The policy combines multiple insurance products into one package with one bill and one renewal date. The new offering complements MetLife Auto & Home’s existing package policy, GrandProtect®, which provides high-end personal lines insurance coverage.
“At MetLife Auto & Home, we believe that 2011 is the year to rediscover the combo policy,” said Joann Kraemer, director of product development, MetLife Auto & Home. “By introducing this option in a number of new markets, we continue to grow our product line and strengthen our commitment to meeting a wide range of insurance needs for consumers.”
Aside from the convenience of one bill and one renewal date, a combo policy also provides individuals with cost savings in the form of a multi-policy discount for insuring their home, vehicles, and other items through the same carrier.
“Combo policies like this one offer valuable advantages, particularly when it comes to simplifying the insurance process,” Kraemer continued. “People value this increased simplicity, as it reduces the amount of paperwork for their households and makes it easier to manage multiple insurance needs at once.”
The first group of states to begin offering the combo product (effective March 17) include Colorado, Maine, New Jersey, Oregon, Pennsylvania, Texas, Utah, and Washington. Expansion to additional states are targeted to occur in a phased rollout by quarter through the remainder of this year, as follows: in the second quarter, California, Connecticut, Georgia, Idaho, Kentucky, New Hampshire, New York, and Virginia; in the third quarter, Maryland, Mississippi, Montana, North Carolina, Nevada, Rhode Island, and Vermont; and in the fourth quarter, Florida, Massachusetts, Michigan, West Virginia, and Wyoming.