Our verdict: If you choose MetLife, know that you’ll be redirected to purchase your policy from Farmers Insurance. That might affect your coverage, premiums, and available discounts.
MetLife home insurance is available in the US and many other countries. It has over 152 years of experience in insurance and is a global leader in protection planning and retirement. MetLife is present in 40 international markets through acquisition, joint ventures, and partnerships.
The company works with families, corporations, and governments and provides financial guarantees. It has millions of customers across the globe and serves 90 of the leading Fortune 500 companies in the US. Besides insurance, MetLife offers businesses, brokers, income, and retirement services, and investment solutions.
MetLife Home Insurance Pros and Cons
It’s essential to know everything about the insurance company you plan to purchase your policies from. That is why we composed a list of the best and the worst sides of MetLife to help evaluate it better.
Pros
- Included ID protection
- Available replacement cost coverage
- Multiple other financial services
- Fewer-than-expected number of complaints
- Combination of policies with a single deductible
- Affordable prices
Cons
- Not available in all states
- Farmers Insurance Group took over home and auto policies
MetLife Home Insurance Overview
Farmers Insurance Group acquired home and auto insurance operations from MetLife, so it is no longer affiliated, and Farmers will be responsible for your policies. However, there are no significant changes, and this transition is only for the mentioned insurance.
Regarding the homeowners policy, it includes the standard coverage together with free identity theft protection. There are also a couple of add-ons, like replacement cost and contents replacement coverage you can opt for.
MetLife Homeowners Insurance Features
Let’s explore property-related insurance policies and their features.
Home
The company’s website section about home insurance could definitely provide more details on the policies. Besides informing customers that Farmers took over, there is not much information on anything else.
With MetLife, via Farmers, you’ll have standard coverage and the option to customize your policy. It includes the full cost of rebuilding your home, the replacement of contents, and you’ll have liability coverage.
Identity protection services are included in every MetLife house insurance, and there’s also 24/7 customer support available, offering flexible payment plans and claim submissions.
Currently, the quoting tools are separated. So, if you ask for a quote from MetLife, you won’t receive a quote from Farmers and vice versa. You also won’t need identification or policy documents to get an offer. If your policy should be renewed soon, it will happen automatically unless you receive a notice.
Regarding add-ons, you can choose from replacement cost coverage that pays for home rebuild expenses and contents replacement that covers personal property.
Renters
MetLife renters insurance provides coverage for your personal belongings while you live in a rented property. It will pay the actual cash value to replace or repair your items. Furthermore, specialty packages are available for:
- Electronics
- Musical instruments
- Sports equipment
- Luxury items
Just like with homeowners policy, identity theft is included. The website doesn’t provide sufficient information, however, you can call a customer support representative if you have any questions.
Condo
MetLife condo insurance is designed to add another layer of security for the inside of your unit, as the master’s policy usually protects only the condominium’s common areas.
MetLife offers customizable insurance in case of natural disasters, such as tornadoes, hail, fire, and also theft, water backups, and similar perils. This policy includes the following coverage:
- Replacement cost
- Loss assessment
- Liability protection
- Legal defense
- Water backup
Landlords
Landlords MetLife property insurance provides coverage for the rental property if it’s built for one to four families and has additional structures.
Among the benefits is the loss of rent coverage if an accident prevents you from renting the property. The liability coverage is also included and features expenses related to third-party injuries on your rental property.
There are two policies to choose from, and both include the coverages we discussed:
- Landlord’s Rental Dwelling
- Landlord’s Rental Condo
MetLife Flood Insurance
MetLife works with the National Flood Insurance Program to provide the appropriate policies. This natural disaster remains an issue in all 50 states, and you may suffer the consequences of rising waters anywhere you live.
You’ll have two types of coverage — building and contents. The first insures electrical and plumbing systems, furnaces, carpeting, and similar items. Contents coverage protects your belongings, like washers, dryers, furniture, and similar.
Financial Strength
MetLife home insurance ratings for financial strength differ among the company and its subsidiaries, depending on their location. For example, US MetLife Life Insurance company is not rated by A.M. Best and Fitch, while Moody’s and S&P gave it A1 and AA- ratings, respectively.
On the other hand, A.M. Best rated Metropolitan Life Insurance with an A+, Fitch with an AA-, Moody’s with an Aa3, and S&P with an AA-. Overall, MetLife is considered a financially stable company with good outlooks. Therefore, you shouldn’t have issues with filing your claims and receiving payment.
MetLife Home Insurance Customer Satisfaction
If you face any difficulties with your claims or policies, you’ll find the answers to some of the most common problems at the “Support” tab on the MetLife website. At the “Forms Library,” you can download the paperwork you need to fill out, and at “Claims Information,” you’ll find all about your claims.
You can also contact MetLife via the phone numbers listed on the website, or get support via Twitter’s official account — @MetLifeCares.
The latest customer reviews are not entirely favorable. Therefore, if you have any issues, we advise you to contact the customer support representatives as soon as possible.
- NerdWallet — 3.5
- Clearsurance — 4.2
- ValuePenguin — 80%
- ConsumerAffairs — 4
Insurance Cost
Your MetLife home insurance quote, as with any other company, will depend on the location and age of your home, the coverage and deductible, and available discounts.
MetLife homeowners policy costs about $86 per month for a standard dwelling worth $250,000. This is slightly lower than the monthly national average. MetLife has a list of several discounts to help you save on your policies.
Metlife Home Insurance Discounts
There aren’t many discounts available at MetLife, but if you qualify for those few, you can still save a great amount of money.
