MetLife Renters Insurance Review
If you’re a college student living away from home for the first time, MetLife renters insurance for college students is definitely worth looking into. It offers college students protection against damage or loss due to a covered peril or situation. With so many insurance companies offering renters insurance, it can be confusing trying to choose the right company. Students want a company that offers good protection at an affordable price. This MetLife renters insurance review is designed to inform potential customers what they can expect with MetLife renters insurance for college students and if MetLife offers what they need.
About MetLife Renters Insurance Coverage
MetLife insurance has been in business for more than 150 years. They are now part of Farmers Insurance, a well-known insurance company that acquired MetLife’s insurance company in 2021. Although the company’s name may have changed to Farmers Insurance, the renter’s insurance is the same as it was at MetLife. MetLife renters insurance is available in all the states.
MetLife renter’s insurance covers the following areas:
- Personal property – This coverage covers the student’s personal belongings but not the building. Coverage ranges from $5,000 to $100,000.
- Liability – Liability coverage protects the student from being sued if another person is injured on the student’s property. The liability coverage also includes legal assistance. Coverage ranges from $25,000 to $500,000.
- Medical payments – If someone is injured while at the student’s home, this coverage will pay the individual’s medical payments. Coverage ranges from $1,000 to $5,000 per person.
Unlike some other insurance companies, MetLife does not offer loss of use coverage. Loss of use coverage pays for the student to live somewhere else while their home is being rebuilt or repaired.
In addition to the regular renter’s insurance, MetLife also offers bonus coverage packages that allow the student to add extra coverage on high-value items. The students can choose up to $5,000, $10,000, or $15,000 worth of coverage on each package. The packages are offered in these four areas.
- Musical instruments – covers high-value musical instruments like piano, guitar, drum set, etc.
- Electronics – covers high-value electronics like computers, Laptops, or gaming systems
- Recreation and sports equipment – Covers sporting things like skis or gym equipment
- Luxury items – covers things like jewelry
There is a $100 deductible on each package.
MetLife renters insurance for college students offers several discounts to students, such as multi-policy discount, employer discount, claims-free discount, protective devised discount, good student discount, and more.
When choosing renters insurance, it’s important to research companies to find the one that is the most affordable while still offering what you need in coverage. MetLife does not offer its rates online. Potential customers or students will have to contact the company directly to get a quote. They’ll need to provide MetLife or Farmers with the following information.
- Name
- Address of rental
- Date of birth
- Type of home
- Number of pets if any
- Any claims made in the last five years
By changing different variables, such as personal property coverage, liability coverage, medical payment coverage, and deductibles, students can see how these variables affect the premium and make adjustments accordingly. They are also encouraged to ask the agent about any and all discounts that might be available to them.
Although MetLife does not offer online quotes, they do state that a “basic” renters insurance policy with a $500 deductible would cost about $13.25 per month or $159 per year. They advertise their renter’s insurance as costing an average of around $15 per month.
When you consider the thousands of dollars of protection it offers for your personal belongings, $13 to $15 a month is pretty reasonable. For more detailed or in-depth premium rates, potential customers will need to contact the company at 888-926-6126. Another alternative is filling out a form online and having an agent contact you for details.
How Rates are Determined
Insurance rates definitely do not fall under the one-size-fits-all category. Every student’s renters insurance is going to be a different rate because everyone owns different possessions and has their own type and amount of coverage. Here are the main factors that determine what rate you’ll pay for your renter’s insurance.
- How Much Insurance You Need – The amount of insurance you need will play a big part in determining your rate. Obviously, if you need $200,000 in renters insurance, it will cost more than $100,000 insurance.
- Your Deductible – Every insurance policy has a deductible, which is the amount you have to pay before MetLife will pay anything on a claim. The higher your deductible, the lower your premium will be. College students are advised to choose a deductible that they will be able to pay out of pocket at the time of the claim.
- Type of Coverage – Insurance companies typically will pay one of two ways: actual cash value or replacement cost value. Actual cash value is the amount the destroyed items were worth at the time of the loss. It does not pay what it actually costs to replace the items for the same items. Replacement cost value pays you what it costs to replace the items regardless of what they’re now worth. If you choose replacement cost value, your premiums will be higher than with actual cash value.
- Where You Live – The student’s location is also important. A student who lives in a high-crime neighborhood will pay more than a student living in a safe neighborhood.
- If You Smoke – Students who smoke will be required to pay higher rates because of the risk of fire they pose.
