Preferred Mutual was founded in 1896 by Frank E. Holmes. He modeled the company after the first insurance company in the US, started by Benjamin Franklin. As the name suggests, Preferred Mutual is a mutual company, which means that the company is owned by the policyholders. As a mutual company, they can offer broader coverage at a lower cost, since there are no stockholders involved.
A.M. Best gave Preferred Mutual a financial strength rating of "A" (Excellent).
Preferred offers a line of very competitively priced homeowners, auto, and umbrella products. The commercial product line is tailored to fit a variety of contractors, businesses and religious institutions. In addition, commercial automobile and umbrella policies to fit most cases.
Claim service is high on the list of achievements that Preferred Mutual is proud of. A 2009 satisfaction ranking of #11 for all automobile insurance companies in NY state is evidence of the professionalism and fairness of the claim staff.
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1 Preferred Way
New Berlin, NY 13411-1896