Magnum Homeowners Insurance Review [2024]

Magnum Homeowners Insurance protects your home from the most common problems homeowners face. From your personal belongings to the freestanding structures on your property, the right insurance plan can keep your home safe.

Magnum insurance has provided coverage to homes in Illinois and Indiana since 1981. With a variety of options and special coverage for condos, renters, and even car insurance, Magnum might be the best option for your needs.

Of course, when buying home insurance you should compare Magnum insurance rates with other companies to make sure you save the most money possible. Enter your ZIP code into our free tool to see what insurance rates might look like for you.

What You Should Know About Magnum Homeowners Insurance

Magnum Insurance Agency Co., Inc., has been in business for 42 years and has sold over 3 million insurance policies. It has been accredited since 2018 and has an A+ rating from the  Better Business Bureau.

If you’re looking for a one-stop-shop insurance company and the potential to bundle policies, Magnum offers a variety of other insurance products, including car, health, and life insurance.

Company Address:

2250 E Devon Ave

Ste 329

Des Plaines, IL 60018-4529

Company Website:

magnuminsurance.com

Company Phone: 

888-539-2102

Business Hours:

Mon.-Fri. 9 a.m.-7 p.m.

Sat. 9 a.m.-6 p.m.

Company Apps:

Magnum homeowners insurance offers a user-friendly mobile app, available for download on iOS and Android platforms. The app provides convenient access to policy information, claims filing, and other essential features for policyholders on the go.

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Magnum Homeowners Insurance Coverage Options

What does home insurance cover? Magnum offers the standard group of home insurance coverage, as well as several additional options to increase the protection of your home. The standard options include:

• Liability. If someone is injured on your property (and you’re found to be responsible), liability will help pay your legal bills if you are sued. The typical Magnum liability limit is $100,000.
• Exterior damage. This part of your policy protects the physical structure of your home and freestanding structures like fences and sheds. Magnum covers damage from weather, fire, vandalism, and theft.
• Interior damage. A home isn’t worth much if everything inside is destroyed. Your insurance will cover damaged furniture, appliances, clothing, and other standard personal items.

This is the basic coverage you get when purchasing a homeowners policy through Magnum insurance. However, there are situations where your insurance won’t cover the damage. These situations require additional coverage.

Magnum Insurance Coverage for Home Add-Ons

A lot of things can happen to your home, and Magnum understands that. Magnum offers additional coverage to help protect your home from anything life throws at it. These add-ons include:

• Fire. While Magnum provides basic coverage for fire damage, you can also buy additional fire protection, so your policy never runs out.
• Car coverage. Magnum offers a limited amount of coverage for damaged or stolen items when your vehicle is parked on your property.
• Natural disaster. While your standard policy covers weather damage, damage caused by natural disasters like earthquakes or landslides is not included. However, you can buy additional protection if you’re worried about your home.
• Flood. Flood risks are growing, and any home with interior plumbing has a chance of flood damage. Even if your home is in an area that doesn’t regularly flood, this coverage is still a good idea. See our article Flood Zone X: Homeowners Insurance Explained.
• Vandalism. This is another type of damage generally covered by your standard policy, but there are times when it might not be covered. If you’re worried about vandalism, you can purchase additional coverage.

As you can see, Magnum offers plenty of coverage for just about any need. While homeowners insurance isn’t legally required, it’s very much recommended. Most lenders require some coverage on your home, but an insurance policy can save you a lot of money even if you don’t have a mortgage.

Read more: Will homeowners insurance pay for smoke damage?

Other Insurance Products Magnum Sells

Magnum sells a lot more than home insurance. If you live in Indiana or Illinois, Magnum can sell you just about any insurance you need.

Magnum sells the following insurance products, as well as others:

• Auto. Magnum’s car insurance offers the typical coverage (liability, comprehensive, and collision). You can also buy underinsured/uninsured motorist, rental reimbursement, and GAP protection. If you have a vintage vehicle, you can purchase specialty classic auto insurance for it.
• Motorcycle. If motorcycles are more your style, you can get coverage through Magnum. Like auto insurance, you can get liability, comprehensive, and collision.
• SR-22. Some states require that you show proof of minimum insurance coverage, and Magnum can provide the form for you. Usually, you need an SR-22 plan after you’ve had your license suspended.
• Health. Magnum offers individual and family policies, short-term coverage, and Critical Illinois Compensation. You can also buy insurance as a business owner through Magnum. See our Magnum health insurance review.
• Renters. If you rent instead of own a home, renters insurance protects your belongings from damage and theft.
• Condo. Similar to homeowners insurance, condo coverage protects your dwelling and personal belongings with coverage designed for condos.
• Commercial auto. If you use your vehicle for work purposes, such as ridesharing or food delivery, you likely need commercial car insurance to ensure you’re covered on the streets. Check out our article on the best commercial auto insurance coverage.
• Life. As the best way to protect your family from financial hardship after your passing, Magnum offers term life insurance and whole life insurance policies.

With such an extensive list of insurance products, the Magnum insurance company has something for everyone. As with homeowners insurance, you’ll need to contact them to get a quote for any of these policies.

