What to Know About MetLife Renters Insurance
MetLife was founded in 1868 and is ranked No. 43 in the 2018 Fortune 500 list of the largest corporations by total revenue in the U.S. MetLife is one of the largest global providers of insurance, employee benefit programs and annuities. MetLife holds leading market positions in the U.S, Latin America, Asia's Pacific region, Japan, the Middle East and Europe via its subsidiaries and affiliates. MetLife also serves 90 of the largest Fortune 500 companies. The company boasts 90 million customers spread across 60 countries. MetLife also offers renters insurance coverage. MetLife renters insurance standard policies include $100,000 in liability coverage, and you can save money on your premiums by accessing discounts if you’re working for certain employers or you’re a member of specific organizations. Additionally, you can make savings through their Multipolicy discounts. MetLife’s customer service agents are available 24 hours a day, seven days a week and 365 days of the year.
What MetLife Renters Insurance Covers
Here are the main aspects of what MetLife renters insurance covers. Personal property - this ensures that if something happens and you need to repair or replace your possessions, you’re covered. For a loss, your policy will pay the cost to repair or replace, up to the cash value of your damaged or stolen belongings. Replacement cost coverage, which will cover you if something happens and you need to repair or replace your property. MetLife’s policies don’t deduct for depreciation (up to your chosen coverage amount). This includes any improvements, additions, or alterations you made to your rental unit at your own expense. Personal liability protection, which provides $100,000 of coverage (or more, if you choose) if someone else is hurt when they’re in your rental unit. Property damage to others is also included, in the event that you’re held responsible. MetLife renters insurance also covers your legal defense costs.
It’s important to understand the difference between water damage from outside your rental unit, and water damage coming from inside your property. It can leave renters feeling quite disappointed when they learn that their renters insurance policy doesn’t cover them for flood water damage to their property and possessions. Quite a great number of renters insurance policies don’t cover flood damage. Make sure that this is clear in your mind before taking out any sort of policy. Generally speaking, MetLife renters insurance doesn’t cover you for flood damage. Flood damage is usually defined as coming from outside or from underground sources, and so MetLife renters insurance is unlikely to cover you in the event of a flood. In the case of water damage coming from a burst pipe or other source from inside the rental property, there’s a good chance MetLife renters insurance will cover you. Additionally, hurricane-protected renters might get help if the structure of their rental property is damaged first by the storm and water enters as a result.
In short, your MetLife renters insurance does cover pet damage to some degree, but this isn't a broad-brush statement meaning that it covers all types of pet damage. You must disclose your pet to MetLife because if you don't and in the event of an incident involving your pet, they may not agree to cover anything related to your pet whatsoever. As you might conclude, there are a lot of shades of meaning to pet coverage, which generally means you're covered in some cases, but not in others. Remember, there are one or two things that can go wrong with a pet, like damage to other people's property and being held liable for things like injuries or other lawsuits. The great news for you is that MetLife renters insurance pet coverage generally covers you for both of these risks. However, when something happens that’s caused by your pet there are other subtleties to the coverage that you should be aware of. Before you take out a MetLife renters insurance policy, you must realise that their policy provides some type of pet liability coverage, but its policies won't cover everything.
MetLife Renters Insurance Review and Costs at a Glance
Generally, MetLife renters insurance reviews are outstanding and rate renters insurance very highly. MetLife made runner-up in “Best Overall” of Investopedia’s “Best Renters Insurance Providers 2020 review. The average national cost of MetLife renters insurance is typically around $20 per month, but the price you will be quoted depends on where you live, your rental unit’s safety features, your credit score etc. MetLife has received top ratings from the most respected credit rating agencies for its financial strength. Its S&P financial strength rating is A+, and its AM Best Financial Strength Rating is A-. It’s worth noting that reviews of MetLife renters insurance show mixed opinions of the company’s BBB rating. BBB ratings indicate how a company is likely to interact with customers. According to Investopedia’s latest review of MetLife renters insurance, its customer service is “outstanding”, whereas the latest updates of MetLife on reviews.com indicate it receives “more complaints than average”. MetLife renters insurance wasn’t included in the J.D. Power 2019 U.S. Renters Insurance Study.
| MetLife Renters Insurance Stats Overview | Data |
|---|---|
| Average Cost in the U.S for MetLife Renters Insurance Annually | $163.36 |
| Average Cost in the U.S for MetLife Renters Insurance Monthly | $13.61 |
| MetLife Renters Insurance JD Power Rating | 3/5 |
| BBB rating for MetLife | A- |
How Much is Renters Insurance Through MetLife in Your State
The average price of renters insurance through Metlife is $20 or less per month. The most expensive states for MetLife renters insurance are Mississippi, Louisiana, Alabama, and Florida; whereas the least expensive states are Wisconsin and South Dakota. The rate you will be quoted does depend on a number of factors that are personal to you, such as your location, your property’s safety aspects, how old you are, your credit score and how much coverage you want to take out. Get a personal quote to find out what your premiums will be.
