State Farm Renters Insurance Review
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For many renters, renters insurance is an important part of signing your lease contract, as it’s required in order to actually be a tenant. In these situations, you’ll likely find yourself Googling renters insurance to see what options are out there — and the answer is a lot. From companies you see advertising on television every day to newer, trendy-sounding insurance companies that promise a digital-first experience, there are a lot of options to consider.
When it comes to renters insurance coverage, State Farm is definitely an option you’ll come face to face with. State Farm has been around for more than a century, and has made a name for themselves as a reliable insurance agency for everything from life insurance policies to home insurance and car insurance. How do they stack up when you’re shopping for renters insurance quotes? Keep reading to learn.
In this article
What is State Farm Renters Insurance?
Founded in 1922 with headquarters in Bloomington, IL, State Farm is the largest casualty, property, and auto insurance provider in all of the United States. They’ve been providing home insurance since the 1960s, so they definitely have a long history of serving their customers in this area, including renters.
As far as renters insurance with State Farm goes, they offer a few perks that make the product more appealing than some of their competitors. For starters, they will give you up to a 17% discount for bundling your renters insurance with your auto insurance policy, which is definitely a step in the right direction for keeping costs low.
Additionally, State Farm offers a broad range of coverage options to its policyholders, from liability and loss of use coverage to personal property coverage and even inflation coverage. These additional coverage features may not be right for everyone, but if you’re interested in a renters insurance company with flexibility and variety, State Farm has coverage options and then some.
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How does State Farm Renters Insurance work?
Getting your renters insurance from State Farm starts by navigating to their website and filling out a simple form for a free quote. From there, you can start to explore what your renters insurance cost might be, as well as how adjusting premiums and deductibles can help you lower your cost or increase your coverage.
First, start by inputting your zip code on their website and clicking on the red “Start a quote” button. From there, you’ll be asked to input your full address, as well as when you want your policy’s start date to be. As you can see, it already gives you estimate for the price range you might have to pay monthly before you’ve even clicked continue.
From there, you’ll just put a little more personal information about yourself into the form, including your full name, email, and date of birth. You’ll also need to check a box acknowledging that you’ve read State Farm’s disclosures from this page.
After inputting that information, you’ll just answer a few questions about how many individuals live at your address and whether or not you’ve had any losses in the past five years. After you click continue, you’ll see your estimated quote, as well as how that number may change if you bundle with auto insurance. They’ll also let you know that you can explore more coverage options by talking about your needs with your State Farm agent.
How much does State Farm Renters Insurance cost?
On their website, State Farm markets their monthly insurance as the cost of a large pizza, which is pretty close to accurate from the example quote I pulled above. Typically speaking, you can expect to pay anywhere from $14 to $20 a month for your insurance with State Farm, not including any Good Neighbor discounts or bundling.
Of course, in order to truly know what the price of the renters insurance State Farm offers will be, you’ll want to fill out a quote yourself. This is because everything from past claims to the city you live in can impact how much you wind up paying for your renters insurance policy. If you’re not happy with the quote you receive, it’s worth reaching out to a State Farm agent to see how they can help you get the price in a better range for you. They’ll understand that you’ve got other living expenses to factor into your monthly budget, and should be able to help you find the right coverage that fits your needs and your monthly income.
State Farm Renters Insurance features
Here are some of the perks that might sway you to picking State Farm for your renters insurance.
Fast, simple quote process
Unlike some insurance companies that require you to put in your social security number in order to verify your identity for a quote, it’s simple and fast to get an insurance quote with State Farm. The online form takes no more than five minutes to complete, and you can immediately start reviewing your insurance coverage and costs.
Great base coverage
Unlike some renters insurance companies that are a bit more no-frills, you get great base coverage when you choose State Farm. State Farm offers personal property and personal liability coverage like most other insurers, but they also offer loss of use coverage in case your home becomes uninhabitable because of a covered peril. They’ll even help you cover guest medical expenses. You’ll often times even get replacement cost coverage to cover the actual market value of any valuables you need to replace when you file a claim for property damage, something that’s not always included in a standard policy.
Wide range of coverage options
State Farm goes further than just offering personal liability coverage and personal property coverage. If you need additional coverage beyond the basic coverage for your personal belongings, State Farm is an insurance company that gives you a lot of choice to adjust your policy. Some of the add-ons you may want to consider including with your renters insurance policy include things like:
- Identity restoration
- Additional liability coverage
- Earthquake coverage
- A personal articles policy for expensive items like collectibles or jewelry
- Sewer back-up coverage
- Water bed liability coverage for water damage caused by a water bed
- Personal injury endorsement for instances of slander or libel
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Who is State Farm Renters Insurance best for?
