State Farm is a well-known name in the insurance industry. It began in 1922 as an automobile insurance company and has grown notably since. As of 2017, it is the largest property-casualty insurer in the U.S. It has 68,234 employees and ranks 33rd on the 2017 Fortune 500 list. State Farm Home is just one of the many insurance policies that State Farm offers.
State Farm Home Insurance Coverage
“Homeowners insurance may cover losses to covered property caused by weather (storms, fire, wind, hail, lightning, freezing, weight of ice, snow, or sleet), non-weather (theft, vandalism, riots, aircraft, and vehicles), and sudden/accidental (water from plumbing, tearing/bulging of heating or cooling systems, artificially generated electrical current),” says Jordi Ortega, State Farm Media Relations Specialist.
Note, it excludes damage from floods, earthquakes, and nuclear accidents. Further, it’s not just your home that is protected.
Ortega explains, “While we recommend customers speak with a State Farm agent to review their specific needs, the typical homeowners insurance policy includes coverage to the dwelling (house structure), the personal property (furniture, clothes, etc.), and liability for bodily injury or property damage to others from family members and pets.”
Here’s an overview of the company’s coverage options.
State Farm Home: Dwelling
Dwelling coverage covers your home up to your policy’s limit.
State Farm Home: Other Structures
Structures detached from your primary home but on your property can receive 10% of the coverage limit of your home.
State Farm Home: Personal Property
Your personal property will be protected in the case of a loss. If you have expensive items, you may need additional coverage.
State Farm Home: Liability
Liability coverage protects you from the costs involved with being held liable for property damage or bodily injury.
State Farm Home: Medical Payments
If someone accidentally gets hurt on your property, this coverage will cover the costs of their medical bills up to a limit.
State Farm Home: Inflation
This coverage protects you against inflation by automatically adjusting policy limits in response to fluctuations in the cost of living.
State Farm Home: Personal Articles Policy
If you need additional coverage for specific items, you can add on the personal articles policy to ensure your valuables are fully protected. This can cover items such as art, jewelry, cameras, furs, instruments, and more.
State Farm Home Insurance Discounts
State Farm offers the following discounts to help you save on your policy:
- Multiple-policy discount: Carry more than one insurance policy with State Farm.
- Home monitoring and automation systems: Install a system to protect your home against theft, smoke, or fire.
- Impact-resistant roofing: Install qualifying roof products.
- Higher deductibles: If you opt for a higher deductible, you can lower your premium cost. However, if you experience a loss and need to file a claim, the out-of-pocket cost will be more expensive.
The discounts available to you will depend on your state’s regulations. It can be helpful to talk to an agent to find out which ones you can get. Now, let’s look at State Farm’s renters insurance coverage.
State Farm Renters Insurance Coverage
What is renters insurance and what does it cover? Renters insurance is like homeowners insurance, but without protecting the actual home. The property is the responsibility of the landlord.
What’s left is the protection for your belongings and liabilities. Ortega says, “Renters insurance is a policy protecting home valuables you own. It covers personal property, such as computers, furniture, electronics, etc.”
He adds, “It may cover losses caused by weather (fire, storms, wind, hail, lightning, freezing, weight of ice, snow or sleet) and non-weather (theft, vandalism, riots, aircraft, and vehicles).”
Coverage can vary from one insurer to the next. Here are the details of State Farm’s offerings.
State Farm protects personal property, like bikes, electronics, furniture, computers, and appliances, to a limit.
Loss of Use
If you have to find alternative housing due to a covered loss, additional living or moving expenses will be eligible for coverage for up to 24 months.
As inflation changes the cost of living, the amount of insurance coverage you have on your property will adjust.
If someone raises a claim against you for causing them bodily injury or property damage, this coverage can help to cover costs for a defense in a lawsuit and the settlement if you are found liable.
If someone accidentally gets injured on your property, this coverage will pay their medical expenses up to your policy limit.
Losses Not Insured
This covers losses that happen as a result of causes otherwise not protected, such as earthquakes, nuclear incidents, or floods.
There are other coverage types you can add on, such as identity restoration, additional liability coverage, and personal property special limits (for more expensive personal belongings).
How much is renters insurance for State Farm? It depends on the coverage types you get, the amount of coverage, and the deductibles you select. The only way to know is to get a quote.
Renters Insurance Discounts
There are also discounts available for renters insurance, although not as many as for homeowners.
