MetLife Renters Insurance coverage Overview 2021: Execs and Cons

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Maybe greatest recognized for office insurance policies, MetLife additionally presents many alternative sorts of insurance coverage to people, together with protection for automobiles, pets and private property. Its renters insurance coverage coverage comes with identification theft protection and is correct consistent with the nationwide common when it comes to value, making it a strong alternative for a renter on the lookout for simple, commonplace protection at an inexpensive worth.

Though its auto and residential insurance coverage enterprise was acquired by Farmers Insurance coverage in April 2021, MetLife continues to supply insurance coverage underneath its personal identify. Insurance policies will finally have Farmers branding, however in any other case stay unchanged.

MetLife renters insurance coverage execs and cons

MetLife renters insurance coverage ranking

MetLife’s renters insurance coverage earned 4.5 out of 5 stars for general efficiency. NerdWallet’s scores are decided by our editorial workforce. The renters insurance coverage scoring method takes under consideration coverage protection choices and reductions, ease of submitting a declare, web site transparency, the monetary power of the corporate, grievance knowledge from the Nationwide Affiliation of Insurance coverage Commissioners and extra.

Based mostly on these issues, MetLife is amongst NerdWallet’s Best Renters Insurance Companies for 2021.

MetLife renters insurance coverage state availability

MetLife renters insurance coverage is out there in all 50 states and Washington, D.C.

MetLife renters insurance coverage protection

Normal protection

MetLife renters insurance coverage insurance policies supply all the usual protection offered by different corporations, together with:

  • Substitute protection for the money worth of things broken, misplaced or destroyed.
  • Private legal responsibility if anybody is injured whereas in your house.
  • Property harm to others if you’re answerable for harm to another person’s stuff.
  • Extra dwelling bills for those who’re compelled to briefly relocate on account of a lined loss.

MetLife additionally presents its Id Safety Providers with all insurance policies. This service helps shoppers who’re victims of identification fraud by serving to restore credit score or clearing unauthorized monetary exercise after identification theft.

» MORE: What is renters insurance, and what does it cover?

Elective protection

Though MetLife has restricted non-obligatory protection with its renters insurance coverage, it does supply 4 specialty packages that develop protection on particular costly gadgets, like sports activities and leisure gear, electronics, devices and/or luxurious gadgets. Every package deal carries a $100 deductible and pays to restore or substitute the gadgets irrespective of how they had been misplaced or broken.

It needs to be famous that this expanded protection isn’t out there in all states.

Substitute value for private gadgets can also be out there, sometimes for a further value. With this protection, MetLife pays the quantity wanted to switch a misplaced or broken piece of property relatively than provide the present-day money worth for it. For example, as an alternative of providing you with what your previous sofa is value in the present day, MetLife will purchase you a brand-new one.

MetLife renters insurance coverage charges

MetLife’s common annual renters insurance coverage premium is $169, based on a NerdWallet evaluation. That’s primarily the identical because the nationwide common of $168. Right here is how MetLife stacks as much as 5 main rivals:

Our pattern charges had been calculated for 30-year-old renters with a $500 deductible, $30,000 in private property protection and $100,000 in legal responsibility insurance coverage. Your individual charges will probably be totally different.

MetLife renters insurance coverage reductions

MetLife presents a number of reductions for renters insurance coverage policyholders:

  • Claims-free reductions for those who don’t have any reported losses.
  • “Dwelling Coverage Plus” low cost for those who bundle renters and auto protection.
  • Security and safety low cost when safety options are put in in your house.

MetLife renters insurance coverage complaints

MetLife acquired fewer than the anticipated variety of residence insurance coverage complaints to state regulators relative to its measurement, based on three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. (NAIC residence insurance coverage complaints additionally cowl different residence coverage sorts, together with cell residence, renters and condominium insurance coverage.)

MetLife renters insurance coverage shopper expertise

Web site: Sadly, there’s no method to get a quote or file a declare on-line. Nonetheless, the MetLife web site does supply useful content material for renters insurance coverage questions, though it hasn’t been up to date in a number of years.

App: The MetLife app is out there for each iOS and Android. Renters coverage clients are capable of view coverage paperwork and pay payments on the app solely; you’ll should file claims over the cellphone.

MetLife renters insurance coverage FAQ

What different varieties of insurance coverage does MetLife supply?

MetLife presents auto, residence, life and a number of other different varieties of insurance coverage insurance policies.

Can I bundle MetLife residence and auto insurance coverage insurance policies?

Sure, bundling MetLife auto insurance together with a renters insurance coverage coverage can earn you a multipolicy low cost.

How do I get a quote?

MetLife doesn’t supply insurance coverage quotes on-line. You may get one by calling or filling out a type on the web site to have a consultant contact you.

How do I file a declare?

To report a declare on a renters insurance coverage coverage, you’ll must name a MetLife consultant, e-mail MetLife’s devoted claims account or ship a fax.

Renters insurance coverage scores methodology

NerdWallet’s renters insurance coverage scores reward corporations for customer-first options and practices. Scores are based mostly on weighted averages of scores in a number of classes, together with monetary power, shopper complaints, protection choices, reductions, on-line expertise and extra. These scores are a information, however we encourage you to buy round and evaluate a number of insurance coverage quotes to search out the most effective fee for you. NerdWallet doesn’t obtain compensation for any opinions. Learn our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints acquired by state insurance coverage regulators and reported to the Nationwide Affiliation of Insurance coverage Commissioners in 2018-2020. To evaluate how insurers evaluate to at least one one other, the NAIC calculates a grievance index every year for every subsidiary, measuring its share of whole complaints relative to its measurement, or share of whole premiums within the trade. To judge an organization’s grievance historical past, NerdWallet calculated the same index for every insurer, weighted by market shares of every subsidiary, over the three-year interval. Ratios are decided individually for auto, residence (together with renters and condominium) and life insurance coverage.

Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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