State Farm Auto And Renters Quote – Expert advice from Bob Vila, the most trusted name in home improvement, home remodeling, home repair and DIY. Tried, true and trusted home advice
State Farm, a household name for homeowners insurance, offers surprisingly strong coverage for renters. State Farm claims to offer affordable renters insurance nationwide. Our State Farm renters insurance review takes a look at the company’s policies to see if the cost of coverage is worth it.
State Farm Auto And Renters Quote
Renters insurance can be a valuable asset for renters who want to protect their belongings in the worst-case scenario, such as a burglary. This type of insurance can help renters cover the cost of purchasing replacement items if their property is stolen or damaged by a covered event. Because landlords are not responsible for tenants’ belongings, tenants without sufficient coverage may have to pay to replace their belongings entirely out of pocket. As such, purchasing renters insurance can be worthwhile for renters because this type of policy can help protect their belongings and recover losses after a covered event.
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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 offer affordable coverage to policyholders across the country, but can it deliver on that promise? Our State Farm renters insurance review weighs provider pros and cons so renters can make a more informed decision when comparing renters insurance options and purchasing coverage.
Our Verdict: State Farm offers solid renters insurance policies at relatively reasonable prices. The company’s national footprint means renters across the country can apply for a policy, and the variety of support options, including mobile and online tools, can make it easy to get a quote or file a claim. claim is easy in many circumstances.
State Farm presents itself as an insurance company that is able to provide personalized support at an affordable price. The company’s website focuses on options for policyholders to lower their insurance rates, such as combining auto and home or renters policies. Prospective customers are also encouraged to contact a representative to receive a personalized policy tailored to their needs and specifications.
The company also presents itself as a technologically sophisticated insurance provider with the resources to deliver a more satisfying customer experience. For example, State Farm heavily promotes its mobile app, which includes advanced features such as biometric login credentials and smartwatch compatibility. This combination of top carrier resources and a personalized touch can certainly be attractive, but is State Farm renters insurance coming to an end?
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Headquartered in Bloomington, Illinois, State Farm offers insurance products, including renters insurance, in all 50 states as well as Washington, D.C. According to the company’s website, State Farm has more than 19,000 agents nationwide to help customers with their insurance needs. With a century of experience under its belt (the company was founded in 1922), State Farm brings significant experience to the insurance market, which may appeal to tenants who would rather work with an established company than newer organizations .
State Farm’s financials are also strong, with the company rated A++ by AM Best. This is the highest rating awarded by the independent credit rating agency, a distinction restricted 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 participates in a number of 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 that matter most to them.
State Farm offers a pretty solid 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 rate at short notice. After customers provide their address, the tool will show them the average price of renters insurance paid by other renters in their zip code. However, in some cases, the quote tool can time out quite quickly and without warning, forcing users to re-enter their information to return to their quote.
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Once they have the quote in hand, customers can choose to finalize their purchase and enroll in a policy through the State Farm website. It is worth noting that coverage is subject to application approval, which is not guaranteed even after a customer makes an initial payment of the insurance premium. This fully digital customer journey may appeal to renters who would prefer to avoid contacting an insurance agent when signing up for coverage. Renters may also find this online process helpful because State Farm will send proof of coverage right away if your landlord requires renters insurance.
Other online resources can be a bit limiting for site visitors who are interested in renters insurance. While State Farm has several FAQ pages that cover questions about insurance, 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 will need to speak to an agent by phone or in person to cancel their coverage.
What does State Farm renters insurance cover for renters? A standard State Farm renters insurance policy will provide personal property coverage up to $20,000. This coverage protects tenants’ belongings such as furniture, clothing and electronics if they are stolen, vandalized or damaged by fire or storm. Renters can choose to increase this limit if they wish, with a coverage limit of $110,000. Policyholders will also receive personal liability protection with a coverage limit of $100,000, which provides coverage in the event that they cause property damage themselves or are responsible for another person’s injuries. 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 in coverage to pay medical expenses if a visitor is injured on the tenant’s property through no fault of the tenant. Policyholders can also increase their coverage amount for medical payments to others up to $10,000, which will result in a higher premium.
State Farm renters insurance coverage may have some limitations on certain types of possessions. For example, each policy includes $1,000 in coverage for jewelry and fur, with the option to increase policy limits up to $5,000. Silver and gold are also covered with a separate limit: $2,500 is included, but renters can increase that. to $10,000 if they need more protection. One notable inclusion that may not be available with other renters insurance policies is the standard $2,500 coverage for firearms. Renters also receive $1,500 in business property protection, which can help pay to replace any possessions in the rental unit that are used to run a business (except computers and laptops).
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Renters insurance does not cover property damage to the building itself, including the roof or siding, as this type of damage should be covered by your homeowner’s insurance. State Farm policies also do not include coverage for water damage caused by flooding or groundwater. The caveat to this exclusion is that renters may choose to purchase an endorsement for sewer and drain backups, which may cover incidents involving water overflow. Similarly, although renters policies do not include earthquake coverage by default, policyholders can purchase additional endorsements that help pay to replace personal property damaged during seismic activity.
Prospective customers may want to be aware that renters insurance only provides coverage to the policyholder, even if a rental property has multiple tenants living in the same space. This means that a State Farm apartment insurance policy will not protect possessions owned by the policyholder’s roommates. Also, as noted, State Farm’s business property protection excludes computers and laptops from its coverage, so renters who run their own business outside the home may need to purchase additional coverage in another place In addition, it is worth considering the different amounts of coverage for certain types of belongings. State Farm policies set separate coverage limits for jewelry, fur coats, and other high-value items, and those coverage limits are usually significantly less than what it might cost to replace those items.
State Farm offers a number of additional coverage options for policyholders to add to their renters insurance or purchase as a separate policy. Additional coverage includes drain or sewer backup to pay 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, rather than covering
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