Magnum Homeowners Insurance Rates Breakdown

What is the average cost of homeowners insurance? In Illinois, it’s $110 a month, while Indianans typically pay around $95. The exact rate will depend on your home, but you can expect Magnum to be about the same.

Magnum is a small company, so it doesn’t offer a lot of information on the price of its insurance. However, customers generally say that their rates are at least competitive with others, if not cheaper.

You’ll need to speak to an agent to determine how much coverage will cost you. You can call the Magnum insurance phone number to get in touch with one.

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Magnum Homeowners Insurance Discounts Available

So, does Magnum offer discounts? Information is limited, but the company site does mention that you can save up to 20% if you bundle an auto and homeowners policy. Learn more about home and auto insurance bundles.

To find out if you’re eligible for more discounts, contact the Magnum insurance 24-hour number or send an email.

How Magnum Homeowners Insurance Ranks Among Providers

Magnum insurance operates in a competitive market alongside several other insurance companies that offer similar homeowners coverage options and services. Some of the main competitors of Magnum include:

• Allstate: Allstate is another major player in the homeowners insurance market, known for its innovative insurance products and extensive network of agents. Allstate offers comprehensive coverage options and discounts, competing with Magnum by providing personalized service and digital tools for policy management. Find out more in our Allstate home insurance review.
• Farmers Insurance: Farmers Insurance is a well-established insurance company that offers homeowners insurance along with other insurance products. Farmers Insurance competes with Magnum by providing customizable coverage options, discounts for policyholders, and a strong network of agents for personalized service.
• Liberty Mutual: Liberty Mutual is a global insurance company that offers homeowners insurance coverage along with various other insurance products. Liberty Mutual competes with Magnum by providing comprehensive coverage options, discounts for policyholders, and innovative digital tools for policy management and claims processing. Our Liberty Mutual home insurance review provides details.
• State Farm: State Farm is one of the largest insurers in the United States, offering a wide range of insurance products including homeowners insurance. With a strong reputation for reliability and customer service, State Farm competes with Magnum by providing customizable coverage options and various discounts to policyholders. You can find out more in our State Farm home insurance review.
• USAA: USAA primarily serves military members and their families, offering a range of insurance products including homeowners insurance. USAA competes with Magnum by providing specialized coverage options for military members, competitive pricing, and excellent customer service tailored to the unique needs of its target market.

These competitors vie for market share by offering competitive pricing, comprehensive coverage options, discounts, and personalized customer service to homeowners seeking reliable insurance protection for their homes and belongings.

Magnum Homeowners Insurance Reviews

The true test of a company is its reviews. When you’re considering becoming a customer for any company, there are two types of reviews to look at: those from professional services and those from actual customers.

First, Magnum does well with professional ratings, although it doesn’t make the cut for companies like A.M. Best because of its size. The Better Business Bureau gives Magnum an A+, though there are a few complaints on the site.

As for customer reviews, people are overwhelmingly kind toward Magnum.

A majority of complaints involve the Magnum insurance customer service phone number service. According to many customers, representatives are unhelpful at best and rude at worst. Several customers complained that the company was harassing them.

Another sore spot for many customers is how the Magnum insurance payment process for claims works. Many customers say that the process is painfully slow, while others outright accuse the company of scamming people for their money.

There are happier customers, though. People who appreciate their time with Magnum say they received friendly, fast service. They also appreciate the affordability of their insurance and the ease of access to their account with a Magnum insurance login.

It’s worth noting that Magnum customer reviews mainly focus on car insurance. The auto insurance Magnum offers seems to leave many customers unsatisfied.

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Find the Best Homeowners Insurance for You Today

While Magnum doesn’t have the best customer reviews online, it still might be the best choice for you. If you own a home in Indiana or Illinois, you should consider what Magnum can do for you.

Comparing Magnum insurance quotes with rates from other companies will help you save money on your policy. Enter your ZIP code into our free tool to see what quotes might look like for you today.

Frequently Asked Questions

Is Magnum insurance legit?

Yes, Magnum Insurance Agency Co., Inc., has been in business for 42 years and has sold over 3 million insurance policies. It has been accredited since 2018 and has an A+ rating from the  Better Business Bureau.

What does Magnum homeowners insurance cover?

Magnum homeowners insurance covers the standard group of home insurance coverage, including personal belongings and freestanding structures on your property.

Can I add additional coverage to my homeowners insurance with Magnum?

Yes, Magnum offers add-ons for homeowners insurance to provide extra protection for your home from various risks and events.

Does Magnum offer discounts on homeowners insurance?

While information is limited, Magnum mentions the possibility of saving up to 20% by bundling an auto and homeowners policy. Contact Magnum insurance to inquire about other potential discounts.

What do customer reviews say about Magnum homeowners insurance?

Customer reviews for Magnum homeowners insurance are mixed. Some customers praise the affordability and friendly service, while others express dissatisfaction with customer service and claims processes.

Is Magnum insurance 24 hour?

Yes, Magmum has a mobile app.

What other insurance products does Magnum sell?

Magnum offers a range of insurance products, including auto insurance, renters insurance, condo insurance, motorcycle insurance, and more. Contact Magnum for quotes and details on specific policies.

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