State Farm Renters Insurance: The Basics
Here are the basics on State Farm renters insurance: what it covers, where it operates, how much it costs, and how to get a quote today.
What does State Farm renters insurance cover?
State Farm renters insurance, sometimes also known as apartment insurance, first and foremost provides personal property coverage. That means that it protects your personal property both inside and away from your condominium, apartment, or rental home from accidents, theft, vandalism, or weather-related incidents like water damage ––whether that’s your guitar, piano, jewelry, or furniture, or any other personal item.
State Farm renters insurance coverage also offers liability coverage (sometimes also known as bodily injury coverage). That means that if a guest injures themselves or damages property in your rental property, State Farm will foot the bill for potential medical payments or replacement costs. For example, if a guest without health insurance trips and falls and breaks a bone in your apartment, filing an insurance claim with State Farm may result in your liability coverage covering their medical expenses.
Finally, State Farm offers renters loss of use coverage. That means that State Farm will pay for your additional living expenses if you need to leave your home and temporarily live elsewhere because your home has been damaged for an insured loss.
State Farm also offers optional renters coverage options for an additional premium, including the below:
Additional liability coverage
Identity restoration
Earthquake damage
Additional business property
Incidental business liability
Renters policies aren’t just for individuals–– small businesses can apply for renters insurance with State Farm, too.
State Farm ’s Renters Insurance policy provides insurance coverage in exchange for a monthly premium. If a renter files a claim with State Farm, they’ll also need to pay a deductible ––a certain out-of-pocket amount determined when you first accept your renters policy. For example, if your $2000 bike was stolen from your apartment and your renters deductible is $500, you’ll need to pay the first $500 after filing a claim and State Farm will cover the remaining $1500.
It’s important to note that there are coverage limits to most renters insurance policies: depending on what policy you choose, State Farm will only cover your financial losses up to a certain threshold, such as $20,000 or $30,000.
Additionally, a renters insurance policy from State Farm does not cover property damage to your apartment or building from misfortunes like vandalism or malicious mischief, or weather events like floods, fires, or windstorms. Because your landlord owns the building that you rent, their own insurance should cover these potential events.
Special Deals and Discounts
Renters insurance is already affordable when compared to comparable products like home insurance. Even so, State Farm offers further renters insurance discounts on top of already low rates.
A multiple line discount can help you save on both renters and auto insurance. Whether you’re an existing State Farm auto insurance policyholder or thinking about making the switch, bundling your auto and home insurance policies into one single policy is an easy way to save.
Protecting your home can also offer you savings in the long run. State Farm offers a home-alert discount to renters with security equipment, like burglar alarms and smoke detectors.
With State Farm you can also opt for a higher deductible discount to save on your premiums. Just remember that this could cost you more in the event of a covered loss; a higher deductible means that you will owe more out of pocket if you do choose to file a claim.
Where does State Farm offer renters insurance?
State Farm provides renters insurance coverage in 48 U.S. states, as well as in Washington D.C. State Farm does not currently provide renters coverage in Massachusetts or Rhode Island.
State Farm Renters Insurance Ratings
Here are State Farm ’s average renters insurance ratings from a few of the best-known rating institutions:
State Farm Renters Insurance Customer Reviews
Many online State Farm ’s renters insurance reviews are positive, and it has an A+ rating from the Better Business Bureau. A typical positive State Farm renters insurance review commends the company for above-average claims servicing and affordable premiums. When compared to competitors like Nationwide or Liberty Mutual, many customers seem satisfied with their State Farm renters insurance policy.
Still, the company does receive a relatively low 1.32/5 customer review rating from the BBB. Some customers complained that their policy was canceled after getting paid out for a claim, which may be a cause for concern if you anticipate filing claims often.
Average Cost of State Farm Renters Insurance
State Farm doesn’t advertise a minimum renters insurance cost. But for a single woman living in New York City, State Farm estimated renters insurance rates as low as $8 per month for a basic renters insurance policy, a far cry from the national average of $15 per month and much less than the typical home insurance policy. By contrast, Geico charges at least $12 per month for its policies, and Allstate charges an average monthly premium of $15 per month. Keep in mind that the actual price of your renters insurance premium will vary based on where you live, what add-ons you select, your deductible, and other factors.
Positives and Negatives of State Farm Renters Insurance
Is State Farm renters insurance right for me?
To decide if State Farm renters insurance is right for you, use their hotline or website to speak to a State Farm Agent and get a renters insurance quote. Then, compare your quote to those you receive from competitors like Allstate, GEICO, and Lemonade. Consider how much renters insurance coverage you’ll want or need, and whether you’re interested or eligible for discounts that might lower your rates, such as home alert discounts or auto and renters insurance policy bundling. Read up on customer reviews to learn whether you’d be a good fit for the insurer.
If State Farm is the cheapest option available in your state and you’re comfortable with their customer service, it probably makes sense to commit to a renters insurance policy with the company. Just remember to shop around for better deals and discounts at least every six months, especially if you’ve made major life changes like getting married or substantially raising your credit score.
