State Farm Auto And Renters Insurance – Expert advice from Bob Vila, the most trusted name in home improvement, home improvement, home improvement, and DIY. Tried, true, trusted home advice
State Farm, a household name for homeowners insurance, offers surprisingly strong coverage for renters State Farm claims to offer the cheapest renters insurance nationwide. Our State Farm renters insurance review takes a look at company policies to see if it’s worth the cost of coverage.
State Farm Auto And Renters Insurance
Renters insurance can be a valuable asset for tenants who want to protect their belongings in the worst-case scenario such as theft. This type of insurance can help the renter cover the cost of purchasing replacement items if their possessions are stolen or damaged in an accident. Since landlords are not responsible for tenants’ belongings, renters without adequate coverage can be left paying to replace their property entirely out of pocket. As such, purchasing renters insurance can be worth it for renters because this type of policy can help protect their belongings and recover any damages after a covered event.
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As a nationwide insurance company, State Farm may be 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 that promise? Our State Farm renters insurance review weighs the pros and cons of each provider, so tenants can make a more informed decision when comparing their renters insurance options and purchasing coverage.
Our Verdict: State Farm offers solid rental insurance policies at relatively reasonable prices. The company’s nationwide footprint means tenants nationwide can apply for a policy, and a variety of support options—including mobile and online tools—make it easy to get a quote or file a claim in many situations. do
State Farm presents itself as an insurance company that is able to provide personal assistance at an affordable rate. The company’s website focuses on options for policyholders to lower their insurance rates, such as by bundling auto and home or rental policies. Prospective customers are also encouraged to contact a representative to obtain a personalized policy that suits their needs and specifications.
The company also bills itself as a technologically sophisticated insurance provider with the resources to provide a more satisfying customer experience. For example, State Farm heavily promotes its mobile app, which has advanced capabilities such as biometric login credentials and smartwatch compatibility. This combination of important career resources and a personal touch can certainly be appealing, but does State Farm’s rental insurance hit the mark?
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Based in Bloomington, Illinois, State Farm offers insurance products—including rental insurance—in all 50 states as well as in Washington, D.C. According to the company’s website, State Farm has more than 19,000 agents located nationwide. To help customers. They need insurance. 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 to work with established companies over new organizations.
State Farm’s finances are also strong, with the company having an A++ rating from AM Best. This is the highest rating given by an independent credit rating agency—a distinction limited to only a few insurance companies that can demonstrate a superior ability to meet their obligations to customers. Such a high rating indicates that State Farm has an excellent credit rating, along with a healthy financial position. The benefits of this high rating for customers are twofold: they can feel confident that State Farm will continue to provide coverage for the foreseeable future and that the company will have sufficient funds to pay insurance claims.
State Farm’s slogan, “Like a good neighbor, State Farm is there,” reflects its stated commitment to its customers and their communities. The company is involved in many community grants, sponsorships, and partnerships to promote environmental and social awareness. This community involvement may appeal to renters who want to work with an insurance company that supports the same ideals they care about most.
State Farm provides a very robust online experience for customers looking to purchase renters insurance. The online quote tool is transparent and easy to use, allowing renters to see their estimated insurance rates in short order. After customers provide their address, the tool will show them the average cost of renters insurance paid by other renters in their zip code. However, in some cases, the quote tool can time out quickly and without notice, forcing users to re-enter their information to get back on their quote.
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Once their quote is in hand, customers can choose to finalize their purchase and enroll in the policy through the State Farm website. It is worth noting that the coverage is subject to the approval of the application, which is not guaranteed even after a customer has paid an initial insurance premium. All this digital customer travel may appeal to travelers 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 in case their landlord needs renters insurance.
Other online resources may be somewhat limited to site visitors interested in renters insurance. Although State Farm has several FAQ pages that cover insurance questions, for example, none of them specifically address renter’s insurance. Another drawback is that State Farm does not allow policyholders to cancel their insurance policies online. Instead, customers will need to either talk to an agent over the phone or in person to cancel their coverage.
What does State Farm renter insurance cover for renters? A standard renters insurance policy from State Farm will provide up to $20,000 of personal property coverage. This coverage protects tenant belongings such as furniture, clothing, and electronics in case they are stolen, vandalized, or damaged by fire or storm. Tenants can choose to increase this limit if they wish, with coverage amounting to $110,000. Responsible 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 also provides $1,000 of coverage to pay for medical expenses if a visitor is injured on the rental property due to the fault of the renter. Policyholders can also increase their coverage amount for medical payments to others up to $10,000, which will lead to a higher premium.
State Farm renters insurance coverage may be limited to certain types of property. For example, each policy includes $1,000 coverage for jewelry and furs, with an option to increase policy limits to $5,000. Silverware and goldware are also covered by a separate limit—$2,500 included, but renters can increase it. Up to $10,000 if they need more protection. A notable inclusion that may not be available with other rental insurance policies is the standard $2,500 coverage for firearms. The renter also receives $1,500 in business property protection, which can help pay for replacing any property in the rental unit that is used to run the business (except computers and laptops).
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Renters insurance does not cover property damage to the building itself, including roofing or siding, as this type of damage should be covered by landlord insurance. State Farm policies do not include coverage for water damage due to flooding or groundwater. The caveat to this exclusion is that renters can choose to purchase an endorsement for sewer and drain backup, which may cover incidents involving running water. In the same vein, although renters policies do not include earthquake coverage by default, policyholders can purchase additional endorsements that help replace personal property damaged during earthquake activity.
Prospective customers may want to be aware that renter’s insurance only provides coverage to the policyholder, even if a rental property has multiple tenants living in the same location. This means that a State Farm apartment insurance policy will not protect the property of the policyholder’s roommate. Also, as noted, State Farm’s business property protection excludes computers and laptops from its coverage, so renters who operate their business out of their home may need to purchase additional coverage elsewhere. will need Additionally, it’s a good idea to take note of the different coverage amounts for different types of equipment. State Farm policies set separate coverage limits for jewelry, fur coats, and other high-value items, and these coverage caps are often much lower than the cost of replacing those items.
State Farm offers additional coverage options for policyholders to either add it to their renters insurance or purchase it as a separate policy. Additional coverage includes paying for drain or sewer backups to replace rental unit contents that are damaged or destroyed by groundwater or sewage overflows. This policy option only pays a certain percentage of the value of the damaged property — either 15 percent or 30 percent — instead of covering
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