- Your Credit Scores – Many insurance companies use your credit scores to determine the premiums, and insurance companies like customers with good credit. The better your credit scores, the lower your premium will be. Students often have little credit, but insurance companies will take that into consideration.
Determining How Much Renters Insurance to Get
Many college students are very unfamiliar with renters insurance and how it works. Many don’t even realize they need renters insurance because insurance policies of any type have usually been handled by their parents.
Having a good renters insurance policy is very important for college students. They may think they don’t own many possessions until these possessions actually have to be replaced. Having the right amount of insurance is almost as important as having renters insurance. In most cases, students can customize their renter’s insurance so they have the coverage they need at a price they can afford.
- Itemize Your Personal Belongings
Itemizing your personal belongings is the first step in determining how much renters insurance you need. This can be very time-consuming but very worth the time. Going through every room in your rental home, make a list of everything you own. Once that’s done, put a price tag on each item. Do not put down the amount you think it’s worth.
Put down the amount it will cost you to replace the item. An example would be a 55″ flat screen TV that you bought for $400 five years ago. It may not be worth $400 anymore but would cost a lot more to replace it. If it will now cost you $800 to replace it with another 55″ TV, that’s what you’ll get with the actual replacement cost. MetLife may offer the choice of actual cash value or the actual replacement value. Even if you choose actual cash value, which is cheaper, you’ll still want your items to be adequately insured so you’ll have the money to replace them.
- Choosing your deductible
As you already know, you can lower your premiums by increasing your deductible. Keep in mind, however, that you’ll want a deductible that you can afford without having to wait for several paychecks. If all your belongings were destroyed, you don’t want to have to wait weeks for reimbursement.
Limits
MetLife renters insurance for college students covers loss due to fire, storms, lightning, hail, wind, vandalism, and theft. They will only pay up to the limits of your policy. If you have $60,000 worth of renters insurance and need to replace everything, which comes to $70,000, the insurance company will only pay up to $60,000.
This is one reason why it’s important that you do not underestimate the value of your things if you needed to replace them all with new items. There are also certain perils that even rental insurance won’t cover. While they will pay for storm damage, they won’t pay for certain natural disasters like earthquakes or hurricanes. They also will not pay for water damage caused by flooding.
Lack of documentation or proof of ownership may result in an item not being covered. You can claim that you had a valuable picture hanging on the wall, but there is no guarantee the insurance will pay to replace it without providing proof that it actually existed and was in your home.
Students who have valuable items like artwork, jewelry, guns, or electronics are advised to purchase additional coverage on these items so they are covered in case of a loss.
MetLife will not pay for any damage done to your roommate’s personal belongings unless you have a specific policy covering those items. Otherwise, the roommate would need to carry his or her own renter’s insurance policy.
Deductibles
It’s almost like an unwritten rule that deductibles are included with all insurance policies. Deductibles are paid by the customer and usually must be paid before the insurance will pay or paid at the same time as the claim. The deductibles are generally per claim and not per year, as is the case with health insurance.
For example, if you choose a $2,000 deductible, and all your belongings were destroyed, you would pay the $2,000 before the insurance pays anything. If your personal belongings were destroyed with a policy that offers $50,000 on personal property, you would pay the $2,000, and MetLife would pay $48,000.
MetLife Renters insurance for college students offers deductibles of $250, $500, $750, and $1,000.
Claims
The claims process at MetLife renters insurance offers a few different options for students wishing to make a claim. They can make claims over the phone, online, or through the company’s mobile app. MetLife also offers its customer service on its Twitter account. MetLife’s hours of business vary by location.
Some locations are open 24/7, while others may only be open during normal business hours. However, their phone service is usually available 24/7. It usually only takes a couple of minutes to submit a claim. Once MetLife receives and approves the claim, students are usually reimbursed within that time.
It may take longer if they need additional information. Customers can also call Customer Service or log in to the company website to get an update on the claim.
Best & Worst Parts
After reading a MetLife renters insurance review, customers and potential customers often find MetLife is a good insurance company for college students looking for renters insurance. Like every other insurance company out there, there are pros and cons to MetLife renters insurance.
Additional Info
U.S. News & World Report gives MetLife renters insurance a rating of A+. Although MetLife is not accredited with the Better Business Bureau, the BBB did state that they have not received any complaints about this company in the past three years.
If you are shopping around for renters insurance, you are making a good decision. Protecting your belongings is important, and can give you peace of mind as you are away from home for the first time.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.