State Farm Renters Insurance Review

If you’re a renter and want to know more about State Farm’s customer service, affordability, coverage options and financial stability, MoneyGeek gathered data from Quadrant Information Services, J.D. Power and AM Best to develop our review of State Farm’s renters insurance coverage. This review will help you make an informed decision about protecting your belongings.

State Farm ranks No. 1 out of eight major national renters insurance providers with a MoneyGeek score of 92 out of 100. State Farm excels in affordability, customer satisfaction and financial stability, making it a strong choice for renters. However, it ranks average in coverages. Although Auto-Owners scores higher in coverages, it falls short in affordability compared to State Farm.

The best insurance for you depends on your unique circumstances. Factors like location, personal property value and specific coverage needs can determine which provider is the best fit. Make sure to consider these aspects when choosing your renters insurance. Check out the table below to see how State Farm stacks up against other major national renters insurance providers for $20K in personal property coverage.

State Farm's MoneyGeek score can change based on where you live, reflecting local factors that influence renters insurance. Your location affects affordability because crime rates and weather risks can increase premiums. For example, State Farm scores 100 out of 100 in Louisiana, but only 57 out of 100 in Alaska for $20K in personal property coverage. Check below to see how State Farm ranks in your state.

MoneyGeek’s review ranked State Farm’s customer satisfaction score at 27 out of 30, which is high compared to other providers. With a J.D. Power score of 844, State Farm ranks No. 3 out of eight major national renters insurers in customer satisfaction. This high ranking makes State Farm a strong option for renters looking for reliable insurance and a positive experience when filing a claim.

Customer satisfaction is essential in renters insurance because it directly impacts your experience as a policyholder. For example, if your apartment is burglarized, a company with high customer satisfaction will handle your claim quickly and fairly, ensuring you can replace your stolen items promptly. This level of service provides peace of mind and reduces the stress associated with unexpected events. Choosing a company with a high customer satisfaction score can indicate how well your insurance serves you.

MoneyGeek's customer satisfaction ranking for State Farm's renters insurance can vary from state to state due to differences in service quality, claims handling and local market conditions. For example, State Farm has a customer satisfaction score of 30 out of 30 in Connecticut, where it ranks 3rd, but only scores 20 out of 30 in Illinois, where it ranks 6th.

Look at the table below to see MoneyGeek's customer satisfaction scores for State Farm renters insurance and other major national providers in your state.

State Farm is generally considered inexpensive for renters. The national average cost of renters insurance is $148 per year, whereas State Farm offers $20K in personal property coverage for $101. This makes State Farm $47 more affordable than the national average.

State Farm's affordability score is 55 out of 55, ranking it first among all providers in our study. However, insurance companies do not disclose how they calculate premiums. Whether coverage is cheap or expensive depends on factors like location, coverage needs and individual rating factors such as your credit-based insurance score and claim-filing history. Check how State Farm compares to other providers for your desired coverage in the table below.

Personal property coverage is a key component of renters insurance that protects your belongings in case of theft, fire or other covered events. The higher your personal property coverage, the more expensive your renters insurance will be. Opting for lower coverage results in more affordable renters insurance.

For example, State Farm's $100K personal property coverage costs about $220 annually, while its $50K personal property coverage costs $149 annually. Even though less coverage can save you money, it's essential to determine how much renters insurance coverage you need to ensure you have adequate protection without overpaying.

State Farm’s renters insurance premiums can vary from state to state due to factors like the type of structure your live in, its proximity to a local fire station, crime rates, natural disasters and local regulations. For example, the average premium for $20K personal property coverage is $66 in Colorado but $590 in California for the same coverage. Look at the table below to see the average cost of renters insurance by state for State Farm and other major national insurers based on your desired personal property coverage limit.

State Farm offers a range of discounts to make renters insurance more affordable. Standard discounts that renters can easily qualify for include bundles and protective devices. With only two discounts, renters have some options to save.

State Farm offers two endorsements for renters insurance, one common and one rare. Endorsements are optional coverages that you can add to your renters insurance policy, while standard coverages are included by default.

MoneyGeek’s coverage score examines an insurer's endorsements and considers whether they are common or rare. State Farm's coverage score is 6 out of 10, indicating it has few endorsement options. The table below shows the common and rare renters insurance endorsement options State Farm offers.

Renters insurance typically includes three standard coverages: personal property, personal liability and loss of use. Most providers, including State Farm, include these coverages by default, so you can't purchase them individually or remove them from your policy. You can set your desired limit for each coverage, although loss of use may be a percentage of your personal property coverage. Check out each standard renters insurance coverage using the table below.

State Farm’s renters insurance doesn’t cover flood damage or earthquake damage, which is standard across the property insuracne industry. Renters insurance is designed to cover sudden or accidental damage from specific perils, so it doesn’t include intentional damage or wear and tear. Here are some key exclusions from State Farm’s renters insurance policies:

• Flood damage: Flood damage is not covered under standard renters insurance, but you can purchase a separate policy for this.
• Earthquake damage: Earthquake damage also requires an endorsement as it is not included in standard coverage.
• Intentional damage: Any damage that is done intentionally by the policyholder is not covered.
• Wear and tear: Regular wear and tear of personal property is not covered by renters insurance.
• Pest infestations: Damages caused by pests, such as rodents or insects, are typically not covered.

State Farm has a financial stability score of 5 out of 5, which we based on its AM Best Score of A++ (Superior). This indicates that the company is financially stable and reliable. The financial stability score examines a company's financial health and is based on AM Best ratings, one of the largest credit rating agencies internationally.

Financial stability for a renters insurance company means it has the financial resources to pay out claims when needed. This is important for renters because it ensures that their claims will be handled efficiently and without delay.

If you want a renters insurance policy with State Farm, gather your personal details, tally your belongings and submit an application. You can typically do this process online, but you may have to contact an agent depending on where you live. Below is the step-by-step process of buying a renters insurance policy from State Farm.

Do your research before purchasing a policy. Below, we answer some of the most frequently asked questions about State Farm renters insurance.