How to Get a MetLife Renters Insurance and Auto Insurance Discount
By bundling together your auto and renters insurance, you can access MetLife renters insurance and auto insurance discounts. There are a number of ways in which you can obtain a MetLife renters insurance discount. You can save money with MetLife’s no-claims discount; bundle auto and renters insurance with MetLife to be rewarded with their “Home Policy Plus” discount, or receive a protective devices discount if you instal safety and security devices in your rental property. You may also be eligible for further discounts through your employer or if you are a member of certain associations or groups. When entering your details for a quote, enter your employer or association name so that you can access the best possible price.
How Much Does MetLife Renters Insurance Cost Versus Competitors
MetLife isn’t the only renters insurance provider on the market, so here are a couple of competitors which you can get a quote from and compare to MetLife renters insurance costs. State Farm, investopedia’s “best overall” renters insurance provider, and has the largest difference in price to that of MetLife, offers nationwide coverage from $8 per month, and has customizable policy options. State Farm offers Multipolicy discounts, and like MetLife they offer discounts for installing a home security system. Nationwide has similar coverage options to MetLife, and has the smallest difference in price, with the monthly premiums being similar to MetLife. With Nationwide you can also add on coverage for valuables and collectibles, earthquakes, water damage, and theft protection for personal belongings that are stored in a vehicle, trailer, or watercraft.
Getting in Touch with MetLife Renters Insurance
To file a MetLife renters insurance claim after something has happened, you should firstly document all of the damages and/or losses you have incurred. You may also want to call the police. A police report could help support your claim. Take as many photos or videos as you can of the damage. Proper visual evidence of damages can help MetLife not only verify your claim more quickly but also offer you the correct amount of reimbursement money. Collect all the documentation relating to your claim. If you’re claiming for personal property loss, gather your store receipts, email order confirmations or bills from repair shops if you have them. Anything you have which proves you owned the item will help support your claim. If someone has filed for liability and medical claims related to another person suffering an injury in your rental unit, make sure you have the hospital bill or legal notice stating what you owe. If the worst was to happen in your rental property and you needed to make a MetLife renters insurance claim, just call their 24/7/365 claims service at 1-800-854-6011.
Failure to keep track of all the items you own for the duration of your renters insurance policy and before you need to renew it can cost you time and money. So, do the smart thing and follow our advice outlined below. Keep an accurate list of your possessions, and if you live with other people then make sure you include on your list full details of which possessions belong to whom. Keep your list of items up-to-date and delete anything you no longer have. Make a copy of this list and keep it somewhere safe. Keep a hold of your possessions’ serial numbers and receipts, and create a log book of the serial numbers and receipts for all of your belongings. Take pictures of all your belongings, and ensure that the condition of each item is clear in the photo. Check your finances to make sure you have budgeted for a MetLife renters insurance renewal. Review your current policy and ensure your deductibles and replacement value amounts are correct. Be meticulous with any valuables that may need additional coverage.
Your MeLife renters insurance policy can be cancelled at any time, should you need to cancel your MetLife renters insurance policy, just call them at 888-926-6126.
Getting a MetLife Renters Insurance Quote and Deciding Whether MetLife is Right for You
Remember, your landlord isn’t responsible for protecting your personal possessions and if you’re living in rented accommodation and don’t have an insurance policy in place, then you’re taking a big risk with your personal property. Unfortunately, when something happens to people’s possessions and they’re not covered, they lose a lot of money and time, not to mention having to deal with the emotional upset when something happens to their belongings. By taking out a renters insurance policy, you’re making a wise and intelligent decision. MetLife renters insurance may be a little pricer than other policy providers on the market, but they do their customers flexible payment plans and give discounts through certain employers and organizations. MetLife is a strong and reputable company, and so a MetLife renters insurance policy can give yourself peace of mind about your prized possessions and valuables when they’re protected and covered with one of their renters insurance policies. Get a MetLife renters insurance quote.
