MetLife Renters Insurance Review

MetLife is one of the largest global providers of insurance, annuities and employee benefits. On the consumer side, they are well-known for offering health insurance, dental insurance and life insurance along with homeowners insurance.

If you are considering buying a renters insurance policy, you may want to see what MetLife has to offer — and how it compares with other renters insurance policies available today.

J.D. Power Rating
N/A
AM Best Rating
A+
Standard & Poor’s
N/A
SimpleScore
2.3 / 5.0
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SimpleScore Metlife 2.3
Discounts 2
Coverage Options 3
Customer Satisfaction N/A
Support 2
Accessibility 2

What many people don’t know is that MetLife also offers renters insurance, a type of insurance many renters purchase in order to protect their personal possessions (but not the building they live in). With renters insurance, consumers can make sure their furniture, electronics, jewelry and other prized possessions would be covered and swiftly replaced in the event of fire, vandalism or another disaster beyond their control.

MetLife Renters Insurance: Key Takeaways

  • Customize your renters insurance to provide the exact amount of coverage you need.
  • Choose add-ons that can beef up coverage for musical instruments, electronics, sports equipment and luxury items that would be difficult — and expensive — to replace.
  • Identity Protection Services are included in each MetLife renters insurance policy.

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    In this article

      MetLife Renters Insurance Review

      Renters insurance should give you peace of mind if you have a lot of pricey personal possessions but don’t yet own a home. MetLife renters insurance protects against tornadoes, hail, fire, theft, vandalism and more. Premiums also tend to be extremely affordable for renters insurance — often less than $15 per month.

      While MetLife policies can be tailored to meet your unique needs, each of their policies provides coverage for the following basics:

      • Personal property coverage: Guarantees that you can repair or replace your belongings in the event of a covered loss. If you need to file a claim, they’ll pay the cost to repair or replace covered items, up the actual cash value of your damaged or stolen property.
      • Replacement cost coverage: Kicks in to protect you if something happens and you need to repair or replace your property.
      • Personal liability protection: Provides $100,000 of coverage at minimum. Covers you if someone else is hurt when they’re in your rental apartment or home. This coverage also extends to cover property damage to others when you’re held responsible. Legal costs can also be covered with your policy.

      In some states, you can also purchase specialty coverage that extends your basic renters insurance policy. This additional coverage offers higher limits for electronics, luxury items and other important items you may own regardless of how they are damaged or lost. This coverage can be good for $5,000, $10,000 or $15,000 of add-on protection depending on the items you want to cover. You can also qualify for bonus coverage that can replace these items if they break or stop functioning the way they should. Add-on coverage comes with its own $100 deductible.

      How to Get a Quote from MetLife Renters Insurance

      One of the biggest downsides of buying renters insurance from MetLife is that they don’t offer free estimates online. You can fill out a form and ask to be contacted by an agent, but you can’t find out approximately how much you would pay for renters insurance coverage without speaking to a person.

      This puts MetLife at a big disadvantage since many companies that offer renters insurance make it easy to get a quote without ever speaking to someone. Then again, requesting a call shouldn’t be that difficult. To request an agent contact you, all you need to do is head to the MetLife website and submit the following information:

      • Name.
      • Address of residence.
      • Phone number.
      • Email address.

      MetLife Renters Insurance Discounts

      If your goal is saving money on insurance — and it should be — you’ll be happy to know that MetLife offers several different discounts you can apply to your renters insurance policy. These include:

      • Claim-free discounts — Save money when you haven’t filed any claims
      • Multi-policy discount— Save money for bundling a new renters insurance policy with auto coverage
      • Protective devices discount — You can also qualify for discounts if you install qualified safety and security devices in your rental unit

      How We Rate MetLife Renters Insurance

      At The Simple Dollar, we aim to provide a general overview of each insurer’s products and services through a standard rating process. With that in mind, we considered policy offerings and overall customer satisfaction using J.D. Power’s 2018 U.S. Renters Insurance Study. We also measured financial solvency based on reports from A.M. Best, S&P, and Moody’s.

      After a thorough research and discovery period, here’s how MetLife stacks up:

      • Claims Satisfaction: 3 out of 5
      • Coverage Options: 2 out of 5
      • Financial Solvency: 4 out of 5
      • Customer Satisfaction: 2 out of 4
      • Overall Rating: 2.75 out of 5 stars

      Methodology

      SimpleScore

      The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
      For every review, our editorial team:

      • Identifies five measurable aspects to compare across each brand
      • Determines the rating criteria for each aspect score
      • Averages the five aspect scores to produce a single SimpleScore™

      Here’s a breakdown of the five aspect scores and their rating criteria for our renters insurance reviews.

      Why do some brands have different SimpleScores on different pages?

      To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

      However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.

      Discounts

      We awarded higher scores to insurance providers with more discounts available on their website.

      Coverage Options

      We gave providers with more renter insurance coverage options a higher score because they’re more likely to have a policy that best meets your needs.

      Support

      We awarded higher scores to renters insurance providers with the most channels for customer support.

      Customer Satisfaction

      We leveraged the J.D. Power Home Insurance Satisfaction Study℠ to see how customers rated their experience with each insurance provider. (If a provider wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

      Accessibility

      We awarded higher scores to insurance providers that have more online and mobile features to easily manage your policy and claims.

      Holly Johnson

      Contributing Writer

      Holly Johnson is a frugality expert and award-winning writer who is obsessed with personal finance and getting the most out of life. A lifelong resident of Indiana, she enjoys gardening, reading, and traveling the world with her husband and two children. In addition to The Simple Dollar, Holly writes for well-known publications such as U.S. News & World Report Travel, PolicyGenius, Travel Pulse, and Frugal Travel Guy. Holly also owns Club Thrifty.