You might already be aware of State Farm’s auto, home and life insurance policies — after all, it’s one of the most prolific insurance companies in the U.S. Did you know that State Farm also offers renters insurance? We’ll take a closer look at State Farm renters insurance to help you decide if State Farm is right for your home or apartment.
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- Who’s State Farm Renters Insurance for?
- State Farm Renters Insurance Products
- Standard State Farm Renters Insurance Coverages
- Available Discounts and Tips on Getting the Best Rates
- Other Related Insurance Types Offered by State Farm
- Customer Service
- Claims Support
- Pricing and Value
- Customer Support
- Get State Farm’s Renters Insurance Today
Who’s State Farm Renters Insurance for?
State Farm renters insurance is ideal if you already have a home, auto, motorcycle or other policy with State Farm and don’t mind paying a bit extra for quality customer support.
State Farm Renters Insurance Products
- Renters insurance: Renters insurance is a type of coverage that covers your belongings if you rent a home, condo or living space. A renters insurance policy protects your possessions but not the physical structure of your dwelling — this should be under your landlord’s insurance policy. The best renters insurance policies also include legal liability coverage and loss of use coverage.
Standard State Farm Renters Insurance Coverages
State Farm’s standard renters insurance policies include 3 distinct areas of coverage.
Personal Property Coverage
State Farm’s personal property insurance covers most of your belongings, from mobile phones to furniture to clothing. Your possessions are protected from damage in 3 areas:
- Accidents: Includes impact hits from vehicles and falling objects as well as damage that results from smoke, fire and water damage from a plumbing or appliance break. Keep in mind that State Farm’s basic policy doesn’t include damage from flooding.
- Weather-related events: Covers damage that results from windstorms, hail, lightning, snow, sleet and ice.
- Malicious mischief: Includes damage that results from theft, burglary, vandalism, riots and civil disruptions.
Special coverage limits apply to the following items:
- Boats and other types of wartime relics
- Money, banknotes and coin collections
- Property that you use for business or sell
- Travelers checks, gift cards and other types of securities
- Theft losses of jewelry, furs, firearms, silverware, goldware and other types of antiques
You’ll usually have to add a rider to your policy if you have something very valuable you want to protect. A rider is a policy add-on that expands your line of coverage for a certain item. For example, you might have a policy with $10,000 worth of coverage but with a caveat that says that only $1,000 of that limit can be used for jewelry. Let’s say you have a $2,000 engagement ring and you want coverage for the full value of the item. You’ll need to buy a policy rider to extend your coverage.
State Farm’s renters insurance policies include coverage for legal expenses and court-ordered judgments after someone is injured on your property. Let’s say a guest or visitor is injured on your property and sues you for his medical bills. Your renters insurance covers legal representation on your behalf. Your renters insurance also covers any court-ordered judgments against you up to your policy limits.
Keep in mind that renters insurance liability doesn’t cover injuries your pets sustain. You’ll need to buy a separate pet insurance policy if you want coverage for your pets.
Loss of Use
Loss of use coverage compensates you if your living space is destroyed to the point that it becomes unlivable. This coverage pays for things like hotel fees, transportation costs and restaurant expenses for meals that you’d normally eat at home. Loss of use coverage doesn’t provide any compensation for damage to your dwelling’s physical structure.
Available Discounts and Tips on Getting the Best Rates
State Farm offers a few limited discounts that you can use to lower your renters insurance premium.
- Multi-policy discounts: State Farm offers insurance for almost anything — from businesses to homes to vehicles. You can save when you bundle your policies together if you already have some form of State Farm insurance policy.
- Home security discount: State Farm offers discounts on its renters insurance policies if you have some form of home security system installed in your space. You may even qualify for a discount if you have a smoke alarm that you regularly test.
- Discounts for higher deductibles: A deductible is a set limit on the amount of money you need to spend before your insurance “kicks in” and starts covering expenses. Almost every renters insurance policy carries some kind of deductible. You can get a lower monthly premium if you elect to take a higher deductible when you choose a policy from State Farm. This will increase your financial responsibility if you do need to file a claim and can be useful if you have enough savings to cover your deductible and you don’t live in a high-risk area.
Other Related Insurance Types Offered by State Farm
You can also add on these optional coverages to extend your policy limits in addition to State Farm’s basic renters policies. Here are a few of State Farm’s most popular add-ons:
- Additional liability coverage: Additional liability coverage extends the limits of your policy if someone files a lawsuit against you after they’re injured on your property. Additional liability coverage packages begin at $1 million and can be extended in $1 million increments. Personal liability umbrella policies may also protect you against slander, libel and other types of personal injuries that may not be covered by your standard policy.
- Identity restoration: Identity restoration coverage can help you if you become a victim of identity theft. An identity restoration package means your insurance will reimburse you for unauthorized charges made on your accounts, file fees you spend applying for new credit lines and fees for new copies of your credit report. Identity restoration coverage may also help you cover attorney expenses if you need to contest items on your credit report or defend against civil suits.
- Earthquake damage coverage: Compensation for damage from earthquakes isn’t included in State Farm’s standard renters insurance policies. You may want to consider adding on an earthquake policy if you live in an area that’s prone to earthquakes.
Other protections like flood insurance, coverage for business property and incidental business liability coverages are also available as add-ons.
State Farm offers 2 methods you can use to contact its customer service team:
- File a claim online by visiting State Farm’s online claims center. You can also file a claim directly through the State Farm mobile app.
- Call its team directly at 800-732-5246.
State Farm’s claims filing method is clear and straightforward. You can file a claim online through the State Farm mobile app or by calling its customer support team. Your State Farm agent will be in contact to ask for photographs or any kind of documentation it needs to finish your claim.
You can view the status of your claim online and through the State Farm app while your claim is being processed. You can even sign up for notifications that will immediately alert you when you have a message from your agent or your claim needs attention. State Farm’s nationwide coverage also means that you can easily get in contact with a representative by phone to get an update on how your claim is progressing.
Pricing and Value
One of the first questions on your mind when you consider your insurance options is “how much is renters insurance?”
It’s easy to find cheap renters insurance — the average American pays $197 a year for renters insurance, or about $17 a month. It’s impossible to say specifically how much you’ll pay for insurance before you get a quote.
Some of the factors that State Farm uses when it calculates your premium include:
- The total value of the property you want coverage for
- Any business or child care you conduct on your property
- Where you live
- Your insurance history from the past 5 years
- Any security features you have installed on your property, including alarms and deadbolt locks
You may find your quote from State Farm to be a bit pricier than competitors — and that’s your cue to look into discount opportunities through State Farm.
State Farm ranked 2nd in J.D. Power’s 2019 Satisfaction Survey — the company was beat out only by American Family Insurance. The annual survey ranks renters insurance companies in the areas of customer service interaction: policy offerings, price, billing process and policy information and claims.
This means that compared to other insurance companies, customers showed an increased level of satisfaction with State Farm’s customer support team. State Farm might be the right choice for your renters’ insurance policy if customer service is a priority.
Get State Farm’s Renters Insurance Today
Still wondering how to get renters insurance? Start by getting a few quotes from competing companies. Like most other types of insurance, every insurance provider has its own set of criteria that determine how much you’ll pay for coverage. The best way to make sure that you’re getting the most affordable insurance possible is to take some time to shop around and compare all your options. You never know how much you might be able to save until you take a look around.