All About Metlife Homeowners Insurance [Review]

The Metropolitan Life Insurance Company, popularly known as Metlife, was founded in 1868 in New York. It is one of the world’s largest insurance providers. MetLife offers guaranteed replacement cost coverage, which means the full replacement cost without deducting for depreciation; on your home and personal property. This makes for outstanding homeowners insurance in comparison to its peers.

However, there are certain areas where MetLife falls short of expectations. These are in terms of its online and mobile tools. It needs to upgrade its online processes. It also does not provide for easy claims resolution and the process is tedious.

MetLife offers straightforward and comprehensive coverage.  It is the only insurance company to offer guaranteed replacement cost coverage. Most insurers will pay the depreciated value of the property, which is inadequate to cover the rebuilding costs at current prices. MetLife pays the total amount to repair or rebuild your home which is irrespective of the depreciation. In case of personal property and belongings that may have been damaged or stolen, it also pays the full replacement cost. This comes as big relief to the homeowner, who has just suffered such a massive loss.

However, it has been criticized for its inadequate service, such as :

          You can’t get a quote online.

          You will need to call them to know about the quote.

          Also claims cannot be filed online; you need to make a call.

          Same goes for submitting documents, which cannot be done online.

          MetLife also forbids the services of your own contractor; and has a network of its own empanelled contractors.

MetLife does offer discounts for installing safety features, fire alarms, security systems, etc. Another good point is, MetLife lets you have only one deductible for home and auto, in case you bundle both the insurance to them. This will enable you to save hundreds of dollars when you file a claim, whether it is for your car or regarding your home.

MetLife also offers Identity Theft Protection services with every homeowners insurance policy. This helps you in case your identity is stolen and misused for making financial transactions.

The premiums for home insurance by MetLife, are highly personalized. It depends on several factors like locality, credit history, home size etc. Perils which are not covered like earthquakes and floods can be covered by adding extra coverage. Moreover valuable items like jewelry or art that may not be adequately covered can be endorsed under the basic policy.

 

Full cost replacement may be the reason why MetLife’s premiums are higher thn its competitors. MetLife also covers water damage, such as from leaks, overflowing or broken pipes without being required to make an extra endorsement like other companies ask for.

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