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According to MoneyGeek's study, State Farm ranks fifth in the U.S. against other home insurance providers, while Travelers ranks 15th. State Farm and Travelers both score well overall for affordability, financial stability and customer satisfaction. However, State Farm wins out when it comes to customer satisfaction, and Travelers is slightly more affordable on average.

To help you compare the two insurance companies, MoneyGeek's review of Travelers vs. State Farm homeowners insurance delves into their average rates, coverage options and available discounts.

Comparison Overview: Travelers vs. State Farm

MoneyGeek has created a table to help you compare Travelers vs. State Farm homeowners insurance policies, outlining the companies' distinctive features. The insurers received comparable overall scores and perfect scores for financial stability, indicating that they are financially sound and able to meet their financial obligations to their policyholders.

In terms of pricing, Travelers offers slightly cheaper premiums compared to State Farm, although they both scored well for affordability. However, State Farm comes out on top for customer satisfaction.

Another advantage of State Farm is its broader range of add-on coverage options and discounts, which gives customers more choices and flexibility in tailoring their policies to their specific needs. Travelers and State Farm homeowners insurance policies are both available in 48 states (including Washington, D.C.), making them accessible options for homeowners across the country.

Feature
Travelers
State Farm

Total Score

88

91

Satisfaction

3.5

4.0

Stability

5.0

5.0

Affordability

4.7

4.7

Average Annual Premium

$2,119

$2,138

Number of optional coverages

6

12

Number of advertised discounts

5

7

State availability

Available in 48 states

Available in 48 states

Link to full review

Which Company Is Cheaper Overall?

Travelers has a slight advantage over State Farm in terms of affordability, with a cheaper average annual rate of $2,119 compared to State Farm's rate of $2,138. However, it's important to note that these are average costs of homeowners insurance, and your actual premium may vary based on factors such as your credit score, the location of your home and the estimated cost of reconstruction.

Average Annual Home Insurance Premium: Travelers vs. State Farm

house
Travelers

Average Annual Premium

$2,119
house
State Farm

Average Annual Premium

$2,138
State Farm’s homeowners insurance costs on average:$19 more

This is 1% more expensive.

When calculating the cost of homeowners insurance, insurance companies consider several factors, but the most important are your home's location and the amount of dwelling coverage you need.

Which Company Is Cheaper Based on Dwelling Coverage Amount?

Dwelling coverage protects you financially if your home needs to be repaired or rebuilt due to a covered incident. Therefore, the amount you choose should be approximately equal to the total costs associated with repairing or rebuilding your home.

For coverage levels ranging from $100K to $500K, Travelers is slightly more affordable than State Farm. Conversely, for coverage levels between $750K and $3 million, State Farm offers better rates.

Refer to the MoneyGeek table below to understand how dwelling coverage amounts affect homeowners insurance prices.

Average Premiums for Travelers vs. State Farm
Company
Dwelling Coverage Amount
Average Annual Premium

Travelers

$100,000

$1,716

State Farm

$100,000

$1,917

Travelers

$250,000

$2,287

State Farm

$250,000

$2,427

Travelers

$500,000

$5,528

State Farm

$500,000

$5,666

Travelers

$750,000

$8,089

State Farm

$750,000

$8,051

State Farm

$1,000,000

$10,202

Travelers

$1,000,000

$10,938

State Farm

$2,000,000

$20,611

Travelers

$2,000,000

$22,544

State Farm

$3,000,000

$31,612

Travelers

$3,000,000

$34,812

How Much Does Each Company Cost by State?

Homeowners insurance rates vary across states. For example, Travelers' average rate in Ohio is its lowest rate in the country at $487 per year, while it charges the highest average rate in South Carolina ($8,742 per year). Meanwhile, Rhode Island is the cheapest state for State Farm coverage ($765 per year), and Texas is the most expensive ($3,994 per year).

Refer to the MoneyGeek table below to see how homeowners insurance rates from State Farm and Travelers vary by state.

Average Premiums for Travelers vs. State Farm
Company
State
Average Annual Premium

