MetLife Homeowners Insurance Review
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For most people, their house is the most expensive purchase of their lives. As an asset, it’s important to protect—just like you would insure your car with car insurance or safeguard yourself and your family’s finances with life insurance policies. In fact, insurance can be a major boon for most high-value aspects of your personal finances.
When it comes to homeowners insurance, there are a lot of companies and coverage options to consider. Some home insurance policies are relatively no-frills, offering just basic coverage. Other insurance options offer broader protections or reimbursement for higher-cost valuables.
MetLife is one of many insurance companies you may come across as you shop for the right insurance coverage. While they provide various insurance products for policyholders, their auto insurance and home insurance branches were acquired by Farmers Insurance in 2021. As such, this insurance review will be about MetLife’s homeowners insurance, which has stayed the same since the acquisition, albeit under a different brand name.
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What is MetLife homeowners Insurance?
MetLife is one of the largest insurance providers in the world, and it is also known by much longer names such as Metropolitan Life Insurance Company or MetLife, Inc. In addition to providing insurance services, MetLife is also known for its annuities and even administers employee benefit programs for things like dental and vision insurance. It serves more than 50 countries.
How does MetLife homeowners insurance work?
As mentioned earlier, MetLife’s home and auto insurance business was acquired by Farmers Insurance in 2021. As such, if you navigate to MetLife’s website and click on “Auto and Home Insurance” underneath their “Solutions” page, you’ll be met with the following notice—and the option to continue to Farmers.com to get your quote.
After you click this button, you’ll be taken to Farmers Insurance Group’s website, where you can select a product, enter your zip code, and get a quote.
To get that quote, you’ll answer a few more questions, such as what type of property you’re looking to insure (a house, condo, or apartment) and whether you’re the owner, renter, or landlord. From there, you’ll be invited to call and speak with an insurance agent to discuss insurance rates and how bundling your coverage can help you save even more money.
Use Home Insure to Find Affordable Home Insurance
- Get Home (or Rental) Insurance as Low as $19/Month
- Compare rates in minutes
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- Rates subject to qualification and approval
How much does MetLife homeowners insurance cost?
When shopping for home insurance providers, cost is often as much of a consideration as the type of coverage an insurer provides you. After all, having great protection for your valuables and personal belongings is no use if you can’t afford it or are stretching your budget to pay for your premium.
So, how much does MetLife's home insurance cost? Your insurance quote will depend on various factors, including your deductible, any additional coverage, the value of your home, and where you live. Generally speaking, the average annual home insurance premium is around $1,900 yearly, or a little over $155 a month. Other factors that may impact your insurance quote include the age of your home, security features that could reduce your cost, and if you’ve had previous claims as a policyholder.
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MetLife Homeowners Insurance features
Coverage to protect your property
MetLife's basic coverage offers policyholders a solid amount of protection in an emergency or disaster. It includes the same features from other insurance companies, such as loss of use, medical payments, liability, and personal property coverage.
You can also choose to purchase additional replacement cost coverage. Replacement cost coverage guarantees the total cost to replace your personal property and home rather than the depreciated value.
Discounts available
If you’re interested in saving money on your homeowner's insurance, there are a few options in terms of discounts. Bundling your policy with additional coverage can help you lower your costs. You can also get additional discounts for installing or maintaining certain safety or security features, such as smoke detectors or alarms. You may also get a discount for belonging to certain organizations or associations.
Identity protection
One bonus feature of getting a policy from MetLife is that it includes identity protection as part of its homeowners insurance policies. If your social security number is compromised, you have services to help safeguard your personal information.
Who is MetLife homeowners Insurance best for?
Regarding homeowners insurance policies, MetLife is a bit more basic than other options on the market. Even so, there is some value to be found in identity protection and solid standard coverage that protects your home and belongings. If you have other insurance products through MetLife or Farmers Insurance, bundling your policy can be a way to cut costs without cutting corners on coverage.
Who shouldn’t use MetLife Homeowners Insurance?
If you’re seeking a robust homeowners insurance policy with a variety of add-ons, MetLife may fall short. Especially if you like to manage your insurance policy online or on your smartphone, MetLife’s app and lack of online functionality may leave a bit to be desired. However, if you’re fine with handling the claim process over the phone or by email, you may be okay with what MetLife offers.
