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Last updated on Jan 09, 2020

MetLife Renters Insurance Review

MetLife renters insurance can help replace your valuable possessions when a fire or theft strikes ​
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  • Available nationwide
  • Replacement cost coverage included
  • Strong credit ratings
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How We Reviewed MetLife Renters Insurance

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7 companies compared

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4 features evaluated

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5 ratings analyzed

MetLife Review

With more than 150 years in the insurance business, MetLife writes policies in more than 40 countries, offering a full portfolio of accident, auto, dental, life, and property insurance products. 

MetLife’s renters insurance helps cover the cost of legal fees if someone sustains an injury in your home and pays to replace personal items stolen in a burglary or damaged by a storm or fire. 

For added protection, MetLife also offers specialty packages to protect your most valuable possessions, like jewelry, musical instruments, and sports equipment.

MetLife standard renters policies don’t include loss of use coverage, nor does the provider offer it as an add-on. The carrier also doesn’t offer many of the most popular optional renters coverages, such as home business coverage, identity theft protection, and pet insurance. However, if you’re looking for basic, no-frills renters insurance to protect your belongings and cover personal liability costs, MetLife might be the insurer for you.

Replacement cost coverage
Nationwide availability
Good credit ratings
No loss of use coverage
No online quotes
Subpar mobile app

The Renters Insurance Factors We Analyzed

Customer experience 

Market research company J.D. Power produces an annual report that rates and ranks renters insurance companies based on factors such as billing process, claims handling, customers support, policy offerings, and price. In the 2019 J.D. Power U.S. Renters Insurance Study, MetLife did not make the cut.

J.D. Power also conducts an annual insurance claims survey, rating and ranking insurers based on their performance in claims servicing, estimation process, first notice of loss, repair process, and settlement handling. MetLife ranked 14th in J.D. Power’s 2019 U.S. Property Claims Study, with three out of five star ratings in all categories, including overall customer satisfaction.

In 2019, the National Association of Insurance Commissioners (NAIC) received 30 consumer complaints against MetLife, more grievances than the market average.

On the technology front, MetLife fell short as well, compared to other major insurers. The provider offers a mobile app, available for Android and Apple devices, that has limited features and low user ratings. 

The quote process isn’t much better. You can call the provider for a quote or fill out an online form to receive a callback from an agent, but MetLife doesn’t provide quick and easy online quotes offered by most top companies. 

Financial strength 

Cost and coverage are important factors in choosing an insurance company, but also look for a provider with the financial strength to meet its claims obligations. 

An insurer’s financial strength plays an even more important role following wide scale disasters such as hurricanes and tornadoes, which can strain the assets of small insurance companies. The most respected credit rating agencies give MetLife top ratings.

  • S&P Financial Strength Rating: A+
  • Moody’s Financial Strength Rating: A3
  • AM Best Financial Strength Rating: A-

Coverage information

Standard MetLife renters policies include personal liability and personal property coverages. Personal liability coverage starts at $100,000, which you can increase to fit your needs.

If someone sustains an injury in your apartment, personal liability coverage will help pay the victim’s medical expenses and your legal costs. It also covers the damaged property of others when you’re responsible. 

For example, if your child accidentally breaks a neighbor’s window, your liability coverage will help pay the repair costs.

Personal property coverage pays to replace or repair items such as clothing or furniture damaged by a covered peril, like a fire. MetLife’s personal property protection stands out in the crowd, because it includes replacement cost coverage in standard policies, subject to your policy limits. 

So, if a fire destroys your five-year-old television, you can replace it with an equivalent set at today’s price. And, if you paid for improvements to your rental unit, like replacing old tile or carpeting, your MetLife renters policy will cover that, too.

Deals, discounts, and add-ons

For comprehensive protection, MetLife offers four optional specialty coverage packages in some states. Each package provides added coverage for your most expensive belongings such as electronics, jewelry and sports gear. 

Like standard personal property protection, specialty packages include replacement cost coverage, as well as all-risk coverage, which covers your belongings when they’re damaged or lost outside your home, subject to your policy limits. 

Specialty packages have a low $100 deductible and you can choose coverage limits from $5,000 to $15,000.

MetLife also offers a few ways for you to lower your renters insurance rate, including, claims-free and multi-policy discounts. You can also earn a discount if you install home protection devices to your unit, like an alarm system or smoke detectors.

MetLife Overview: Financial Strength, Availability, and History

From its New York City office, Metropolitan Life Insurance Company began selling life insurance in 1868. By 1879, the company had expanded to England, where it offered industrial and workers’ policies, with a team of door-to-door salespeople, who sold policies with premiums as low as five cents. Today, MetLife operates in over 40 countries in Asia, Europe, Latin America, the Middle East, and North America.

YouGov ranks MetLife the 17th most popular insurance brand in the United states, with 32% of respondents reporting a positive opinion. The Better Business Bureau gives MetLife an A- rating. In the last three years, around 625 MetLife customers have filed complaints against the insurer, most related to product and service issues.

In April 2020, the MetLife Foundation earned praise for pledging $25 million to support long-term relief efforts resulting from the COVID-19 pandemic. The Foundation will distribute the funds through grants to help recipients meet childcare, financial, food, and healthcare needs.

The Competition 

AM Best Financial Strength RatingJ.D. Power 2019 U.S.  Renters Insurance Study ScoreNAIC Customer Complaints
MetLifeA-No ratingMore complaints than average
USAAA++5/5Fewer complaints than average
State FarmA++5/5Fewer complaints than average
American FamilyA5/5Fewer complaints than average
AllstateA+2/5Fewer complaints than average
NationwideA+2/5Fewer complaints than average
FarmersA2/5Fewer complaints than average

*All information accurate as of 4/9/2020.

The Bottom Line

MetLife offers renters insurance in all 50 states, plus Washington, D.C., making it easy to stick with the same provider if you need to move. The insurer also provides replacement cost coverage in all standard renters policies, a feature many insurers only offer as an add-on. 

However, MetLife renters insurance lacks some of the standard coverage offered by other providers, like loss of use coverage, which can help pay your living expenses if you need to move out of your rental unit following a covered disaster. MetLife also doesn’t offer many of the optional coverage renters need such as identity fraud protection and pet insurance.

MetLife Renters Insurance FAQ

About the Authors

Michael Evans

Michael Evans Contributing Writer

Michael Evans is a freelance finance writer. His work has been published by Bankrate, Fox Business, The Guardian and Yahoo Finance.