Metlife Home Insurance

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MetLife home owner insurance is available through the Metropolitan Life Insurance Company (MetLife), North America’s largest life insurer in terms of insurance in force.

History of Metlife Home Insurance

MetLife began in 1863 when a group of New York City businessmen with $100,000 founded the National Union Life and Limb Insurance Company. The fledgling company insured sailors and soldiers against disabilities, wounds, and illnesses incurred due to the Civil War.

By 1868, the company had undergone several reorganizations and decided to focus on life insurance. It also decided to target the middle class. The founders chose the company’s present name since business had been most successful in New York City—the metropolitan district.

During the 1870s, the Depression put half of the 70 life insurance firms in New York State out of business. So in 1879, MetLife president Joseph F. Knapp focused on England, where industrial/workingmen's insurance programs had experienced considerable success—something other American companies had not bothered to pursue.

MetLife imported English agents to train its American sales force, and rapidly transferred winning British methods to the US. Within the next 10 years, MetLife achieved a daily sign-up average of 700 new industrial policies per day.

By 1909, MetLife was America’s largest life insurer in terms of insurance in force—a leadership position it continues to hold in North America to this day.

Metlife Home Insurance Products

MetLife home insurance policies are classified into the following:

1. MetLife home insurance dwelling coverage.
   • Residence, attached/built-in garage
   • Storage sheds, fences, barns
   • Motor vehicles (lawn mower, motorized wheelchair), but automobiles should be covered by separate auto insurance
2. Exclusions:
   • Earthquake (except by special endorsement)
   • Floods
   • Pet Damage
   • Damage by birds, rodents, and insects
   • Pollution damage
   • Water damage resulting from flood or sewer backup (except sewer back up by special endorsement)
   • Deliberate damage to own or other’s property
   • Normal wear and tear
   • War
3. MetLife home insurance personal property coverage.
   • Damage
   • Theft (some items subject to special limits)
   • Destruction of appliances and furniture
4. MetLife home insurance additional living expenses coverage. Coverage of additional costs of living when dwelling becomes uninhabitable due to a covered loss
5. MetLife home insurance basic liability and medical payments to others. Coverage of expenses for damages or injuries to others, on or off premises
6. MetLife home insurance exclusions/additional coverage:
   • Property and liability of tenants, roomers, or boarders (tenants may purchase renters insurance)
   • Business liability for damages resulting from home business activities and professional services (holder may purchase separate business-related coverage)
   • Lightning damage to trees, plants, shrubs, and lawns
   • Debris removal (e.g., removal of wind damaged trees that fall or are leaning on the dwelling)
   • Fire department charges
7. Optional MetLife home insurance coverage packages:
   • Jewelry
   • Earthquake
   • Flood (purchased separately from the federal National Flood Insurance Program)
   • Reasonable Repairs (for preventing further loss, such as boarding up a roof hole after a fire so rain will not get in
8. MetLife home insurance coverage discounts (varies across states):
   • New Home
   • Mature Home Owners
   • Multi-policy
   • Claim Free
   • Protective Devices
   • Superior Home

Latest News

Recent Met Life community involvement efforts include contributions to:

• Community Reinvestment Fund (CRF) – private, nonprofit organization that acquires development loans from community-based organizations. MetLife has provided $7.5 million for CRF, since 1993.
• Habitat for Humanity – MetLife has so far bought $5.7 million in mortgage notes from Habitat For Humanity—America’s largest nonprofit housing organization.
• Boston Community Capital (BCC) – since 1984 this Massachusetts nonprofit corporation has given loans to local community organizations that work towards affordable housing and economic development.
• MetLife provided a $2 million loan to BCC in 1999.

The Metlife Home Owner Insurance Fact Sheet

Official Name: Metropolitan Life Insurance Company
Headquarters: 200 Park Avenue, New York, New York 10166

Type: Public (NYSE: MET)
Foundation: 1863
Products: Life Insurance (primary), Property & Casualty Insurance, Accident & Health, Auto & Other Vehicle, Home Owners Insurance
Sales: $44.776 billion
One-year Sales Growth: 14.8%
Net Income: $4.714 billion
One-year Net Income Growth: 70.9%
Employees: 65,500
One-year Employee Growth: 21.3%

Affiliates

• MetLife Investors
• MetLife Bank
• New England Financial
• General American
• MetLife Resources
• Texas Life Insurance Company
• Walnut Street Securities, Inc.
• MetLife Securities
• MetLife of Connecticut

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