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 Renters Insurance Review
State Farm ranks first among 8 other major national providers with a MoneyGeek score of 92 out of 100, excelling in affordability and financial stability. It also scores highly in customer satisfaction, though its coverage options are average.
Updated: November 27, 2024
Advertising & Editorial Disclosure
Key Takeaways
State Farm has an overall MoneyGeek score of 92 out of 100, excelling in affordability, customer satisfaction and financial stability.
The average annual premium for State Farm renters insurance is $101 for $20K personal property coverage.
The company offers several optional coverages, including cyber event/ID theft, which provides identity restoration insurance.
State Farm's MoneyGeek score for renters insurance is 92 out of 100. Its average annual premium for $20K in personal property coverage is $101. State Farm is present in most states, making it widely accessible for renters nationwide.
State Farm scores highest in affordability, customer satisfaction and financial stability. However, its coverage options are less broad than those of its competitors. State Farm's renters insurance varies by state, being the cheapest in 18 states and the best in 25 states for $20K in personal property coverage. For $100K in personal property coverage, it is the cheapest in 29 states and the best in 30 states.
- High customer satisfaction score
- Highly affordable
- Reliable when you need to make a claim
- Offers Cyber Event/ID Theft and earthquake coverage
- Fewer optional coverages offered
MoneyGeek scores State Farm’s renters insurance based on affordability and customer satisfaction. Secondary factors include coverages and financial stability.
Why Trust MoneyGeek? We collected data and reviews on State Farm's renters insurance with the help of Quadrant Information Services, J.D. Power and AM Best.
Renters insurance rates are as of October 2024.
How State Farm Compares to Other Major Renters Insurers
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.
- $100K Personal Property
- $20K Personal Property
- $250K Personal Property
- $50K Personal Property
State Farm | 92 | 55 | 27 | 6 | 5 |
Auto-Owners Insurance | 88 | 54 | 20 | 8 | 5 |
Nationwide | 85 | 47 | 25 | 10 | 3 |
American Family | 83 | 47 | 30 | 5 | 2 |
Chubb | 80 | 40 | 27 | 8 | 5 |
Allstate | 79 | 50 | 20 | 6 | 3 |
Farmers | 69 | 39 | 25 | 3 | 2 |
Travelers | 57 | 18 | 24 | 10 | 5 |
How State Farm Compares to Other Renters Insurers by State
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.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- $100K Personal Property
- $20K Personal Property
- $250K Personal Property
- $50K Personal Property
State Farm | 96 | 55 | 30 | 6 | 5 |
Auto-Owners Insurance | 92 | 54 | 26 | 8 | 5 |
Nationwide | 91 | 49 | 28 | 10 | 3 |
COUNTRY Financial | 86 | 53 | 23 | 6 | 3 |
Allstate | 82 | 48 | 25 | 6 | 3 |
Travelers | 79 | 36 | 28 | 10 | 5 |
Foremost Insurance | 43 | 18 | 20 | 3 | 2 |
State Farm Renters Insurance Customer Satisfaction Ratings
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.
American Family | 30 |
Chubb | 27 |
State Farm | 27 |
Farmers | 25 |
Nationwide | 25 |
Travelers | 24 |
Auto-Owners Insurance | 20 |
Allstate | 20 |
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.
Is State Farm the Best in Customer Satisfaction in Your State?
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.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
State Farm | 30 |
Nationwide | 28 |
Travelers | 28 |
Auto-Owners Insurance | 26 |
Allstate | 25 |
COUNTRY Financial | 23 |
Foremost Insurance | 20 |
State Farm Renters Insurance Affordability
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.
- $100K Personal Property
- $20K Personal Property
- $250K Personal Property
- $50K Personal Property
State Farm | $ 101 | 55 |
Auto-Owners Insurance | $ 103 | 54 |
Allstate | $ 121 | 50 |
Nationwide | $ 134 | 47 |
American Family | $ 136 | 47 |
Chubb | $ 165 | 40 |
Farmers | $ 167 | 39 |
Travelers | $ 255 | 18 |
Your deductible is the amount you must pay out-of-pocket before your renters insurance policy kicks in to cover a claim. Increasing your deductible can lower your monthly premiums because it reduces the risk for the insurance company, as they will pay less if you file a claim.
