State Farm is among the best-known insurance companies in the country. The company boasts longevity — it’s been in business since 1922. It sells policies primarily through its network of more than 19,000 agents. Although many know State Farm for its auto and homeowners insurance, it also sells competitive renters insurance.
Don’t assume your landlord’s insurance will cover you if there’s a fire or theft in your rental home. Your landlord’s insurance is designed to cover damage to the physical building itself. Landlord insurance includes roof and walls, but it won’t cover your personal belongings. You are responsible for the replacement of your furniture, clothing, electronics and more — unless you have renters insurance.
State Farm offers renters insurance coverage that protects your personal property. Its coverage also includes liability insurance and loss of use. You can also opt for optional types of coverage like identity restoration and earthquake damage.
State Farm offers just 2 types of discounts. On the plus side, its renters insurance is relatively inexpensive, and you can work with an agent to ensure you have the right amount of coverage.
State Farm also offers an easy claims process and solid customer service, in addition to a mobile app that makes it easy to manage your policy.
State Farm is a good choice for renters who prefer to work with an agent or who already have another type of State Farm policy. Learn more about its options in our State Farm renters insurance review.
- Easy online claims process
- The support of an agent
- User-friendly mobile app
- Only 2 types of discounts
- Below average customer satisfaction ratings from J.D. Power
State Farm Renters Insurance Ratings at a Glance
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State Farm includes several types of coverage in its renters insurance policies. This insurance company is a household name, but how does it help you and your neighbor live comfortably and safely? As with all home insurers, there’s two sides to every coin. Your landlord is insuring the building and State Farm customers are counting on their renter’s insurance to protect their belongings and family.
Personal Property Protection
Personal property protection extends beyond your rental property. It covers your property even if it’s not in your home when it’s damaged. For example, it may cover your laptop if it’s stolen when you travel.
Your personal property protection covers you from losses related to accidents, including vehicle impacts, damage from falling objects and water damage from plumbing or broken appliances. It also covers some types of weather damage, including damage from the weight of snow or ice, lightning, windstorms and hail.
Personal property is also covered in instances of vandalism, theft and damage related to civil unrest.
Liability Protection
Liability coverage helps protect you if someone is injured on your property or if someone in your household causes an injury or property damage. It typically covers the cost of a legal defense and any awards or settlements up to the limits of your policy.
Loss of Use
If damage to your rental property is severe, you may have to relocate while repairs are being completed. Loss of use coverage helps to pay for your living expenses while your home is being repaired, including hotel bills and meals.
Optional Coverage Options
You can also add additional types of coverage, including:
- Additional personal liability coverage. State Farm also offers personal liability umbrella policies. Umbrella policies start coverage when other policies like renters insurance have reached their limits. Liability claims can be expensive, and if it exceeds the limits of your renters insurance coverage, you’re responsible for the difference unless you have an umbrella policy.
- Identity restoration coverage. Identity theft can be overwhelming and expensive to deal with on your own. This coverage allows you to work with a case manager who will work on claims on your behalf and reimburse you for up to $25,000 in costs related to restoring your identity.
- Earthquake insurance. Earthquakes aren’t typically covered by renters insurance, and they happen in more areas than you might think. State Farm offers earthquake insurance in many areas.
If you run a business from your home, your coverage for business property may be limited. You may want to purchase business property insurance to protect any inventory or equipment you keep at home.
What Isn’t Covered
State Farm renters insurance policies don’t cover damage to the buildings, roof and siding of where you live. That typically falls under your landlord’s homeowners policy. It also doesn’t cover water damage from floods and earthquakes.
If you’re concerned about these events, talk to your agent about what types of coverage might be available.
How Coverage Works
Renters insurance policies typically have a deductible. The deductible is the amount you pay for a covered loss before your policy starts paying. For example, if you have a $500 deductible on your personal property coverage, you’ll pay the 1st $500 to repair or replace your belongings before your insurance starts coverage. A higher deductible will lower your policy premiums. Premiums are the amount you pay for coverage.
Policies also have limits, which is the most they will pay in a given year. State Farm allows you to opt for inflation coverage, which automatically increases your limits as the cost of living goes up. A lower limit will reduce your premiums.
You can also choose between replacement cost coverage and actual cash value (ACV) coverage. Replacement cost coverage reimburses you for the cost to replace your items. ACV coverage reimburses you for the current value of your items.
For example, you have a 2-year-old computer that cost $2,000 to buy. You could likely sell it for $1,200 now. It’s damaged when your home office ceiling collapses. Replacement cost coverage would reimburse you for the cost to buy a new computer ($2,000). Actual cash coverage would reimburse you for the amount you could sell your 2-year-old computer for, which is ($1,200).
With State Farm, you have several options for customer service. You can contact State Farm directly at 800-782-8332 for comments or questions or 800-440-0998 to make a payment. The payment line is available 24/7. You can also manage your insurance and make payments using the mobile app.
You can also contact your agent for assistance or for help meeting with an adjuster. A representative can help you schedule meetings, collect valuable information about a claim or direct you to the division that should take your request.
State Farm makes the claims process easy. You can file a claim online using an intuitive dashboard that lists some of the most common reasons for claims (wind or hail damage, stolen property or water damage).
If your claim doesn’t fit within those reasons, you can click on the type of insurance you have and use that to start your claims process.
Remember, if you’re a business owner, you may also be filing a claim against your business coverage. If so, you will want the contact information for every adjuster who may want to visit your site.
You can also file a claim using the mobile app or by calling State Farm at 800-732-5246.
State Farm offers extensive options for tailoring your policy to your needs, but it only offers 2 discounts. The 1st is its multiple line discount. This saves you money on your premiums if you have both auto and renters insurance with State Farm.
The 2nd is its home alert protection discount. This discount is for having burglar alarms, smoke detectors and other home monitoring devices. If you have any of these devices, let State Farm know so you can save on your premiums.
Speak to your State Farm agent about any other discounts for which you may qualify. Like a good neighbor, they will help you get the best premium and the most robust coverage.
State Farm offers an excellent app that makes managing your policy simple. You can file and manage claims, including uploading pictures and documents.
You can also access your policy information and connect with your agent from the app, which is critical in an emergency. You don’t have to try to find your policy information or your agent’s business card; you can just use the app to start a claim and contact your agent.
State Farm has several options for customizing your policy, and you can work with an agent. It only offers 2 discounts, though, and you may not want to work with an agent with all the online insurance options on the market.
Overall, State Farm renters insurance is best for those who prefer personal service or who already have another State Farm policy.
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