State Farm Renters Insurance Review and Prices 2022

Founded in 1922, Bloomington, Illinois-based State Farm started out selling auto insurance and now sells about 100 different products, including renters insurance. State Farm insures more cars and homes than any other company in the U.S., handling more than 83 million policies and accounts.

Pros:

  • Extensive add-on options

  • Wide network of agents

  • One of the least expensive of companies in our rating

Cons:

  • Not many discounts offered

 

While the cost of your renters insurance policy can vary depending on location, size, and type of residence, and the amount of coverage and policy limits you choose, our research has found that State Farm’s national average for renters insurance is among the most affordable in our rating. While there aren’t a wide swath of discounts available for its renters insurance, the generally lower premiums might still make it affordable.

With a wide network of 19,000 agents to work with, and the ability to make claims and pay for premiums through a mobile app, State Farm policyholders have several channels to manage their insurance.

Like most renters insurance policies, a State Farm policy covers your personal property in case it’s damaged or stolen. This could include items such as electronics, furniture, clothing, and other belongings inside your apartment, or even property that you keep outside of your home. For example, if someone steals belongings from your car, you’re covered. Renters insurance might also cover items on your deck or patio, in your driveway, or in a garage belonging to your landlord. Your policy also covers you if a guest in your home is injured and files a lawsuit.

State Farm renters insurance covers the following:

  • Personal property: This includes accidents such as vehicle impacts and fire, smoke, and water damage from plumbing or appliances, bad weather like ice, sleet, snow, lightning, and windstorms, and crimes such as vandalism and theft.
  • Liability: A State Farm renters insurance policy provides liability coverage if someone files a lawsuit for bodily injury or property damage. This may include legal defense costs and medical expenses for people who are injured on your property.
  • Loss of use: If your home becomes uninhabitable because of a covered loss, State Farm renters insurance provides money for living expenses or for the people in your household to live somewhere else for up to two years.

Available in:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District Of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

What Doesn’t State Farm Renters Insurance Cover?

Typical renters insurance policies, including State Farm’s, don’t cover damage to the building itself because this is covered by the landlord’s insurance. Water damage caused by flooding or groundwater is also not covered, and neither is damage from earthquakes or landslides.

Finally, roommates can be covered under a renters insurance policy if they’re listed on the policy. While it is permitted, we generally do not recommend it. If you live with roommates, check your policy and encourage each of your roommates to get their own if they’re not covered by yours.

State Farm has three main renters insurance discounts:

  • Multipolicy: You could save money if you bundle your State Farm renters insurance policy with an auto insurance policy that is also from State Farm.
  • Home alert protection: Installing a smoke detector, burglar alarm, or home security system can also get you a discount on your premium.

?

State Farm offers a discount if you bundle your rental and auto insurance policies. Similar multipolicy discounts are available for home or condo owners who bundle their policies with a State Farm auto insurance policy.

State Farm offers several optional renters insurance coverages. Premiums and deductibles vary, so ask your insurance agent for details.

Below are just a few of the other coverages you can add:

  • Personal articles policy: If you have valuable personal property that requires coverage beyond the limits of your renters policy, consider a personal articles policy. It’s useful for jewelry, fine art, collectibles, musical instruments, and other big-ticket items in case of theft or accidental damage.
  • Pet medical insurance: Share your apartment with a furry friend? State Farm offers a policy through pet insurance provider Trupanion that can help pay for medical treatment.
  • Additional liability coverage: A personal liability umbrella policy can help protect you above and beyond your existing renters insurance policy if you find yourself faced with a major insurance claim or lawsuit.
  • Identity restoration: This coverage provides reimbursement if your identity is stolen and you spend money out of pocket trying to recover. In addition, State Farm will assign a case manager to work directly with financial institutions on your behalf.
  • Earthquake damage: While standard renters insurance policies don’t typically include damage to your property or personal belongings from an earthquake, you can purchase this additional coverage. Premiums vary by state, with lower rates in states that have lower risk.