State Farm

AK

$1,176

State Farm

AL

$1,482

Travelers

AL

$1,080

State Farm

AR

$1,680

Travelers

AR

$988

State Farm

AZ

$1,224

Travelers

AZ

$3,296

State Farm

CA

$1,681

Travelers

CA

$1,463

State Farm

CO

$2,833

Travelers

CO

$2,576

State Farm

CT

$1,665

Travelers

CT

$1,315

State Farm

DC

$2,216

Travelers

DC

$2,029

State Farm

DE

$817

Travelers

DE

$704

State Farm

FL

$2,200

Travelers

FL

$1,056

State Farm

GA

$2,883

Travelers

GA

$1,936

State Farm

HI

$1,013

State Farm

IA

$1,052

Travelers

IA

$713

State Farm

ID

$2,020

Travelers

ID

$1,022

State Farm

IL

$1,787

Travelers

IL

$1,332

State Farm

IN

$1,037

Travelers

IN

$869

State Farm

KS

$1,726

Travelers

KS

$1,452

State Farm

KY

$1,168

Travelers

KY

$788

State Farm

LA

$940

State Farm

MA

$1,705

Travelers

MA

$3,001

State Farm

MD

$1,509

Travelers

MD

$1,390

State Farm

ME

$1,088

Travelers

ME

$808

State Farm

MI

$2,518

State Farm

MN

$2,497

Travelers

MN

$2,266

State Farm

MO

$2,279

Travelers

MO

$1,959

State Farm

MS

$1,782

Travelers

MS

$754

State Farm

MT

$3,186

Travelers

MT

$2,868

State Farm

NC

$2,404

Travelers

NC

$1,050

State Farm

ND

$2,703

State Farm

NE

$3,464

Travelers

NE

$2,126

State Farm

NH

$982

Travelers

NH

$745

State Farm

NJ

$1,107

Travelers

NJ

$899

State Farm

NM

$1,548

Travelers

NM

$1,090

State Farm

NV

$1,186

Travelers

NV

$658

State Farm

NY

$994

Travelers

NY

$1,485

State Farm

OH

$783

Travelers

OH

$487

State Farm

OK

$2,582

Travelers

OK

$2,234

State Farm

OR

$965

Travelers

OR

$587

State Farm

PA

$1,662

Travelers

PA

$1,584

State Farm

RI

$765

State Farm

SC

$1,368

Travelers

SC

$8,742

State Farm

SD

$2,847

Travelers

SD

$1,675

State Farm

TN

$2,230

Travelers

TN

$6,292

State Farm

TX

$3,994

Travelers

TX

$3,610

State Farm

UT

$1,055

Travelers

UT

$684

State Farm

VA

$1,191

Travelers

VA

$1,456

State Farm

VT

$1,068

Travelers

VT

$1,021

State Farm

WA

$1,250

Travelers

WA

$667

State Farm

WI

$1,323

Travelers

WI

$992

State Farm

WV

$955

State Farm

WY

$2,100

Which Company Has Better Customer Service?

Evaluating the quality of service provided by a homeowners insurance company is just as important as considering its affordability. Prompt and efficient service is essential during the process of submitting and settling an insurance claim.

In MoneyGeek's study, State Farm narrowly beat out Travelers with a score of 91 out of 100, compared to Travelers' 88. They both scored perfectly in the area of financial stability, but State Farm outperformed Travelers in terms of customer satisfaction according to J.D. Power's Home Insurance study, leading to its higher overall customer service score.

Travelers vs. State Farm: Customer Service Scores
Score
Travelers
State Farm

MoneyGeek Score

88

91

Satisfaction Score

3.5

4.0

Stability Score

5.0

5.0

Affordability Score

4.7

4.7

Which Company Has More Optional Coverages?

Travelers offers seven optional coverages compared to State Farm's 12, but it has more standard coverage options than State Farm.

A typical homeowners insurance policy includes personal property, liability and dwelling coverages. However, if you're looking for additional security beyond the standard coverage options, many companies offer certain less common optional coverages.

Travelers offers an energy efficiency upgrade, while State Farm offers several more optional coverages.

Coverage
Travelers
State Farm

Sewer backup coverage
Covers the cost of
water damage from
a sump pump,
drain or sewer overflow.

Identity theft coverage

Covers some of the
costs incurred due to
identity theft or fraud.

Extended reimbursement

Extends your limits for
certain coverages.

Scheduled personal property coverage

Covers the cost of
valuable items like
jewelry, furs, fine art, etc.

Building ordinance or law coverage

Covers the cost to
rebuild or upgrade a
home so that it
meets the most up-to-date
building codes after a
covered loss.

Contents replacement cost coverage

Covers the cost to
fully replace personal property
if it is damaged or
destroyed by a covered loss.

Other optional coverages

  • Energy efficiency upgrade
  • Mold
  • Earthquake
  • Loss assessment
  • Energy efficiency upgrade
  • Home systems
  • Service line
  • Home rental
  • Vacancy

Travelers offers all of the standard coverage options, but State Farm only offers four — it does not offer extended reimbursement coverage or contents replacement cost coverage. The former provides more protection if your dwelling coverage amount is not enough to cover the repair of your home, while the latter covers the cost to replace personal items at the time of loss with no deduction for depreciation.

On the other hand, State Farm offers a wider range of less common coverages, including earthquake and home systems coverage. These add-ons can be useful if you want additional protection, such as if you live in an earthquake-prone area.

Note that MoneyGeek obtained this information from the companies' websites, and they may offer additional options not advertised online.

Which Company Has More Discounts?

Availing discounts can help you save more on your homeowners insurance. In our comparison of Travelers vs. State Farm homeowners insurance, we found that State Farm offers seven discount options, including all of the most common ones, whereas Travelers provides five total discounts and only three of the standard discounts.

Discount
Travelers
State Farm

Protective device discount

Discount for having
theft or fire protection
devices, such as alarms
or sprinklers.

>

Insurance bundling discount

Discount for bundling
your homeowners insurance
policy with another product,
like auto insurance.

Claims-free discount

Discount for going
several years without
filing a claim.

New home discount

Discount for homes that
have been recently constructed.

Home renovation discount

Discount for homes that
have been recently renovated.

Other advertised discounts

  • Home buyer discount
  • Green home discount
  • Continously insured discount
  • Roofing material discount

The standard discounts offered by State Farm but not Travelers are the new home and home renovation discounts. These discounts can help you save money if you own a recently renovated or newly constructed property. Less common discounts exclusive to State Farm include the continuously insured discount and the roofing material discount.

On the other hand, Travelers offers two unique discounts: the home buyer and green home discounts. The former is available to new homeowners who have purchased their house within the last 12 months, while the latter can help you save up to 5% if your home is already certified as a green home by LEED.

Note that MoneyGeek acquired this data from the companies' websites, and they may offer other discounts that are not disclosed online.

How Much Could Your Homeowners Insurance Premium Cost?

The actual cost of your homeowners insurance will vary based on several factors, including, most importantly, the cost to repair or rebuild your home. To get a more accurate estimate of your rate, try out MoneyGeek's homeowners insurance calculator below.

If you're still unsure as to which insurer to choose, MoneyGeek has compiled a list of the best homeowners insurance for you to consider.

moneygeek-logo

Home Insurance Calculator

State

Alabama

Dwelling Coverage

$100,000

Deductible

$500

Liability

$300,000

Personal Property

$20,000

Credit Score

Excellent
moneygeek-logo

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

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About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.


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