State Farm Renters Insurance Review

If you're a renter wanting to insure your personal belongings, MoneyGeek's review of State Farm's renters insurance covers customer service, affordability, coverage options and financial stability. We used data from trusted sources to help you make an informed choice.

State Farm ranks first 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. It ranks average in coverages. Auto-Owners scores higher in coverages but 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 determine which provider is the best fit. Consider these aspects when choosing your renters insurance. The table shows how State Farm stacks up against other major national renters insurance providers for $20,000 in personal property coverage.

State Farm's MoneyGeek score changes based on where you live, reflecting local factors that influence renters insurance. Your location affects affordability because crime rates and weather risks 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 how State Farm ranks in your state:

State Farm earned a customer satisfaction score of 27 out of 30 in MoneyGeek's review. The company also scored 844 in J.D. Power's study, ranking third among eight major national renters insurers. State Farm's strong ratings make it a solid choice for renters who value reliable service and smooth claims processing.

Customer satisfaction is essential in renters insurance because it directly impacts your experience as a policyholder. If your apartment is burglarized, a company with high customer satisfaction handles 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 from unexpected events. Choosing a company with a high customer satisfaction score indicates how well your insurance serves you.

MoneyGeek's customer satisfaction ranking for State Farm's renters insurance varies 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.

The table shows MoneyGeek's customer satisfaction scores for State Farm renters insurance and other major national providers in your state.

State Farm is 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. Insurance companies don't 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. The table shows how State Farm compares to other providers for your desired coverage.

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. Opting for lower coverage results in more affordable renters insurance.

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

State Farm's renters insurance premiums vary from state to state due to factors like the type of structure you live in, its proximity to a local fire station, crime rates, natural disasters and local regulations. The average premium for $20K personal property coverage is $66 in Colorado but $590 in California for the same coverage. The table shows 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 measures an insurer's endorsement options. State Farm scored 6 out of 10, meaning it offers fewer endorsements than many competitors. The table below shows State Farm's available renters insurance endorsements.

Renters insurance 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, though loss of use may be a percentage of your personal property coverage. Here's each standard renters insurance coverage:

State Farm’s renters insurance doesn't cover flood or earthquake damage, which is standard across most property insurance providers. Renters insurance only applies to sudden or accidental damage from specific perils. 

It excludes intentional damage and normal wear and tear. Some of the main exclusions:

• Flood damage: Not included in standard renters insurance. You’ll need a separate flood policy for this.
• Earthquake damage: Also not part of standard coverage and requires an added endorsement.
• Intentional damage: Any damage caused on purpose by the policyholder isn’t covered.
• Wear and tear: Normal use and gradual deterioration of personal property are excluded.
• Pest infestations: Damage from rodents, insects or other pests usually isn’t covered.

State Farm earned a financial stability score of 5 out of 5 based on its A++ (Superior) rating from AM Best. AM Best is one of the largest credit rating agencies internationally and this top rating shows State Farm has strong financial health.

A financially stable insurer has the resources to pay claims when policyholders need them. This means State Farm can handle your claims efficiently without delays.

To buy renters insurance from State Farm, gather your personal details and tally your belongings before submitting an application. You can apply online, though some locations require contacting an agent. Here's how to buy 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.