“When you purchase your renters and auto insurance from State Farm, you may be eligible for premium discounts on both policies,” says Ortega.
He adds, “State Farm policyholders may also save on renters insurance with the installation of qualifying home security devices such as fire or smoke detectors, burglar alarms, or any other home monitoring system.”
You can also reduce your premiums by increasing your deductibles.
State Farm Claims Process
When an unfortunate event occurs and you need to file a claim, here’s how the process works with State Farm.
Call your agent or file the claim online. Be sure to sign up for notifications to receive texts and emails about your claim.
State Farm will review your claim, ask for an inventory of the property damages, assess the damages, explain your coverage, and discuss what will happen next. You may receive a payment in advance at this point for certain claims (i.e. for additional living expenses).
A claim associate or your contractor will estimate repairs. You will then review the estimate and authorize the work. Submit all of the receipts.
Receive payment for the costs your policy covers (minus deductibles).
State Farm will then work with at-fault parties to recover costs, when applicable.
And that’s it. Wondering how much a policy will cost you? Here’s how to get a quote.
Get a State Farm renters insurance quote
Visit the State Farm website and navigate to the page for home insurance. Enter your zip code in the box that says “Get a Homeowners quote” and click “Go.”
Provide your name, address, and birth date.
Provide your email address (SSN and phone number are optional).
Enter information about your household.
Enter the coverage amount you need. If you aren’t sure, the 360 Value tool can help you figure it out.
Provide your property’s building details (will be provided if you used the 360 Value tool).
Enter additional details about your building.
Answer questions about your property’s safety features.
Provide information on your insurance history.
Click “Continue” to get your quote. You will also be provided with the information for an agent near you who can help.
Visit the State Farm website and navigate to the page for renters insurance. Enter your zip code in the box that says “Get a Renters quote” and click “Go.”
Enter your name, address, and birth date.
Provide your email address (SSN and phone number are optional).
Share information about your household.
Calculate the coverage amount you need for your personal property.
Tell a little bit about your property.
Answer questions relating to the safety of your home.
Provide information about your insurance history.
Get your quote!
FAQ on State Farm Home and Renter Insurance
Is State Farm a good homeowners insurance company?
State Farm is one of the largest and most used homeowner’s insurance companies in the world, attesting to its reputation as an excellent provider.
What are the additional programs State Farm offers beyond home insurance?
The company offers additional programs beyond basic homeowner’s insurance. These include a Florida and Louisiana Hurricane Mitigation program and discount programs for people who are claims free, using multiple State Farm policies, and who made steps to increase home safety like installing fire sprinklers.
What does my State Farm home insurance cover?
Your State Farm homeowner’s insurance policy covers losses caused by fire or lightning, theft, freezing of your plumbing system and windstorm or hail damage. There are also some things the policy doesn’t cover such as intentional bodily injury or property damage, business operations, aircraft maintenance, motor vehicles and some types of watercraft.
Does State Farm renter’s insurance cover when moving?
When preparing for a move, you may be hiring movers, packing, and transferring your homeowners or renter’s insurance to your new address. Most people don’t realize that homeowners or renter’s insurance may not cover loss or damage to your possessions while in transit.
Can you cancel renter’s insurance at any time State Farm?
While State Farm does not post their cancellation policy publicly, most insurance companies generally allow you to cancel your policy at any time, as long as you give appropriate notice (often 30 days). To cancel, you can contact the agent or call State Farm’s help line at 800-782-8332.
State Farm Home and Renters Insurance Review and Summary
State Farm is the largest insurer in the U.S. for property-casualty policies, and being so is available across the country. No matter which state you live in, you will likely be able to find an agent that serves your area.
The coverage options are comprehensive, so you can rest easy knowing you, your home, and your belongings will be protected to the extent you select. Many discounts are available, and State Farm has a reputation for competitive pricing.
Ortega says, “With State Farm, customers can insure thousands of dollars of personal property for less than a dollar a day. Plus, from adding their car to adding some security, customers can earn insurance discounts to keep costs within their budget.”
When it comes to customer satisfaction, the company was rated 6th out of 23 companies by J.D. Power and Associates. The online quote process is easy and convenient, and online support continues once you’re a customer. You can log in, pay, and manage your policy and claims from a desktop or mobile device.
Overall, it’s a company to consider when shopping for quotes.
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.