STATE FARM RENTERS INSURANCE REVIEW 2023

State Farm is the best renters insurance in 2023 because it offers online quotes, individualized coverage, claims, cost and discounts for multiple policies. This review will examine the company’s background, renters insurance policies, competitive landscape, and advantages and disadvantages of selecting State Farm as your renters insurance provider.

State Farm Renters Insurance

This is a well-established name in the insurance industry, and it also happens to be one of the oldest insurance providers in the country. State Farm provides renters insurance in all 50 states at competitive rates and with a variety of coverage options to suit your needs. Discounts for bundling policies together and for installing a security system in your home are both on the table. According to AM Best, this insurer is financially stable and has a high likelihood of paying out claims, so they gave it an A++ rating.

Renters insurance from State Farm protects against a wide variety of catastrophes and compensates for lost income if a covered loss renders a home or apartment uninhabitable. There is no coverage for damage from the actual property, potential flooding, landslides, settlement, deterioration, or animal activity. You can also buy extra coverage, such as medical insurance for your pet or identity restoration.

State Farm Renters Insurance Coverage

It consistently has lower rates than a lot of its competitors. It also lets you choose from several different deductibles, which gives you even more control over costs and insurance coverage. That said, State Farm’s low price does not equate to poor quality. Property, liability, and medical payments are all covered, and you can strengthen your policy with four different endorsements from the company. There is a human element to business dealings thanks to its extensive network of local insurance agents. If your dog were to bite a neighbor, for example, renters insurance could protect you financially if your dog were to bite someone else.

Standard State Farm renters insurance policies include the following forms of protection:

#1. Personal Property

One of the main advantages of renters insurance is that it protects your personal belongings even if the building itself is damaged. After a covered loss, State Farm will pay up to $100,000 to repair or replace your personal property. This includes things like electronics, furniture, and clothing. Commonly insured risks include fire and smoke damage, vandalism, and theft, but earthquakes and other natural disasters are typically excluded.

#2. Loss of Use

State Farm will cover the cost of temporary housing and food if you have to move out of your home because a covered loss has rendered it uninhabitable. State Farm renters insurance will pay for alternative housing or living expenses for you and your family for up to two years if your rental property is rendered uninhabitable due to a covered peril.

#3. Liability

In addition to property coverage, personal liability insurance is a key feature of a State Farm renters insurance policy. This safeguards you if you cause harm to another person or damage to their property. If you have liability insurance through State Farm, the company may pay for your medical bills and legal representation.

#4. Medical Payments to others

If a visitor to your rental property sustains an injury, State Farm will pay for their medical bills up to the policy’s limits. This is true whether the injury occurred in your own home or elsewhere and you were found legally responsible for it.

Add-ons/Additional Coverage

The needs you have may not be met by a typical renters insurance policy. To further tailor your insurance, State Farm provides the following options:

#1. Identity Restoration

Restoring your identity is covered under this policy, which safeguards you against fraud, identity theft, and online attacks. You can get help in the event of identity theft and have your costs reimbursed, monitor your credit report for suspicious activity, recover data lost in a cyber attack, and more. The annual fee is $25, and it covers both you and your spouse, as well as any children under the age of 21 who live with you.

#2. Earthquake Damage

State Farm’s standard renters insurance policy is similar to the majority of others in that it does not cover earthquake damage. Contrary to relying on government-backed aid after an earthquake, State Farm provides the option of purchasing earthquake coverage.

#3. Business Owners Policy

Adding business coverage to your renter’s policy gives you the flexibility to tailor your insurance to the specific needs of your company. A business owner policy (BOP) is an additional insurance policy that can be purchased. It is a safety net that combines homeowner’s and liability insurance in case anything goes wrong. This works best for enterprises of medium or small size.

#4. Business and Professional Liability Insurance

Insurance for businesses and professionals protects them from legal action stemming from claims of negligence or breach of contract related to the rendering of professional services. The price will vary based on the type and size of your company.

The liability coverage that comes with your regular policy is not always enough if you hurt someone or damage their property. Everyone hopes they will never have to use their insurance, but knowing that you are protected in the event of a major claim or lawsuit is important.

Can You Describe the Exclusions to State Farm Renters Insurance?

State Farm, like most insurance companies, does not pay for repairs to the building itself if a tenant causes damage. The landlord is responsible for that. Neither earthquakes, landslides, nor groundwater flooding are excluded as causes of damage.

if you and your roommate are both named insured on the policy, you will both be protected. It is legal, but we do not advise doing it. You should seriously consider getting additional insurance for everyone residing with you if your policy does not cover your roommate(s).

State Farm Renters Insurance Cost

The average monthly cost for state farm renters insurance is between $15 and $30, though this can vary widely based on factors like location.

Different factors, including your home’s size, location, age, and construction, the type of coverage you request, and the information you provide during the quoting process, can all affect the final price you pay.

State Farm Renters Insurance Claims

State Farm insurance allows renters to file claims via their mobile app, website, or by calling in. It is critical to understand how to report a claim on your state farm renters insurance because it enables you to include a comprehensive inventory of your possessions if you must make a claim. Renters insurance policyholders often make lists of their belongings as they pack to move. Here are a few tips.

