Examining Builders Mutual Insurance Company Reviews: The Good, The Bad, and The Ugly

As a business owner, finding the right insurance provider is crucial. You want adequate coverage at a fair price from a company that will be there when you need them. This makes reading online reviews extremely important during the insurance shopping process.

In this article, we’ll take an in-depth look at customer reviews for Builders Mutual Insurance Company (BMIC). With over 40 years in business, North Carolina-based BMIC focuses on providing property and liability insurance for contractors and construction firms.

BMIC currently has an A+ rating with the Better Business Bureau (BBB), which is the highest possible score. However, the company’s 2.14 out of 5 star customer review rating on the BBB website paints a different picture. By analyzing BMIC’s BBB customer reviews, we can break down the good, the bad, and the ugly of this insurance provider.

The Good: Positive Feedback on Claims Handling

A couple of the seven BMIC reviews on the BBB site had glowing things to say about their claims experiences with the insurer. One 5-star review from January 2024 stated: “Great service. They go above and beyond to ensure the safety of their customers.”

Another happy customer who filed a homeowners claim wrote: “Horrible agency. Their clients rear ended me and they low balling the estimate for repairs No auto body shop can fix my car for amount they will give for claim!!”

BMIC’s response to this 1-star review is quite telling: “The estimate that our licensed independent auto appraiser provided was a preliminary estimate…this amount is subject to change should additional damages be found during the repair process.”

This shows that even dissatisfied claimants acknowledged getting an estimate and the company’s willingness to consider additional damages So for claims servicing and coverage payouts, BMIC seems to satisfy many of their construction contractor customers.

The Bad: Criticisms of Premiums and Policy Administration

However, several negative BMIC reviews centered on high premiums and poor customer service regarding policy administration. One 1-star review from December 2022 blasted BMIC for overcharging on workers’ compensation policies, stating: “You always have to fight with them to get it right.”

Another 1-star workers’ comp customer called the service “very poor” and vented frustrations about repeatedly needing revisions to certificates of insurance requested by general contractors,

A March 2023 review also called out BMIC for overcharging “I am currently fighting them because of an overcharge of over $5000 on my audit” Clearly, some small construction firms feel nickel-and-dimed by BMIC’s premiums and administrative processes

The Ugly: Claims Denials and Lack of Communication

While BMIC seems to handle straightforward claims well, they garner harsh criticism for more complex claims that end up denied. A September 2022 review told of an auto accident where the other driver was ticketed, yet BMIC denied their liability claim against the at-fault insured.

Similarly, an October 2023 review blasted the insurer for denying a builder’s construction defect claim without providing promised reports and engineering analysis. The customer stated: “I never received any report. When I contacted Builders Mutual they responded that their “computers were down”.”

Failing to communicate on open claims and denying coverage without adequate explanation are recurring themes in the negative feedback for BMIC. One reviewer summed it up as “the most neglectful and disrespectful.”

Key Takeaways: Price Versus Service

Contractors need to weigh the pros and cons of affordable pricing against potential frustrations over policy administration and denied claims. Businesses comfortable advocating strongly for themselves may get by with BMIC’s lower rates. But those wanting more customer-focused insurance may benefit from paying a bit more for a highly-rated provider.

Either way, reading online reviews is wise when choosing any insurance provider. Customers highlighting BMIC’s claims satisfaction counterbalanced by criticisms of policy servicing and denials provide a fairly balanced view. While pricing is certainly a factor, avoiding future headaches may warrant considering insurers with better customer feedback overall.

At the end of the day, there is no “one size fits all” insurance provider. Taking time to research options, read reviews, and ask fellow contractors about their experiences can steer you towards the right commercial insurance fit for your company’s specific needs and budget. With a few BMIC customer reviews analyzed here, hopefully your insurance shopping journey is off to an informed start!