Bundle and Save
A standard method to lower your insurance expenses is to bundle auto and home policies. However, Farmers Group acquired those services from MetLife, so MetLife is no longer affiliated.
You’ll probably have to contact Farmers and ask how to bundle policies and whether you can get a discount on a MetLife home insurance quote. Chances are, you’ll be eligible for Farmers’ deals instead of MetLife’s.
Other Insurance Discounts
MetLife provides only two other home, renters, or condo insurance discounts. The first one is available to members of particular groups of employees. To check if you’re eligible, ask your employer.
If you have installed any type of fire or burglary alarms or smoke detectors, you might also qualify for a discount at MetLife. However, this deal varies by state.
MetLife Home Insurance Quote Comparison
Cost is an important part of any home insurance policy. So, we’ll compare MetLife with a few other companies to give you an overview of the premiums.
MetLife vs. Farmers
We already mentioned that Farmers took over MetLife’s auto and home insurance policies. If you’re a new customer, you’ll likely be prompted to purchase your policy from Farmers. Luckily, it has great customization options and good customer support.
Still, the cost of Farmers policies is slightly higher compared to other insurers and may go up to $2,000 per year. For example, MetLife homeowners insurance used to cost about $1,030 annually.
MetLife vs. State Farm
State Farm has a great online quoting tool. However, the best way to find out exactly how much your premium will cost is to contact the agent. State Farm is among the insurers with the lowest annual premiums of about $1,596.
This price is close to the national average of $1,600 per year. Luckily, State Farm offers more discounts than MetLife to help you lower the cost of your insurance.
Overall Competition Comparison
We’ll take a look at some MetLife home insurance alternatives and see how these companies compare regarding policy availability, customer satisfaction, and financial strength.
MetLife vs. Allstate
Allstate is one of the most famous US insurers with a long history, experience in the field, and solid financial ratings. A.M. Best ranked it with an A+ in 2021, and Fitch attests that it will remain financially stable in the future.
Allstate policies are available in all US states, while MetLife, or Farmers, aren’t. MetLife homeowners insurance reviews for its customer support are below Allstate’s, with 824/1,000 according to J.D. Power.
Allstate also has a better website, its quoting tool is easier to use, and all the information is presented clearly. Since MetLife’s shift to Farmers might complicate the process of purchasing a policy, we consider Allstate to be currently a better choice.
MetLife vs. Nationwide
Nationwide is another popular insurer with an A+ rating from A.M. Best. It’s also listed as a Fortune 500 company. Nationwide has a mobile app and a good website filled with information about its offers.
MetLife home insurance customer ratings from J.D. Power are better than Nationwide’s. Namely, MetLife is listed ninth on the list with 824/1,000, and Nationwide is 15th, with 808/1,000, which is below the national average.
Regarding policy availability, both companies cover a limited number of states. You can see on their websites where to find an available agent to help with your inquiry.
MetLife vs. GEICO
GEICO acts as a broker and matches you with another insurance company that will directly provide you with a policy. That allows it to offer policies across the US and covers all 50 states.
A.M. Best and S&P rank GEICO with an A++, meaning it has excellent customer support. Although it’s not listed on J.D. Power’s 2020 US Home Insurance Study, Kanbay Research Institute rated it as the number one company for customer service.
Expert Thoughts
The essential drawback of MetLife home insurance is that it doesn’t provide such policies anymore. Instead, you’ll be redirected to Farmers, which can affect your customer experience and satisfaction with the services.
Furthermore, even though there are no changes to the current policies, there is no guarantee that Farmers won’t make things different in the future.
Otherwise, MetLife is a solid company with great financial strength and various other services that you may find useful. While we agree that the official website could provide more details, MetLife is still a good choice for renters, condo, or landlord insurance.
People Also Ask
With over 152 years of experience in the industry, MetLife is a world leader in insurance, retirement, and many other financial services. It is active on 40 global markets and is present in almost all continents.
There are no changes for current clients after Farmers took over. However, if you decide to purchase a homeowners policy at MetLife, you’ll be redirected to the Farmers Insurance Group. It will be responsible for your claims and policies, and the process of obtaining a new one might be slightly more complicated.
We consider that the official MetLife website lacks information about what each property insurance policy covers. If you’re a new customer, you’ll likely need to contact a representative.
Still, as Farmers took over the auto and home insurance policies, you’ll enjoy basic coverage for the dwelling, personal property, liability, and even the cost of rebuilding your home. You’ll have access to certain add-ons that will help you customize your policy to expand the coverage.
Since Farmers is responsible for auto and home insurance policies from MetLife, MetLife doesn’t directly offer home insurance services to US customers. If you’re planning on purchasing a policy, you’ll have to go through Farmers.
If you already own MetLife homeowners policy, know that there won’t be any significant changes any time soon. If you’re still having doubts about purchasing or owning a home insurance policy from MetLife, you can always reach out to the company to ask for further details.
There are several ways to contact MetLife. The first one is via the phone number listed on the official website. You can fill a secure form or have a customer support representative reach out to you. MetLife also offers support via its official Twitter account — @MetLifeCares.
Since MetLife gave away its auto and home insurance policies to Farmers, you might be in a position to contact Farmers instead if you face any issues with your policies or claims.
The current home insurance policyholders pay about $86 monthly premium. However, if you’re a new buyer, know that you might have difficulties getting your quote.
Overall, MetLife insurance is not expensive. With an approximate cost of $1,050 per year, it’s cheaper than the national average. You’ll also have a few discounts to choose from. Remember, if you wish to purchase MetLife home insurance, you’ll likely have to obtain a quote from Farmers.
