What to Know About State Farm Renters Insurance
Are you thinking about getting renters insurance? You might be considering State Farm. State Farm has been operating in the United States for almost 100 years. Known by their jingle “Like a good neighbour, State Farm is there”, they are also the largest property insurance provider in the US. Why get a State Farm renters insurance policy? It’s important to know that your landlord has insurance to protect them and their rental property -- their insurance does not extend to you or your personal belongings. Renters insurance is one of the cheapest types of insurance but the benefits if you undergo a loss are substantial. Imagine the cost of replacing your most valued possessions, or of covering medical bills for guests injured in your home. Renters insurance will offer financial protection in these cases and more. It can be challenging to sort through all the information to choose an insurance provider that meets all your requirements. Here, we offer you a detailed review for one your options – we’ll tell you all about Farm renters insurance. We’ll go over coverage, pricing, the claims process, and more so you can decide if you want to purchase a policy from State Farm.
What State Farm Renters Insurance Covers
Just like most other providers, State Farm renters insurance covers your personal property, personal liability, and loss of use as part of their base plan. Your personal property is protected from three categories of events: accidents (falling objects, fire, water damage), weather impacts (windstorms, hail, lightning), and malicious mischief (vandalism, theft, riots). State Farm renters insurance may also cover possessions stolen from your garage, storage unit, or your vehicle. Note that there are special policy limits for certain items, such as money, business property, and stolen jewelry. If a claim is brought against you for damaging someone else’s property or for a guest’s injury, personal liability coverage will help protect you from legal fees and medical expenses. Loss of use coverage is for when you have temporarily relocated because your home is uninhabitable. This coverage will reimburse you for hotel bills and other additional living expenses. For an additional premium, State Farm provides numerous optional coverages. These include identity restoration (if you’re a victim of identity theft), earthquake damage, and incidental business liability (for businesses operated out of your home). Next we’ll take a look at how State Farm deals with damages resulting from a flood.
State Farm renters insurance policies do not cover damage caused by flooding. You’d be hard-pressed to find any provider that offers flood coverage as part of their standard insurance policies. However, State Farm does offer a separate flood insurance policy through its agents enrolled in the NFIP-Direct program. NFIP stands for National Flood Insurance Program. This program is run by the Federal Emergency Management Agency (FEMA). Flood insurance plans ae typically around $700 a year and take 30 days from the date of purchase to activate. Therefore, it’s recommended that you don’t wait until the risk of an imminent flood to buy it. A single inch of floodwater can cause upwards of $25,000 in damages. Note that State Farm does not provide coverage for other natural disasters like earthquakes and landslides unless you pay extra. Always check what events are and are not covered under your policy. Luckily, State Farm renters insurance does cover you for water damage from internal sources, such as from plumbing or faulty appliances leaking in your home. If you own a pet, you’ll want to know about State Farm’s policies on pet damage – read on to learn more.
State Farm renters insurance does not cover damage caused by pets in your own home, as is the cause with most providers. Pet damage to your belongings or unit will be your responsibility to pay for. However, your pet is covered under your personal liability coverage as part of your State Farm renters insurance plan. In the case that your pet damages someone else’s property (broken fences, dug up gardens, etc.) or if your dog bites a guest causing injury, you’ll be covered up to your policy’s liability limit. Unlike many other providers, State Farm does not ask you about your breed of dog when applying for insurance. Many companies will exclude certain dog breeds that are considered more aggressive or dangerous. State Farm has the stance that any dog, in the right circumstances, is capable of biting. You may consider raising your liability limits to cover your dog or pet’s potential risks as well as your own. You should also ask a State Farm agent about their policy for exotic animals, as they may not be covered. State Farm offers pet insurance through Trupanion, but it deals with medical costs for your pet and not damage caused by them.
State Farm Renters Insurance Review and Costs at a Glance
First we’ll provide a high-level State Farm renters insurance review. State Farm is known nationally for its popular insurance; it offers auto, life, homeowners, and renters insurance, to name a few. It has also expanded into the financial services sector. It received an A++ from AM Best (the highest possible score) for financial strength. State Farm renters insurance costs $X.XX per year on average. The Better Business Bureau (BBB) gave State Farm an A rating, while JD Power gave them a rating of 3 out of 5 (average) on indicators of customer satisfaction. Their customer complaint ratio from NAIC was exceptional, meaning they are well below the average for customer complaints. These ratings give you an overview, but it’s important to look at Individual criteria to see where a provider excels or falls short. You may care more about great customer service or policy management than getting the cheapest price, fore example. Many companies sell through insurance through local independent agents. State Farm has exclusive agents, meaning only State Farm agents can sell their insurance, and their agents only sell State Farm products.
| State Farm Renters Insurance Stats Overview | Data |
|---|---|
| Average Cost in the U.S for State Farm Renters Insurance Annually | $188.32 |
| Average Cost in the U.S for State Farm Renters Insurance Monthly | $15.69 |
| State Farm Renters Insurance JD Power Rating | 3/5 |
| BBB rating for State Farm | A |
How Much is Renters Insurance Through State Farm in Your State
You’re probably asking, “How much is renters insurance through State Farm going to cost me?” Rates will vary based on a number of factors, one of which is location. We’ve provided a list of average prices per state so you can get a general idea. The national average for renters insurance from State Farm is $X.XX per month. The most expensive state for State Farm renters insurance is Oklahoma, with an average cost of $X.XX per month. The least expensive state is Delaware with a much lower average $X.XX per month.
