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MetLife Renters Insurance Review 2021

July 9, 2021
Homeowners Insurance, Insurance
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Perhaps best known for workplace policies, MetLife also offers many different kinds of insurance to individuals, including coverage for cars, pets and personal property. Its renters insurance policy comes with identity theft coverage and is right in line with the national average in terms of cost, making it a solid choice for a renter looking for straightforward, standard coverage at a reasonable price.

Although its auto and home insurance business was acquired by Farmers Insurance in April 2021, MetLife continues to offer insurance under its own name. Policies will eventually have Farmers branding, but otherwise remain unchanged.

MetLife renters insurance pros and cons

ProsCons
Wide coverage for valuables like jewelry and sports equipment.No way to get a quote or file a claim through the website.
Identity theft protection comes with every policy.
Personal property replacement included with some policies.

MetLife renters insurance rating

4.5 NerdWallet rating

MetLife’s renters insurance earned 4.5 out of 5 stars for overall performance. NerdWallet’s ratings are determined by our editorial team. The renters insurance scoring formula takes into account policy coverage options and discounts, ease of filing a claim, website transparency, the financial strength of the company, complaint data from the National Association of Insurance Commissioners and more.

Based on these considerations, MetLife is among NerdWallet’s Best Renters Insurance Companies for 2021.

MetLife renters insurance state availability

MetLife renters insurance is available in all 50 states and Washington, D.C.

MetLife renters insurance coverage

Standard coverage

MetLife renters insurance policies offer all the standard coverage provided by other companies, including:

  • Replacement coverage for the cash value of items damaged, lost or destroyed.
  • Personal liability if anyone is injured while in your home.
  • Property damage to others if you are liable for damage to someone else’s stuff.
  • Additional living expenses if you’re forced to temporarily relocate due to a covered loss.

MetLife also offers its Identity Protection Services with all policies. This service supports consumers who are victims of identity fraud by helping restore credit or clearing unauthorized financial activity after identity theft.

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

Optional coverage

Although MetLife has limited optional coverage with its renters insurance, it does offer four specialty packages that expand coverage on specific expensive items, like sports and recreational equipment, electronics, instruments and/or luxury items. Each package carries a $100 deductible and will pay to repair or replace the items no matter how they were lost or damaged.

It should be noted that this expanded coverage isn’t available in all states.

Replacement cost for personal items is also available, typically for an additional cost. With this coverage, MetLife will pay the amount needed to replace a lost or damaged piece of property rather than give you the present-day cash value for it. For instance, instead of giving you what your old couch is worth today, MetLife will buy you a brand-new one.

MetLife renters insurance rates

MetLife’s average annual renters insurance premium is $169, according to a NerdWallet analysis. That’s essentially the same as the national average of $168. Here is how MetLife stacks up to five major competitors:

CompanyRate
USAA*$121
State Farm$133
Allstate$151
MetLife$169
Nationwide$205
Farmers$208
*USAA is available only to military, veterans and their families.

Our sample rates were calculated for 30-year-old renters with a $500 deductible, $30,000 in personal property coverage and $100,000 in liability insurance. Your own rates will be different.

MetLife renters insurance discounts

MetLife offers several discounts for renters insurance policyholders:

  • Claims-free discounts if you don’t have any reported losses.
  • “Home Policy Plus” discount if you bundle renters and auto coverage.
  • Safety and security discount when protection features are installed in your home.

MetLife renters insurance complaints

MetLife received fewer than the expected number of home insurance complaints to state regulators relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners. (NAIC home insurance complaints also cover other home policy types, including mobile home, renters and condo insurance.)

MetLife renters insurance consumer experience

Website: Unfortunately, there’s no way to get a quote or file a claim online. However, the MetLife website does offer helpful content for renters insurance questions, although it hasn’t been updated in several years.

App: The MetLife app is available for both iOS and Android. Renters policy customers are able to view policy documents and pay bills on the app only; you’ll have to file claims over the phone.

MetLife renters insurance FAQ

What other types of insurance does MetLife offer?

MetLife offers auto, home, life and several other types of insurance policies.

Can I bundle MetLife home and auto insurance policies?

Yes, bundling MetLife auto insurance along with a renters insurance policy can earn you a multipolicy discount.

How do I get a quote?

MetLife doesn’t offer insurance quotes online. You can get one by calling or filling out a form on the website to have a representative contact you.

How do I file a claim?

To report a claim on a renters insurance policy, you’ll need to call a MetLife representative, email MetLife’s dedicated claims account or send a fax.

Renters insurance ratings methodology

NerdWallet’s renters insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, coverage options, discounts, online experience and more. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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