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.
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.
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. Keep reading to learn more.
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:
- 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
The Bottom Line
Renters insurance may seem unnecessary, but you never know what kind of emergencies you will face. No matter where you’re renting, no one is immune to the perils of fire, inclement weather, or theft. Without a renters insurance policy, you won’t have any way to replace any items that were damaged, ruined, or stolen — other than paying out of pocket to replace them yourself.
With a renters insurance policy, you will have protection against all these disasters and others you may have never thought of.
As you continue your search for the perfect policy, make sure to compare several renters insurance policies based on premiums, what they include, and the coverage limits you can qualify for. Also consider calling into MetLife to get a no-obligation quote from one of their agents. With enough research, you should wind up with a renters insurance policy that will help you sleep better at night.
Related:
- Why Landlords Run a Credit Check, and What They Look For
- Renters Insurance: Why It’s Worth It
- Nine Signs It’s Time to Drop Your Insurance Company
The post MetLife Renters Insurance Review appeared first on The Simple Dollar.
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