How to Get a State Farm Renters Insurance and Auto Insurance Discount
Before you make final decisions based on price, you have to look at what discounts are available to you. One of the easiest and biggest ways to save is to bundle your auto and renters insurance with State Farm. If you add renters insurance to your State Farm auto insurance you’ll only pay a few more dollars a month. This multi-policy discount is common among insurance providers; State Farm offers all types of insurance, so might even look into bundling more than two policies together. They claim you can save up to hundreds of dollars monthly just by combining your auto and renters insurance. Installing home security devices, thereby reducing your risk of an event, is also a good way to save. Another way to save on any insurance plan is to lower your monthly premiums by opting for a higher deductible. Be careful about this – in the event of a claim you’ll have more financial responsibility, as your insurance won’t pitch in until you’ve paid off the deductible. State Farm may not offer this option in every state. Ask your agent about any other discounts that may apply to you based on your claims history and other information.
How Much Does State Farm Renters Insurance Cost Versus Competitors
Let’s take a look at how State Farm renters insurance costs compare to their competitors on average. State Farm’s priciest competitor is The Hartford, which is partnered with AARP for renters insurance. An insurance policy with Hartford instead of State Farm will cost you an extra $X.XX per month on average. Meanwhile, State Farm’s least expensive competitor for renters insurance is AIG, which will save you $X.XX per month compared to State Farm’s policies. Remember that these are only averages and your actual quote may look quite different based on your state and a host of other factors.
Getting in Touch with State Farm Renters Insurance
Making a claim can be a daunting experience. State Farm allows you to both file and track a claim online or with the State Farm mobile app. You can also call their claims line 24/7 or contact your local agent if you prefer speaking with a representative. After your claim is filed they will review the details to see if counts as a covered event and asses the damages. They’ll contact you with further questions or to explain next steps. Before making payments, they’ll send you the estimate and repair options you can choose from. To file a claim online you’ll need to log into your State Farm account. You should have information about when and where the incident occurred, the damaged or lost property, the cause of the damage, your contact information, and any injuries. Our suggestion is to conduct an inventory of your valuables long before you need to make a claim or even before you apply for insurance. This information will be extremely valuable in determining the payout of your claim. You should also hold onto any damaged items until you’ve spoken with an insurance agent as they can be important proof for your claim.
If you decide to go with State Farm as your provider, you’ll want to know how to get a State Farm renters renewal. A renters insurance policy usually covers you for one year before you’re up for renewal. Most companies will send you a renewal notice a few weeks ahead, so you have time to review your renewal offer and decide if you want to continue. State Farm doesn’t offer specific information about renewal on their site. Many companies will automatically renew your policy if you continue to pay your monthly premiums after your policy’s expiry date. We recommend always taking a look at your renewal offer to make sure the coverage still works for you, and check for any changes to your discounts or premiums. Some companies offer loyalty or other discounts for continued renewals. You should also consider taking a look at what other insurance companies are offering when you’re up for renewal. You may find a better deal. If you want to be sure of how your insurance plan’s renewal policy works, call your local agent or State Farm’s customer service line to ask about the renewal notification and payment process.
Maybe you’ve decided not to renew your policy. There are multiple reasons you want to cancel your State Farm renters insurance. Perhaps you’ve found a better deal elsewhere. Maybe you’ll be buying instead of renting your next home, or you’re being added to your partner’s policy. Whatever the reason, read on to find out about State Farm’s renters insurance cancellation policy. State Farm says they are committed to providing a smooth transition out of your insurance policy. You can cancel by phone, by mail, or in person. Call your local agent and provide your policy number, name, and date of birth. Cancellations by phone can take place immediately or be scheduled for your desired end of coverage date. You can also mail in the same information (plus your address), but you’ll have to sign, date, and mail the letter two weeks or more before your desired cancellation. Cancelling in person follows the same procedures as by phone. Note your State Farm agent may ask for your new provider’s name, policy number, and policy start date. It’s always good to have your next policy lined up to avoid gaps in coverage. State Farm will usually not charge cancellation fees and may even refund any prepaid premiums.
Getting a State Farm Renters Insurance Quote and Deciding Whether State Farm is Right for You
The last thing you’ll need to know is how to get a State Farm renters insurance quote. You’ll be asked about your home, its tenants, and your coverage needs. The first information you’ll need to supply is your name, address, date of birth, and desired policy start date. Then you’ll be asked for your contact information and household, as well as the estimated value of your personal property. They’ll ask about safety features in your home and any losses suffered in the last 5 years. Finally, you’ll be offered your quote. The whole process should take between 5-10 minutes or less if you have all your information on hand. You’ll also get to see a box containing information about your local agent based on your address. We’ve gone over State Farm’s coverage options, pricing, renewal and cancellation policies, and how they compare to the competition. You may decide that State Farm is the right provider for you. However, we always suggest shopping around and comparing quotes before making any final decisions. Average rates and listed discounts may not paint the whole picture. With a little bit of research, you can have peace of mind knowing you’ve found the ideal renters insurance policy.