How Does Personal Property Coverage Impact Affordability?
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.
Is State Farm Renters Insurance Affordable in Your State?
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.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- $100K Personal Property
- $20K Personal Property
- $250K Personal Property
- $50K Personal Property
State Farm | $145 | 55 |
Auto-Owners Insurance | $157 | 54 |
COUNTRY Financial | $163 | 53 |
Nationwide | $214 | 49 |
Allstate | $224 | 48 |
Travelers | $359 | 36 |
Foremost Insurance | $566 | 18 |
State Farm Renters Insurance Discounts
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.
Discount | Description |
---|---|
Bundle | Renters with State Farm auto insurance policies can save up to $722 by bundling. This discount helps protect personal property at a lower cost. |
Protective Device | Installing a smoke detector, fire alarm, or burglar alarm can qualify renters for a discount on their premiums. These safety devices make your home safer and reduce insurance costs. |
State Farm Renters Insurance Coverage Rating
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.
Endorsement | Description |
---|---|
Cyber Event / ID Theft | This coverage helps restore your identity if it is stolen. It includes protection against cyber events and fraud loss. |
Scheduled personal property and cyber event/ID theft are common endorsements for renters insurance. State Farm does not offer a scheduled personal property endorsement for renters, which is useful for protecting high-value items like jewelry and fine art. Check out other renters insurance providers that offer both common endorsements:
- Amica
- Grange Insurance
- Florida Peninsula Insurance
Endorsement | Rarity | Description |
---|---|---|
Earthquake | Somewhat Rare | This coverage helps protect your personal property from damages caused by earthquakes. |
What State Farm Renters Insurance Covers
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.
Coverage | Description |
---|---|
Personal Property Coverage | Personal property coverage pays to repair or replace your belongings if they get damaged in a covered peril. Sample perils include fire, theft and vandalism. For example, if your laptop is stolen, this coverage will help replace it. |
Personal Liability Coverage | Personal liability coverage covers legal costs if someone is injured in your rental or if you damage someone else's property. It can pay for medical bills, legal fees and settlements. For example, personal liability coverage can cover medical expenses if a guest slips and falls in your home. |
Loss Of Use Coverage | Loss of use coverage pays for additional living expenses if your rental becomes uninhabitable due to a covered peril. Sample expenses include hotel stays and restaurant meals. For example, if a fire makes your apartment unlivable, loss of use coverage can pay for your temporary housing. |
What State Farm Renters Insurance Doesn't Cover
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 Renters Insurance Financial Stability Rating
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.
How to Get Renters Insurance From State Farm
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.
- 1
Collect your personal and home details
Gather your personal information, including your name, date of birth and contact details. Additionally, collect details about your rental property, such as the address, type of dwelling and any safety features.
- 2
Determine how much coverage you want
Decide on the amount of coverage you need by evaluating the value of your personal belongings and potential liability.
- 3
Get a quote
Provide the collected personal and property details to request a quote from State Farm. The quote will give you an estimate of the cost based on your chosen coverage.
- 4
Send in your application
Submit your application to State Farm with the selected coverage and your personal details. Ensure all information is accurate to avoid any issues with your policy.
It's good to compare renters insurance quotes before purchasing from a provider. This helps you find the best rates and coverage, potentially saving money and ensuring better policy terms.
FAQ: State Farm Renters Insurance
Do your research before purchasing a policy. Below, we answer some of the most frequently asked questions about State Farm renters insurance.
Is State Farm a cheap or expensive renters insurance provider?
State Farm is generally considered inexpensive for renters since its average premium is lower than the national average.
How much does State Farm charge for renters insurance?
State Farm charges an average of $101 annually for $20K in personal property coverage, $149 for $50K coverage and $220 for $100K coverage.
How can you purchase flood insurance as a renter?
Flood insurance can be purchased through the National Flood Insurance Program or a private flood insurer. Consider asking a State Farm agent if they offer flood insurance in your area.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick 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 knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.