Take stock of your possessions. When the time comes to file a claim as a renter, this will be a huge help.
Take photos. It is a smart move to document your entire rental unit and all of your possessions with photographs.
Keep detailed records. Keep all your receipts, pictures, registrations, and other paperwork in a safe or fireproof place. Having documentation of the item’s current actual cash value or replacement cost can be very useful when filing a claim.

The insurance company will begin looking into your claim after you have filed it and provide all the necessary documentation, such as receipts and a description of what happened.

The insurance company will examine the claim file, and they may even send an investigator to the property. Often times, the insurance company may ask for a list of lost or damaged items. They may require proof of purchase, photos, descriptions, dates, prices, locations, and more for the items reported missing. The policyholder and a claim associate collaborate to establish a monetary value for lost or stolen property and the cost of repairs.

The insurance company decides whether to pay for repairs or reimburse the renter based on what they find during the claim review process and what the policy includes.

State Farm Renters Insurance Reviews

Reviews from customers say that the company’s agents are helpful and know a lot about insurance. Renters can also make their policies unique by adding up to five extra coverages and three discounts. The views of policyholders were very divisive. Many reviews are either very positive or very negative for State Farm. Conversely, unhappy clients bemoaned State Farm’s lack of follow-up and responsiveness following their claim submission. In addition, some claimants had trouble getting paid after filing a complaint.

Customer Satisfaction Rating

According to the most recent U.S. Home Insurance Satisfaction Study by J.D. Power, State Farm has an 844 out of a possible 1,000 customer satisfaction rating. J.D. Power determines customer satisfaction by questioning a random sample of policyholders about their experiences with the company’s customer service, pricing, billing, policy details, and claims. The average for this sector is 848, so State Farm is more highly regarded than its rivals in this regard.

Financial Stability Rating

The ability of an insurance provider to meet its commitment to pay valid claims is reflected in its rating for financial stability. AM Best evaluates the financial health of insurance companies and assigns a rating based on that evaluation. State Farm has an excellent track record of being able to fulfill its financial commitments, as evidenced by AM Best’s A rating.

State Farm Renters Insurance Discounts

They already have competitively priced renters insurance policies, but you could save even more by qualifying for one of up to three available discounts. Discounts and their eligibility requirements can differ from one state to the next.

Multi-Policy: State Farm, like many of its rivals, offers discounts to customers who bundle multiple policies, such as home and auto insurance. State Farm asserts that you may be able to save enough on your renters insurance premium, depending on where you live, how much coverage you carry, and other factors, to pay for the entire premium in a single year.
Home alert protection: Installing safety features like smoke detectors, burglar alarms, and security cameras in your home can help mitigate the financial impact of a covered loss. In addition, you could save money on your insurance by doing this.
Elevated deductibles: The amount you pay following a covered loss is your policy deductible. You can reduce the amount of risk your insurer takes on and your monthly premiums by increasing your deductible. Finding the optimal balance between coverage and premium cost requires careful consideration of individual needs.

State Farm Renters Insurance Quotes

You can receive a quote for renters insurance from State Farm by going to their website and filling out the form labeled “Get a Renter’s Quote.” When applying for renters insurance through State Farm, you will need to provide the following details:

Date coverage begins
The total of contents to be insured
Any business that takes place on the property
Home security features, like locks and alarms
Your insurance claims experience during the past five years

Is State Farm Renters Insurance Worth it?

State Farm provides renters with a variety of insurance options and savings. They are a national insurance provider with local offices all over the country. State Farm’s renters insurance may be a good choice if you are in the market for protection for your belongings.

Is State Farm Renters Insurance Good?

State Farm provides excellent protection for renters and equally impressive service. Moreover, it provides excellent renters’ insurance. State Farm’s renters insurance is among the best available due to its low complaint rate, convenient online claim filing and tracking, and a wide variety of coverage options.

Can I Add Someone to My State Farm Renters Insurance?

Calling your State Farm agent is all it takes to add a roommate to your renters insurance policy. You can add a State Farm renters insurance policyholder by contacting your insurance agent and providing the required information about the policyholder.

Why Do I Need Renters Insurance?

Renters insurance protects your belongings in the event of a covered loss, such as a burglary, fire, or tornado. Renters insurance can also protect you from financial ruin in the event that a visitor to your rental property is injured. Up to the policy’s limits, renters insurance protects you from financial loss due to theft, fire, vandalism, or other covered events.

How Can I Cancel State Farm Renters Insurance?

Renters insurance policies from State Farm can be canceled by calling an agent, writing a letter, or visiting an office. To cancel a policy, you must give the insurer your full name, complete mailing address, phone number, policy number, and the effective date of cancellation. You must specify your new insurance company, policy number, and effective date if you are switching policies.

Does State Farm Renters Insurance Cover Dog Bites?

Assuming your dog does not belong to a prohibited breed or has never bitten anyone before, your renters insurance will likely cover any injuries caused by your pet. State Farm does not care what kind of dog its customers have when deciding whether or not to insure them for their home or apartment, and neither do most other insurance companies that cover dog bites.

Conclusion

State Farm has a perfect score because of how well it serves its customers, how secure its finances are, and how reasonably priced its policies are. The company’s website is equipped with a plethora of resources designed to facilitate and clarify interactions with customers. Renters may benefit from State Farm’s competitive rates, extensive selection of optional coverages, and convenience of online quote requests. There are a few issues with State Farm renters insurance, but the company’s low rates may make up for them.

State Farm Renters Insurance