For the vast majority of renters, there’s a lot to love about State Farm. Low prices, an easy quote process, and dedicated State Farm agents all make State Farm an excellent option when it comes to getting coverage as a renter. Especially if you’re trying to get the most bang for your buck and other living expenses are tight, there’s a lot of peace of mind and value that comes from using State Farm for your coverage.
Who shouldn’t use State Farm Renters Insurance?
If you aren’t already insured with State Farm in the states of Massachusetts, California, or Rhode Island, you may want to look elsewhere for insurance for your rental property. This is because you need to be an existing State Farm customer in order to qualify for renters insurance in these states.
Pros and cons
Pros
- Easy quote process. Many online insurance options have a streamlined quote process, but State Farm’s is particularly great when it comes to ease-of-use. The fact that it immediately gives you a ball park estimate at the bottom of your screen and continues to update it as you progress through the form shows that State Farm is committed to transparency.
- Available in all 50 states. One perk of State Farm renters insurance is that it’s available in all fifty states. This means that even if you move to a different rental home (or a different city to go to school or for a job transfer), you’ll still be able to have the same renters insurance coverage you’ve grown accustomed to.
- Discounts. The two major discounts offered by State Farm with their renters insurance policy are a multiple policy discount for auto insurance as well as a discount if you have home alert protection such as deadbolts, smoke detectors, or burglar alarms.
Cons
- Some strings attached in certain states. While State Farm operates in all 50 states, if you live in Rhode Island, California, or Massachusetts, you’ll need to already have insurance with State Farm in order to qualify for renters insurance with them.
- Discounts are good, but not great. This might be a moot point since State Farm’s average renters insurance cost is still on the low side compared to other options, but there aren’t a ton of options when it comes to getting a discount with State Farm. That isn’t to say that there aren’t discounts available, just that there are fewer options for policyholders than you may find elsewhere.
- Coverage doesn’t apply to any roommates. Unlike other insurers, State Farm’s renters insurance doesn’t extend to your roommates, so they’ll need their own policy to protect their personal belongings.
State Farm Renters Insurance vs. competitors
State Farm isn’t the only company on the block if you’re shopping for renters’ insurance. Here’s how State Farm measures up to three major competitors: Lemonade, Assurant, and USAA. They were evaluated based on whether they offer coverage in all 50 states as well as their AM Best rating.
Insurance provider | Available in all 50 states? | AM Best Rating | Mobile App |
State Farm | Yes | A++ | Yes |
Yes | A+ | No | |
USAA | Yes | A++ | Yes |
No | No Rating | Yes |
Assurant
Assurant has recently had its AM Best Rating upgraded from an A to an A+, which is definitely respectable. Even so, that’s still falling a tad short of State Farm and USAA. Even though Assurant is offered in all 50 states, if you want access to a mobile app and a renters insurance provider with the strongest possible AM Best rating, State Farm is a better choice.
USAA
USAA compares quite favorably to State Farm. Both have mobile apps, are available in all 50 states, and have a strong AM Best rating. State Farm is arguably a larger insurance provider than USAA, so they have more experience when it comes to handling claims on covered losses, but you wouldn’t be making a huge mistake if you chose USAA over State Farm.
Lemonade
Lemonade’s digital app is particularly strong, although not that much better than State Farm’s which in and of itself is award-winning. Lemonade is a newer name in the insurance scene, so that might have some appeal. However, that also comes with an AM Best rating that’s nonexistent and limited availability in the states.
FAQs
What other coverage does State Farm offer?
In addition to offering renters insurance, State Farm offers insurance for condos, homes, boats, and cars.
Does State Farm renters insurance cover pet damages, including bites?
Generally speaking, these would be covered under your personal reliability policy as part of your renters insurance. Any injury someone sustains on your property falls under this umbrella of coverage. In terms of pets, State Farm won’t discriminate when it comes to the type of animal or breed you own, which some other insurers do.
Is State Farm available for renters insurance in all 50 states?
Yes, State Farm is available for renters in all 50 states, although you need to have existing State Farm insurance in Rhode Island, Massachusetts, or California in order to qualify.
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The bottom line
While your landlord’s insurance policy deals with exterior problems like damage to your apartment’s roof or vandalism, in order to protect your own personal property within the walls of your apartment, it’s important to have a renters insurance policy. As one of the biggest insurance companies in the country, State Farm boasts a lot of benefits when it comes to renters insurance.
Offering coverage in all fifty states and featuring a broad amount of coverage types as part of their standard renters insurance policy, you get a lot of value out of your low monthly fee when you choose State Farm as your insurance company. While some may wish for more when it comes to discounts, on the whole, State Farm offers strong coverage and is a compelling choice for renters at all walks of life.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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