Magnum Homeowners Insurance Review [2022]

Magnum Insurance offers homeowners to residents in Indiana and Illinois. While there are many unsatisfied customers, there are also people that love the affordability Magnum offers. Magnum Insurance customer service also wins some people over, with reports that agents are quick and friendly. With an A+ from the Better Business Bureau, Magnum home insurance might be right for you.

UPDATED: Jun 22, 2022Fact Checked

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Written by Laura Berry
Former Insurance Agent Laura Berry

Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP® Joel Ohman

UPDATED: Jun 22, 2022

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Here's what you need to know...

  • Magnum Insurance offers homeowners insurance with a variety of add-ons to increase your home’s protection
  • Information about quotes, discounts, and prices is vague on the company site and requires contacting an agent to get solid answers
  • The Better Business Bureau rates Magnum Insurance with an A+, but there are numerous unhappy customers

Owning a home has been the American dream for generations, but it takes a lot of work to buy one. When you finally find the perfect house and turn it into a home, protecting it should be at the top of your priority list.

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, 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 does Magnum homeowners 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.

What add-ons can you add to your homeowners insurance?

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.
  • 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.

Does Magnum offer discounts on homeowners insurance?

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.

The average cost of homeowners insurance in Illinois is $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.

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.

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

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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.

What other insurance products does Magnum sell?

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.
  • 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.
  • Life. As the best way to protect your family from financial hardship after your passing, Magnum offers term and whole life policies.

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

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.

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