MetLife has been in business for over 150 years. With their long history of service and impressive compensation packages, Metlife’s insurance policies might be able to provide great value for the money. However, there are some areas that needs improvement, such as their online tools.
In this article, we will provide a comprehensive review of MetLife’s home insurance policies and services.
MetLife’s History At A Glance
MetLife began providing financial operations in 1868. Their goal was simple, they wanted to be more than just a business that provides insurance policies. Since the 1950s, MetLife began providing health care through their visiting nurse services.
Apart from providing health services, MetLife also works to provide value for the world through their financial services. Currently, MetLife is a Fortune 500 company with an impressive financial standing. MetLife operates in over 40 countries, employing 49,000 employees. They are considered one of the largest insurance companies in the world today. MetLife has also been recently J.D. Power certified with a 3 (About average) out of 5 Power Circles Rating for their overall customer satisfaction.
MetLife’s Home Insurance Policies
MetLife offers fewer packages compared to their competition and their packages offer little room for customization. They provide three coverage tiers that are available for choosing. Despite having limited customizable options, MetLife’s advantage is that they offer guaranteed replacement cost coverage, regardless of depreciation.
All of MetLife’s home insurance policy tiers cover damage caused by aircraft or vehicles, explosion, theft, vandalism, or lighting. It also covers hail, fire, and smoke damages. However, one can choose to get insurance coverage that is customizable to their needs at an added cost.
What's Included In MetLife’s Home Insurance Policy?
METLIFE STANDARD COVERAGE TIER
Optional guaranteed replacement cost for home structure
Optional replacement cost value for personal property
Liability coverage for legal fees caused by injury in the property
Identity protection services
$5,000 personal computer coverage
METLIFE PLATINUM COVERAGE TIER
- Optional guaranteed replacement cost for home structure
- Replacement cost value for personal property
- Liability coverage for legal fees caused by property injury
- Identity protection services
- Personal computer coverage
- $10,000 water backup coverage
METLIFE GRANDPROTECT COVERAGE TIER
Guaranteed replacement cost for home structure
Replacement cost value for personal property
Liability coverage for legal fees caused by property injury
Identity protection services with $25,000 identity theft reimbursements
Personal computer coverage
$10,000 water backup coverage
MetLife’s Home Insurance Discounts
MetLife offers basic discounts on their home insurance. Find out more about the discounts that are being offered by MetLife.
EMPLOYERS OR ASSOCIATION DISCOUNTS
MetLife provides discounts to individuals that are members of certain associations. They are also able to provide discounts to employees if their employers use group discount packages. This is why MetLife recommends that policy owners mention their employers or association memberships when asking for a quotation, as this may help decrease the premium.
Similar to most insurance companies, MetLife also offers a discount on the premium for homes that have installed safety features. Homes with fire prevention systems like sprinklers, fire alarms, fire extinguishers, and smoke detectors will be able to get a discount on their premiums. Apart from fire prevention systems, home with theft prevention systems like deadbolt locks and central burglar alarms can also get a discount on their policies.
BUNDLE & SAVE PROMO
MetLife also offers a Bundle & Save program for clients that purchase a home policy and an auto policy. This program allows clients to save over 10% on their premium payment.
MetLife’s Online Resources And Tools
In terms of online resources and tools, MetLife definitely needs improvement. MetLife’s online account allows its users to access their accounts online and create updates as well. Clients can see their policies and make transfers and payments via online account access. Apart from these features, the online tools of MetLife are rather lacking and definitely needs an upgrade in order to keep up with the demand of the modern world.
The Pros And Cons Of MetLife’s Home Insurance
GUARANTEED REPLACEMENT COST FOR HOME STRUCTURE AND PERSONAL PROPERTY
In this aspect, MetLife seems to be pretty unbeatable as they provide a guaranteed full replacement cost for the damages caused to the home structure and to personal property. This means that MetLife will provide the full replacement cost for the item, regardless of depreciation and devaluation.
IMPRESSIVE FINANCIAL STANDING
MetLife has been in business for a century and a half. This is why clients that are seeking for reliability in their insurance provider have always depended on MetLife. Moreover, A.M. Best has given MetLife an A+ rating.
CONTRACTOR REFERRAL NETWORK
MetLife has their own list of pre-approved contractors that their clients can choose from. This can either be a good thing or a bad thing for some clients. With this network, the clients know that their contractor is approved by MetLife. However, the contractor referral network also limits the options provided to the clients.
POOR ONLINE FEATURES
MetLife’s online presence is definitely lacking when compared to the features of their competition. The tasks that can be done via their online portal are limited because the client can only make payments and transfers in the account.
The discount packages provided by MetLife are limited. There are only 3 discount options offered to clients. Apart from the discounts offered to some groups and associations, MetLife only has the typical Bundle & Save discount and protective device discount.
NO ONLINE APPLICATION
As we have previously mentioned, MetLife has a rather poor online presence. This includes their lack of online application options. On top of that, the claims processing for MetLife need to be done personally or by calling MetLife, unlike other insurers where you can already file a claim via online or app.
MetLife Home Insurance: Our Verdict
MetLife’s reliability as a home insurance provider is definitely unquestionable, but their lack of online resources and tools can be an issue. In today’s world, it is extremely important to have a significant online presence because clients demand convenience. However, MetLife maintains its strong client base because of the easy claims processing and the option to get the full replacement cost for both the home structure and personal property.
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