Use Home Insure to Find Affordable Home Insurance
- Get Home (or Rental) Insurance as Low as $19/Month
- Compare rates in minutes
- No cost or obligation to check
- Rates subject to qualification and approval
Pros and cons
Pros
- Identity protection. While identity protection likely isn’t the first thing you’re thinking about when you’re shopping for homeowner’s insurance, it’s definitely a nice added perk to your coverage. Plus, it adds a bit more value to your policy without any additional cost.
- Several discounts available. Unlike some insurers that offer few discount options, MetLife’s homeowners insurance policies can have their annual cost reduced through a variety of mechanisms, including bundling your insurance with other forms of insurance or adding security features.
- Add-on replacement coverage. Being able to add replacement coverage to your homeowners insurance policy can give you some added peace of mind that your policy is going to truly protect you should your home sustain damages and you need to file an insurance claim.
Cons
- Not available in every state. Even after being acquired by Farmers Insurance, MetLife still doesn’t have availability for homeowners insurance in every state. If you live in Alaska, Delaware, Hawaii, Maine, New Hampshire, Rhode Island, Vermont, West Virginia, or Washington D.C., you won’t be eligible for coverage.
- No online quotes. While the MetLife web portal begins with the ability to fill out a form in order to get a quote, eventually you need to talk to someone on the phone in order to get your actual quote.
- Limited mobile app. Some insurers allow you to manage practically every aspect of your home insurance policy with their mobile app. However, MetLife’s mobile app is very limited, even if it’s available on iOS and Android. While you can view your policy and pay your bill, in order to file a claim, you’ll need to email or call.
MetLife Homeowners Insurance vs. Geico and Farmers
One of the best ways to compare MetLife, Geico, and Farmers as companies is to evaluate their financial strength. Beyond the sort of evaluations offered by the National Association of Insurance Commissioners (NAIC), the A.M. Best Rating and JD Power Ranking provide a few more data points. Especially since Farmers acquired MetLife, looking at the strength of each independent insurance business can be helpful. Here’s how they stack up.
Insurance provider | Available in all 50 states? | A.M. Best Rating | JD Power Ranking |
MetLife | No | A+ | 802 |
Geico | Yes | A++ | N/A |
Farmers Insurance | No | A | 809 |
Geico
Geico, unlike MetLife and Farmers Insurance, is available in all 50 states, which is a major benefit. Geico also has a higher A.M. Best Rating, although it doesn’t have a JD Power Ranking for homeowners insurance.
Farmers Insurance
When you compare MetLife’s A.M. Best Rating to Farmers Insurance's, it makes sense why Farmers wanted to acquire them. On the other hand, Farmers Insurance has a higher JD Power Ranking. While they both aren’t available in all of the United States, it’s clear that there are some symbiotic benefits to the merger.
FAQs
What does MetLife say about the acquisition?
On their website, MetLife has this to say before redirecting users to Farmers Insurance’s website:“MetLife Auto & Home is no longer affiliated with MetLife, Inc. and its affiliates. The Farmers Insurance Group is now responsible for MetLife Auto & Home’s activities and is happy to assist you with your policy going forward. For policyholders, there is nothing you need to do to continue enjoying your existing insurance.”
Is MetLife homeowners insurance available in all 50 states?
No. You’ll be ineligible for homeowners insurance from MetLife if you live in any of the following states: Alaska, Delaware, Hawaii, Maine, New Hampshire, Rhode Island, Vermont, West Virginia, or Washington D.C.
How do you file a home insurance claim?
In order to file a claim after a loss, you’ll need to call Farmers Insurance on the phone at 1-800-854-6011. Once you file your claim, you’ll be contacted by a specialist to further manage the process for you.
Use Home Insure to Find Affordable Home Insurance
- Get Home (or Rental) Insurance as Low as $19/Month
- Compare rates in minutes
- No cost or obligation to check
- Rates subject to qualification and approval
The bottom line
Having been acquired by Farmers Insurance in 2021, MetLife’s home and auto insurance policies still have some solid offerings for individuals shopping for coverage. Ultimately, what you want from an insurance provider and an insurance policy is up to you and your needs. As such, some things that may be drawbacks for certain policyholders may be negligible for others. These are the sorts of calculations you’ll likely have to make when evaluating whether or not MetLife homeowners insurance is a good fit for you and your home.
While MetLife has a few ways to save on your policy and has the bonus of identity protection with all of its homeowners insurance policies, it has a more antiquated way of handling claims than other insurers. Having to call or email to manage your claim feels a little silly in 2024 when they have a mobile app available for download. Whether or not you’re okay managing your policy and coverage is up to you. Still, regarding available additional coverage and solid basic offerings, MetLife isn’t the worst pick.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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