State Farm Renters Insurance Phone Number – Bob Villa’s expert advice, the most trusted name in home improvement, home remodeling, home repair and DIY. Tried, true, trusted home advice
State Farm, a household name in homeowners insurance, offers surprisingly strong coverage for renters, with State Farm claiming to offer affordable renters insurance across the country. Our State Farm renters insurance review takes a look at company policies to see if they’re worth the cost of coverage.
State Farm Renters Insurance Phone Number
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 possessions are stolen or damaged by a covered event. Since landlords are not responsible for tenants’ belongings, tenants without adequate coverage may be left paying to replace their possessions entirely out of pocket. As such, it may be worth it for renters to purchase renters insurance as this type of policy can help protect their belongings and cover any damages after a covered event.
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As a nationwide insurance company, State Farm appears to be 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 this promise? Our State Farm renters insurance review weighs provider pros and cons so renters can make a more informed decision when comparing their renters insurance options and purchasing coverage.
Our Verdict: State Farm offers a solid renters insurance policy at a relatively reasonable rate. The company’s nationwide footprint means that tenants across the country can apply for a policy and a variety of support options—including mobile and online tools—make it easy to accomplish in many circumstances to get a quote or file a claim.
State Farm presents itself as an insurance company capable of providing individual 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 renters policies. Prospective customers are also requested to contact a representative to obtain a personalized policy tailored to 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 instance, State Farm heavily promotes its mobile app, which has advanced capabilities like biometric login credentials and smart-watch compatibility. This combination of main carrier resources and a personal touch can certainly be attractive, but does State Farm’s renters insurance suffer?
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Based in Bloomington, Illinois, State Farm offers insurance products in all 50 states as well as Washington, D.C.—including renters insurance. 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 underwriters who would prefer to work with an established company over newer entities.
State Farm’s finances are also strong, with the company holding an A++ rating from AM Best. This is the highest rating given by an independent credit rating agency – this distinction is limited to certain insurance companies that can demonstrate superior ability to meet their obligations to customers. Such a high rating indicates that State Farm has an excellent credit rating, as well as a healthy financial situation. The benefits of this high rating for consumers 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 motto, “Like a good neighbor, State Farm is there,” reflects its commitment to its customers and their communities. The company is involved in a number of 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 about most.
State Farm offers a robust online experience for customers looking to purchase renters insurance. The online quote tool is transparent and easy to use, allowing tenants 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 fairly quickly and without notice, forcing users to re-enter their information to get back to 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 payment of the initial insurance premium by the customer. This all-digital customer journey may appeal to renters who would prefer to avoid contacting an insurance agent when signing up for coverage. Renters can also 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 to site visitors who are 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, consumers will need to speak with an agent over the phone or in person to cancel their coverage.
What insurance does State Farm Renters cover for renters? A standard renters insurance policy from State Farm will provide up to $20,000 in personal property coverage. This coverage provides protection in case of theft, vandalism, or damage by fire or storm to tenant’s belongings such as furniture, clothing and electronics. Tenants can choose to increase this limit if they wish, with the amount of coverage being limited to $110,000. Policyholders will also receive personal liability protection with a coverage limit of $100,000 in the event that they damage their property or provide coverage in the event. Responsible for another person’s injury. They can choose a higher coverage amount of up to $1 million, but doing so will increase their monthly premium. State Farm also provides $1,000 in coverage for medical expenses if a visitor is injured on the renter’s property through no fault of the renter. Policyholders can also increase their coverage amount up to $10,000 for medical payments to others, which will lead to higher premiums.
State Farm renters insurance coverage may have some limitations on certain types of properties. For example, each policy includes $1,000 in coverage for jewelry and fur, with an option to increase the policy limit to $5,000. Silverware and goldware are also covered with a different limit—$2,500 is included, but renters can raise it. Up 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. Tenants also get $1,500 in business property protection, which can help pay for replacing any property in the rental unit (except computers and laptops) used to run the business.
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Renters insurance does not cover property damage to the building itself, including the roof or siding, as such damage should be covered by homeowner’s insurance. State Farm policies do not include coverage for water damage caused by flooding or groundwater. The caveat to this exclusion is that renters may choose to purchase sewer and drain backup coverage, which may cover incidents involving running water. Similarly, although renter’s policies do not include earthquake coverage by default, policyholders can purchase add-on endorsements that help pay for the replacement of personal property damaged during seismic activity.
Prospective customers may want to be aware that rental insurance only provides coverage to the policyholder, even if the rental property has multiple tenants living in the same space. This means that a State Farm apartment insurance policy will not protect property owned by 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. Additionally, it’s a good idea to note the different coverage amounts for specific types of luggage. State Farm policies set separate coverage limits for jewelry, fur coats and other high-value items, and those coverage caps are often 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. Add-on coverage includes drain or sewer backup to pay to replace rental unit contents damaged or destroyed by groundwater or sewer overflow. This policy option pays a certain percentage of the value of the damaged property – 15 percent or 30 percent – in lieu of cover.
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