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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.
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.
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:
- 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