You can purchase a renters insurance policy from State Farm by starting with a quote. A quote can be obtained online or by reaching out and speaking with a State Farm agent. You’ll need to supply basic information, such as your birthdate, home address, and when you’d like your policy to start.

You’ll also be prompted to answer questions such as how many people live with you, do you have any security devices installed, and does anyone in your residence work from home. You can choose your policy limits and will be assigned an agent.

If you decide to go ahead and buy a policy, you’ll need to submit an application.

  1. Get a quote
  2. Choose your policy limits and types of coverage
  3. Apply for a policy. Once your application is accepted, you’ll need to pay your premium before your coverage kicks in.

For more information read our guide on How to Buy Renters Insurance.

You can file a renters insurance claim through its mobile app, on the State Farm website, or by calling State Farm directly. You’ll be asked to document as much as you can with photos and notes. A representative from State Farm will reach out with any questions, and you’ll also be assigned a claim handler or team.

The claim handler will determine if your incident is covered, and the cost of the damage. If you are eligible to receive a settlement, you can receive payment via a check or direct deposit.

For more information read our guide How to File a Renters Insurance Claim.

State Farm vs. Allstate

Both reputable insurance companies, Allstate and State Farm have AM Best ratings of A and A++, respectively. In the realm of insurance add-ons that can be tacked on to a renters insurance policy, State Farm has several more options, such as incidental business liability coverage, additional business property, and the option to purchase a separate pet insurance policy.

When it comes to cost, our research determined that based on a national average, Allstate tends to be the more expensive of the two. Both companies offer discounts if you bundle your renters insurance policy with another insurance policy, such as car insurance. In addition, State Farm offers a discount if you have a security alarm or system installed while Allstate offers a discount if the policyholder is 55 or older.

Learn more in our full Allstate vs. State Farm comparison and Allstate review.

Does State Farm’s renters insurance cover water damage?
Water damage caused by accidents involving plumbing or appliances is covered, as is damage from frozen plumbing. However, damage from flooding or underground water isn’t covered.

Does State Farm’s renters insurance cover theft?
Yes, your items are covered in the case of theft.

Does State Farm’s renters insurance cover flooding?
No, damage from flooding isn’t covered.

Does State Farm’s renters insurance cover broken windows?
No, damage to the building such as the windows, roof, or siding isn’t covered.

Does State Farm’s renters insurance cover fire?
Yes, if your property is damaged in a fire, your policy will pay to replace your belongings up to the specified limit. It also provides living expenses if you need to find another place to stay while your apartment is being fixed.

Does State Farm’s renters insurance cover roommates?
You would have to add your roommate to the policy, or your roommate would have to purchase their own policy with a separate premium and deductible.

How do I cancel State Farm’s renters insurance?
You can cancel your policy by contacting your agent or through the company’s website.

Does State Farm offer dividends?
Yes, through its bond and money market funds.

Does State Farm have a mobile app, and what can you do with it?
Yes, State Farm’s mobile app allows you to access all of your insurance policies and identification cards. You also can use it to initiate a claim, talk to your agent, upload photos and more.

What other unique services does State Farm offer?
State Farm has a line of four Visa credit cards and other banking products including loans. It also operates the Next Door Cafe and information center in Chicago, a concept it plans to roll out in other cities nationwide.

Does State Farm cover college dorm rooms?
Yes. A college student living on campus is probably covered under their parents’ or guardians’ renters insurance policy. If they live off-campus, such as in a rental home or apartment, they can buy their own renters insurance policy.

Why You Can Trust Us: 15 Renters Insurance Companies Researched

At U.S. News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate the products that you use every day. To build our ratings, we researched more than 15 Renters Insurance Companies and analyzed 12 reviews. Our 360 Reviews team does not take samples, gifts, or loans of products or services we review. All sample products provided for review are donated after review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations.

Tags: State Farm Renters Insurance Review and Prices 2022, State Farm Renters Insurance Review and Prices, State Farm Renters Insurance Review, State Farm Renters Insurance, State Farm Renters Insurance Review 2022, State Farm Renters Insurance 2022, State Farm Renters Insurance Review at okeyreviews.com

Leave a Comment