State Farm Renters Insurance Review (2020)

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Are you in the market for renters insurance? State Farm offers customizable protection with no limit on personal property coverage and has more than five additional coverage options. Read our State Farm renters insurance review to learn more about the company’s and financial products.

Renters insurance protects your home and ensures that you can afford to repair or replace damaged property when an unexpected event, like theft or fire, occurs. With a renters insurance policy through State Farm, you can get affordable premiums from a company with close to 100 years of industry experience.

The This Old House Reviews team created this State Farm renters insurance review to help you determine if this is the best provider for you and your home.

Pros and Cons of State Farm

Here’s an overview of the advantages and disadvantages of State Farm renters insurance:

State Farm Coverage

State Farm covers losses from a wide range of events that fall into the following three categories:

  1. Accidents—This includes damage from a vehicle impact, falling objects, fire, or smoke, and water damage from plumbing or appliances.
  2. Weather impacts—This coverage protects against the weight of snow, sleet or ice, lightning, windstorms, hail, and water damage from freezing pipes.
  3. Malicious mischief—Damage from acts like vandalism, theft, riots, and civil commotion are protected.

The following situations are not covered:

  • Property damage to your building, roof, or siding
  • Water damage caused by flooding or underground water
  • Damage caused by earth movements, such as earthquakes and landslides

For the above-mentioned scenarios, State Farm provides four types of renters insurance coverage:

  • Personal property—Personal property coverage protects the personal belongings in the rental that you own. If an accident were to damage your property, the policy would pay to replace it. To determine how much of this type of coverage to get, take an inventory of your belongings before signing up for a plan.
  • Loss of use—When an event puts you out of your rental property temporarily for repairs, State Farm will cover living expenses, like the cost of a hotel room or food.
  • Liability—If a tub overflows and damages your downstairs neighbor’s belongings, your renters insurance policy will cover the damage. This, along with other accidents that cause damage or bodily injury to others, is protected under renters insurance.
  • Medical payments to others—If you have a guest over and they get injured, your policy will pay the medical bills for that guest to get treated by a doctor.

Below are the areas of coverage and associated limits provided by State Farm based on a North Carolina residence:

State Farm Additional Coverage

State Farm offers several additional coverage options that you can tack onto your base plan. Here are the covered items that are advertised on the State Farm website:

  • Earthquake damage
  • Jewelry
  • Computers
  • Waterbed
  • Identity restoration
  • Additional liability coverage
  • Additional business property
  • Incidental business liability

How Much Does State Farm Cost?

State Farm doesn’t provide much information on their website regarding how much a renters insurance policy costs, so our team received a free quote to give you an idea of the monthly price. Here’s what State Farm quoted us for a single woman living in a one-bedroom apartment in Raleigh, North Carolina:

To get your own quote, State Farm will collect the personal information listed below:

  • Your address
  • Your date of birth
  • The size of your building
  • The number of people in your unit
  • Your gender
  • Your marital status

Customer Service and Claims Support

For a quote or general insurance questions, you can call your local State Farm agent or the general customer service line at 800-782-8332. To file a claim, you can call 800-732-5246. State Farm also has a website, customer portal, and mobile app that can act as resources for your policy and claims questions.

Compare State Farm to the Competition

If you’re not sure whether State Farm is right for you, compare it to other top-rated renters insurance companies below.

Our Conclusion

In our State Farm renter insurance review, we found that the company offers some of the most affordable premiums in the renters insurance industry and provides more than five add-on options to customize your renters insurance policy. However, if you’re looking for around-the-clock customer service, you may want to go with another renters insurance provider, as State Farm mostly operates within regular business hours.

We recommend getting renters insurance quotes from at least three providers before purchasing a policy so that you can find a plan that fits your home protection and budget needs:

State Farm Company Overview

  • CEO: Edward Rust Jr.
  • Years in business: 97
  • State availability: 50
  • Address: 1 State Farm Plaza
  • City/State: Bloomington, IL
  • Zipcode: 61701
  • A.M. Best financial strength rating: A++

Frequently Asked Questions About State Farm

Does State Farm offer renters insurance discounts?

Yes. You can get discounts for bundling renters insurance with auto insurance and for having safety features, like a smoke detector, burglar alarm, or other home monitoring system.

How quickly can I get State Farm renters insurance?

If you request a quote online, you can purchase a State Farm policy right away. If you call for a quote over the phone, you will be transferred to a local insurance agent. In this instance, you can still get a quote and sign up for a policy that same day, but it may take more time.

What does the State Farm cancellation process look like?

You can cancel your renters insurance policy through your local agent by calling their direct number or visiting their office. You can also call the general customer service line at 800-782-8332 or send a letter to State Farm’s headquarters. Most of the time, State Farm doesn’t charge a cancellation fee, and you can get a prorated refund for the amount of time left on your policy.

What is a good deductible for renters insurance?

Most renters insurance companies will allow you to choose a deductible between $500–$2,500. However, the lower your deductible, the higher your premium will be.

Why do landlords require renters insurance?

Landlords have their own insurance that protects the building, but it doesn’t cover potential damage to tenants’ personal property. By requiring renters insurance, landlords protect themselves from liability claims when an unexpected event like fire damages their tenants’ belongings.

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