State Farm Auto And Renters Insurance Quote – Expert advice from Bob Vila, the most trusted name in home improvement, home remodeling, home repair and DIY. Tried, true, trusted home advice
State Farm, the household name for homeowners insurance, offers surprisingly strong coverage for renters State Farm offers affordable renters insurance across the country. Our State Farm renters insurance review takes a look at company policies to see if the coverage is worth the cost.
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Renters insurance is a valuable asset for renters who want to protect their belongings in the worst-case scenario, such as theft. This type of insurance helps renters cover the cost of purchasing replacement items if their property is stolen or damaged by a covered incident. Because landlords are not responsible for tenant possessions, tenants without adequate coverage may be left paying to replace their property entirely out of pocket. Likewise, purchasing renter’s insurance can be beneficial for renters as this type of policy can help protect their belongings and recover any losses after a covered incident.
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As a nationwide insurance company, State Farm may seem like a safe choice for renters looking to purchase renters insurance. The company claims to provide affordable coverage to policyholders across the country, but can it deliver on this promise? Our State Farm renters insurance review weighs the benefits and drawbacks of each provider so renters can make a more informed decision when comparing their renters insurance options and purchasing coverage.
Our Verdict: State Farm offers solid renters insurance policies at relatively reasonable rates. The company’s nationwide footprint means that renters across the country can apply for a policy, and various support options, including mobile and online tools, make getting a quote or filing a claim easy to accomplish in many cases.
State Farm presents itself as an insurance company capable of providing personalized support at affordable rates. The company’s website focuses on options for policyholders to lower their insurance rates, such as by bundling auto and home or renter’s policies. Potential customers are urged to contact a representative to receive a personalized policy tailored to their needs and specifications.
The company bills itself as a technologically advanced insurance provider with the resources to provide a highly satisfactory customer experience. For example, State Farm heavily promotes its mobile app, which includes advanced capabilities such as biometric login credentials and smart-watch compatibility. This combination of top carrier resources and a personalized touch can certainly be appealing, but does State Farm’s renters insurance hit the mark?
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Based in Bloomington, Illinois, State Farm offers insurance products in all 50 states and Washington, DC, including renters insurance. According to the company’s website, State Farm has more than 19,000 agents nationwide to assist customers. Their insurance needs. With a century of experience under its belt—the company was founded in 1922—State Farm brings significant expertise to the insurance market, which may appeal to tenants who prefer working with an established company over newer firms.
State Farm’s financials are also strong, with the company holding an A++ rating from AM Best. It is the highest rating given by an independent credit rating agency—restricted to certain insurance companies that demonstrate a superior ability to meet their obligations to consumers. Such a high rating indicates that State Farm has an excellent credit rating with a healthy financial situation. The benefits of this high rating to consumers are twofold: State Farm will continue to provide coverage for the foreseeable future, and they can be confident that the company has sufficient funds to pay insurance claims.
State Farm’s slogan, “Like a good neighbor, State Farm is there,” reflects its commitment to its customers and their communities. The company is involved in several community grants, sponsorships and partnerships to promote environmental and social awareness. This community involvement may appeal to tenants who want to work with an insurance company that supports the same ideals they care most about.
State Farm provides a very compelling online experience for consumers looking to purchase renters insurance. The online quote tool is transparent and easy to use, allowing renters to view their estimated insurance rate in a short order. After a customer provides their address, the tool shows the average price of renters insurance paid by other renters in their ZIP code. However, in some cases, the citation tool may time out fairly quickly and without notice, forcing users to re-enter their information to return to their citation.
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Once they have their quote in hand, customers can choose to finalize their purchase and enroll in the policy through the State Farm website. It is important to note that coverage is subject to application approval, which is not guaranteed even after the initial insurance premium payment has been made by the customer. This all-digital customer journey may appeal to renters who want to avoid contacting an insurance agent when signing up for coverage. Renters may find this online process helpful because State Farm will immediately send proof of coverage if their landlord requires renters insurance.
Other online resources may be somewhat limited for site visitors interested in renters insurance. Although State Farm has several FAQ pages covering insurance questions, for example, none of them specifically address renters insurance. Another drawback is that State Farm does not allow policyholders to cancel their insurance policies online; Instead, customers need to speak to an agent over the phone or in person to cancel their coverage.
What does State Farm Renters Insurance offer to renters? A standard renters insurance policy from State Farm provides personal property coverage up to $20,000. This coverage protects furniture, clothing, and electronics if the tenant’s belongings are stolen, vandalized, or damaged by fire or storm. Renters can choose to increase this limit if they wish, capping the coverage amount at $110,000. Policyholders also get personal liability protection with a coverage limit of $100,000, which provides coverage in case they cause property damage. Being liable for another person’s injury. They can choose a higher coverage amount, up to $1 million, but doing so will increase their monthly premium. State Farm provides $1,000 in coverage to pay for medical expenses if a visitor is injured on the tenant’s property through any fault of the tenant. Policyholders can increase their coverage amount up to $10,000 for medical payments to others, resulting in higher premiums.
State Farm renters insurance coverage may have certain limitations on certain types of possessions. For example, each policy includes $1,000 coverage for jewelry and fur, with an option to increase policy limits up to $5,000. Silverware and goldware carry a separate limit of $2,500, but renters can collect it. For $10,000 if they need more coverage. A notable inclusion not available with other renters insurance policies is the standard $2,500 coverage for firearms. Renters also get $1,500 in business property protection, which helps replace any property in the rental unit (except computers and laptops) used to run the business.
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Renter’s insurance does not cover property damage to the building, including roof or siding, as this type of damage should be covered by landlord’s insurance. State Farm policies do not include coverage for water damage caused by flooding or groundwater. The caveat to this exclusion is that tenants may choose to purchase approval for sewer and drain backups, which may include events involving overflowing water. In a similar vein, although renters policies do not include earthquake coverage by default, policyholders can purchase add-on endorsements that help reimburse personal property damaged during seismic activity.
Prospective customers may be aware that renters insurance only provides coverage for the policyholder, even if the rental property has multiple tenants living in the same space. This means that a State Farm apartment insurance policy does not protect property owned by the policyholder’s roommates. Also, as noted, State Farm’s business property coverage excludes computers and laptops from its coverage, so renters who run their own business out of their home may need to purchase additional coverage elsewhere. In addition, it is good to note the different range of amounts for certain types of material. State Farm policies set separate coverage limits for jewelry, fur coats and other high-value items, and those coverage caps are significantly lower than what it would cost to replace those items.
State Farm offers several additional coverage options for policyholders to add to their renters insurance or purchase as a separate policy. Add-on coverage includes drain or sewer backup to pay to replace the contents of a rental unit damaged or destroyed by groundwater or sewer encroachment. This policy option pays only a certain percentage of the value of the damaged property—15 percent or 30 percent—in lieu of cover.
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