Bureau organizations can vary state to state in terms of reputation.