State Farm Renters Insurance Review: Cost & Service (2024)

Customer service is essential when looking for the best renters insurance provider. The insurer you choose should be able to provide quality service in your time of need and follow through on legitimate claims.

State Farm is MoneyGeek’s top pick for renters insurance based on its strong customer satisfaction score from J.D. Power and financial stability ratings from AM Best. According to the National Association of Insurance Commissioners (NAIC), their customer complaint index is just slightly above the national median.

State Farm has a J.D. Power customer satisfaction score of 866 out of 1,000, ranking second overall. J.D. Power measures customer satisfaction based on a company’s interaction, policy offerings, price, billing process, policy information and claims. The industry average is 848, meaning State Farm’s reputation in this area is better than a typical competitor.

A financial stability rating reflects how well an insurance company meets its financial obligations to pay off legitimate claims. AM Best is an organization that verifies insurance companies’ financial stability and assigns them a financial strength rating. AM Best gave State Farm an A++ rating, meaning State Farm has a superior ability to meet its obligations.

Setting up a renter’s insurance policy is easier when you know what to expect. However, this process often varies between insurers. In the steps below, MoneyGeek breaks down how to acquire, manage and cancel a renters insurance policy with State Farm.

Various factors affect the cost of renters insurance. Your choice of insurer is one of these. In general, renters insurance costs around $13 per month. However, actual rates may differ.

Talk to an agent to determine how much a State Farm renters insurance policy costs. You may pay more or less for renters insurance depending on your coverage limit, which is derived from the value of your personal property.

The price you pay for renters insurance heavily depends on how much coverage you choose. You don’t want too much or too little coverage. A good starting point is $20,000. However, it’s best to get the appropriate amount. Use MoneyGeek’s personal property calculator to find out how much coverage is suitable for your needs.

State Farm offers two discounts for renters insurance, which is less than the industry average of five. State Farm renters insurance policyholders can check if they qualify for a multi-policy or home protection device discount to get cheaper rates. Other insurers commonly offer both discounts.

Coverage also affects the cost of renters insurance. On average, renters insurance providers advertise seven coverage options.

State Farm renters insurance policy owners can choose from five optional coverages. Two of these — additional business property coverage and incidental business liability coverage — are unique offerings. The company also has earthquake coverage, which requires a separate policy, but lacks storm damage coverage.

Below, MoneyGeek details each of the five additional coverage options for a State Farm renters insurance policy. These include personal injury, identity restoration, earthquake damage, business owners, and business and professional liability insurance.

When shopping for renters insurance, it’s crucial to ensure that you’re getting all the standard renters insurance coverages. These include coverage for personal property, personal liability, medical payments and additional living expenses.

Depending on your needs and situation, you may also need to get additional coverage against flood, earthquake and insect damage. Some are rarely offered, so make sure you read the fine print before purchasing a policy.

The availability of different online tools and features also helps to improve customer experience. State Farm offers several tools that policy owners and interested non-owners can use for free, including a quote tool, mobile application and calculators. You can also easily set up a payment plan, pay bills or file claims online.

Aside from renters insurance, State Farm offers various insurance products. These include vehicle insurance, life insurance, health insurance, small business insurance, pet medical insurance and disability insurance. You can also purchase any of these products if you buy renters insurance.

To evaluate State Farm’s quality as a renters insurance company, MoneyGeek analyzed State Farm’s website, manually collected quotes and consulted consumer intelligence organizations such as J.D. Power, the NAIC and AM Best.