Understand the Basics of Renter's Insurance Before It's Too Late

Are renters at a higher risk of being uninsured? Two-thirds of renters do not purchase insurance, suggesting that millions may be uninsured, which could mean they are at greater risk of paying out thousands of dollars in the event of a loss. Part of the problem may lie in the fact that many insurance "myths" have taken hold through the years - such as, that your landlord's policy will cover your losses.

MetLife Auto & Home is dedicated to supplying consumers with truths about these myths to help protect them against the coverage gaps that often result. The Company's Multicultural Sales & Service Team is particularly focused on educating diverse populations, including Hispanic Americans, about the importance of having proper insurance.

"With the Hispanic American population expected to triple in size by 2050, it is paramount that they understand the basics of renter's insurance and how to protect their assets," says Tommy Lee Hayes-Brown, manager of the Multicultural Sales and Service Team, MetLife Auto & Home. "Many renters mistakenly believe they are protected under the building owner's policy, but landlord's insurance only protects the landlord. Still others believe their possessions simply aren't valuable enough to merit insurance, or that insurance costs too much. However, that's probably not the case."

In reality, it can be quite expensive to replace an entire wardrobe or an apartment full of furniture. The average person has approximately $20,000 in possessions. Without a policy, a renter could be left with a hefty bill to replace just the basics. This risk is only compounded when considering the cost of temporary housing if an apartment is destroyed. However, for just a couple of hundred dollars a year or less, a renter can purchase a policy and peace of mind.

MetLife Auto & Home reminds all Americans - whether they are buying their first insurance policy or reevaluating existing coverage - to ask the following questions when choosing renter's coverage to ensure it meets their needs for the best value:

* Does the renter's policy pay actual cash value or replacement cost? With "actual cash value," your coverage will pay only for what your property was worth at the time it was damaged or stolen, due to depreciation. "Replacement cost" coverage will replace the item at current prices.
* Does the insurance company offer any discount for multiple policies? Often insurance companies provide a discount when a person has multiple policies, such as renter's insurance, car insurance, or life insurance.
* Do I need extra protection for unique items with special value? For expensive items such as jewelry, furs, fine arts, sterling silver flatware, antiques, and other collectibles, renters may need to add an "endorsement," which provides additional protection above the monetary limits of a traditional policy.
* Could I list all my possessions and their expected value? MetLife's Life Advice Series advises to keep track of possessions with a personal property inventory to help when filing claims and keep a copy in a safe place outside the apartment.

For additional information about renting a home and renter's insurance, MetLife Auto & Home( )offers consumers two free, comprehensive brochures as part of the Life Advice series: "Homeowners Insurance" and "Your Home," as well as a Personal Property Inventory brochure to help people keep track of their valuables. These materials are available by calling 1-800-638-5433 (1-800-MET-LIFE), or 1-866-MET-VIDA (for callers that prefer to speak in Spanish).

The MetLife Auto & Home companies, subsidiaries of MetLife, Inc. (NYSE: MET), are collectively one of the nation's leading personal lines property and casualty insurance providers, insuring over 3.8 million autos and homes. Their affiliate, MetLife®, is a leading provider of insurance and financial services with operations throughout the U.S. and Latin America, Europe, and Asia's Pacific regions.

MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick, RI.

Contact: Ted Mitchell
(401) 827-3236