State Farm Renters Insurance Review and Prices
State Farm, headquartered in Bloomington, Illinois, began with selling auto insurance in 1922 and currently offers around 100 different products, including renters insurance. With more than 83 million policies and accounts, State Farm insures more homes and autos than any other corporation in the United States.
State Farm’s national average for renters insurance is among the most reasonable in our assessment, despite the fact that the price of your policy can vary depending on the location, size, and style of your home as well as the level of coverage and policy limits you select. Although its renters insurance doesn’t offer a wide range of discounts, the generally cheaper costs can still make it affordable.
What Is Covered by State Farm’s Renters Insurance Policy?
A State Farm policy covers your personal property in the event that it is damaged or stolen, similar to the majority of renters insurance policies. This could apply to possessions you store outside of your home as well as furniture, gadgets, clothing, and other objects kept inside your flat. You are protected, for instance, if someone steals something out of your car. Items that belong to your landlord that are on your patio, deck, driveway, or garage may also be covered by renters insurance. In the event that a visitor to your home is hurt and sues, your insurance will also protect you.
The following are included under State Farm renters insurance:
Personal property: This includes mishaps like car collisions and fire, smoke, and water damage from appliances or plumbing, inclement weather like ice, sleet, snow, lightning, and windstorms, as well as criminal activity like theft and vandalism.
Liability: In the event that someone sues for physical harm or property damage, a State Farm renters insurance policy will provide liability coverage.
This might also cover the price of the wounded party’s defense in court and their medical bills.
Loss of use: If a covered loss renders your home unusable for a period of up to two years, State Farm renters insurance will pay for living expenses or the relocation of your family members.State Farm consumers have access to a large network of 19,000 agents and may manage their insurance
through a variety of channels, including a smartphone app that allows them to file claims and pay premiums.
What Excludes from State Farm Renters Insurance?
Damage to the building itself is not covered by typical renters insurance policies, including State Farm’s, because this is covered by the landlord’s insurance. Damage from earthquakes or landslides is likewise not covered, nor is water damage brought on by flooding or groundwater.
Finally, if roommates are named on the policy, they may be protected by renters insurance. Although it is allowed, we typically do not advise it. If you share a home with others, be sure your insurance covers everyone and encourage your roommates to acquire their own policies if yours doesn’t.
What Other Renters Insurance Coverages Does State Farm Provide?
State Farm provides a number of extra renters insurance options. For specifics on premiums and deductibles, speak with your insurance representative.
Only a few of the additional coverages you can add are listed below:
Consider a personal items policy if you own expensive personal property that needs covering above and beyond what your renters insurance would provide. In the event of theft or unintentional damage, it is helpful for jewels, fine art, collectibles, musical instruments, and other expensive valuables.
Pet health insurance Do you live with a pet in your apartment? Through the pet insurance company Trupanion, State Farm provides a policy that can assist with the cost of medical care.
Extra liability protection: If you find yourself in need of additional protection in the event of a significant insurance claim or legal action, a personal liability umbrella policy can offer you more coverage than your current renters insurance policy.
Identity recovery: If your identity is stolen and you have to pay out of pocket to try to regain it, this coverage reimburses you. Additionally, State Farm will designate a case manager to communicate on your behalf with financial institutions directly.
While ordinary renters insurance policies typically do not cover damage to your home or personal items from an earthquake, you can get supplementary coverage for this type of loss. The cost of premiums varies by state, with lower rates in less risky states.
How can I purchase a State Farm renters insurance policy?
Start with a quote to get a renters insurance policy from State Farm. A State Farm representative can be contacted or a quote can be obtained online. Basic details like your birthdate, residential address, and the date you want your insurance to start are required.
You’ll also be asked to provide information about how many people live with you, whether any security systems are in place, and whether anyone works from home in your household. You can select the insurance limitations, and an agent will be assigned to you.
What is State Farm’s claim filing procedure?
You can submit a claim for renters insurance via the State Farm website, mobile app, or by calling State Farm directly. It will be expected of you to record as much as you can using pictures and notes. If you have any questions, a State Farm agent will get in touch with you, and you’ll be given a claim handler or team.
The claim handler will figure out the cost of the damage and whether your occurrence is covered. You can get paid by check or direct deposit if you’re qualified for a settlement.
Allstate vs. State Farm
Allstate and State Farm, two trustworthy insurance providers, have AM Best ratings of A and A++, respectively. State Farm offers a number of extra options for insurance add-ons that can be added to a renters insurance policy, including the opportunity to buy a separate pet insurance policy, incidental business liability coverage, and additional commercial property.
Based on a nationwide average, our study showed that Allstate is often more expensive than State Farm. If you combine your renters insurance coverage with another insurance policy, like auto insurance, both companies will give you a discount. Additionally, Allstate offers a discount if the policyholder is 55 years of age or older, while State Farm offers a discount if you have a security alarm or system installed.
Is water damage covered by State Farm’s renters insurance?
Both frozen plumbing damage and water damage brought on by incidents involving plumbing or appliances are covered. Damage resulting from flooding or subterranean water, however, is not protected.
Is fire covered by State Farm’s renters insurance?
Yes, your policy will cover the cost of replacing your possessions up to the stipulated maximum if a fire damages your property. Additionally, it covers living costs in case you have to find a different place to live while your apartment is being fixed.
What more distinctive services does State Farm provide?
Four different Visa credit cards are available from State Farm, along with other banking services and loans. Additionally, it runs the Next Door Cafe and information center in Chicago. It aims to expand this idea to other towns around the country.
