Log in to your online account anytime to manage your payments or view your policy information.

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

Name: State Farm Renters Insurance Review: Cost & Service (2024)
Item: State Farm Renters Insurance Review: Cost & Service (2024)
Rating: 95
Author: Mark Fitzpatrick

State Farm is among the top-rated renters insurance providers based on MoneyGeek’s review. We give the company an overall score of 95 out of 100 due to its excellent customer satisfaction, affordability and financial stability ratings. That said, the company has limited discounts and coverage offers.

Updated: May 22, 2024

Advertising & Editorial Disclosure

score95

5/5

satisfaction

5/5

affordability

5/5

stability

pros

High customer satisfaction rating

Mobile app and other helpful customer tools

cons

Limited discounts

Below average coverage options

Verdict

Overall, State Farm gets an excellent rating for its superior customer satisfaction, financial stability and affordability. The company has numerous online tools and features that make the customer experience more convenient and transparent.

However, MoneyGeek’s State Farm renters insurance review shows that the company’s NAIC customer complaint ratio is slightly higher than the national median. Additionally, the company has limited discount and coverage types. That means individuals looking for opportunities to save may not find State Farm the best option.

Does State Farm Have Good Customer Service?

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.

Customer Satisfaction Rating

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.

NAIC score is another way to measure customer satisfaction. This score is based on the number of customer complaints a company receives compared to others in the market. On the NAIC’s complaint index report, State Farm scored 1.01, just above the 1.00 national median. This means State Farm received slightly more complaints than the average insurer.

Financial Stability Rating

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.

What to Expect From State Farm Renters Insurance

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.

Getting a quote

You can get a State Farm renters insurance quote online, needing just your ZIP code and address to get started. MoneyGeek has already collected some quotes from State Farm, which you can see in the next section.

Customer support

State Farm policyholders can contact the company 24/7 via phone. You can also communicate with the company through mail, mobile app or schedule a virtual appointment.

Filing a claim

You can file a claim through the company’s website, mobile app or call 800-732-5246.

Canceling your policy

You can cancel your State Farm renters insurance policy by calling your agent over the phone, writing them a letter or visiting a State Farm location in person. When canceling a policy, you will have to provide your name, address, phone number, policy number and the date you want your policy to end. If you’ve decided to switch insurers, you’ll have to include your new provider, policy number and policy start date.

STATE AVAILABILITY

State Farm’s renters insurance is available in all 50 states and Washington, D.C.

How Much Does State Farm’s Renters Insurance Cost?

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.

AVERAGE COST OF STATE FARM RENTERS INSURANCE

Personal Property Coverage	Annual Rate
$20,000	$126.72
$50,000	$175.53
$100,000	$272.57

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.

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

clothing & accessories

Clothes, shoes, bags, belts, hats, gloves, etc.

MONEYGEEK EXPERT TIP

Knowing how much your personal property costs will give you an idea of how much coverage you need. This will prevent you from buying too much or too little coverage, which can help you save money.

What Discounts Does State Farm Offer?

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.

Discount	Description
Multi-Policy Discount	State Farm’s multi-line discount applies to policyholders who bundle or purchase different insurance policies from the company. For example, you can save up to $722 by bundling your State Farm auto and renters insurance policies.
Home Alert Protection Discount	Having safety devices — such as a smoke detector, fire alarm, burglar alarm or other home monitoring system — can help you get a premium discount on your State Farm renters insurance.

MONEYGEEK EXPERT TIP

One way of saving money is to bundle multiple policies. If you own a car, State Farm offers a multi-line discount that can help you save hundreds of dollars.

However, there aren’t many opportunities to save with State Farm. You may need to take on lower renters insurance coverage to get cheaper rates.

Which Coverage Types Does State Farm Offer?

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.

Personal Injury

Your insurance will also cover personal claims with this umbrella policy, including defamation of character, libel or slander. The minimum coverage is $1 million. You can increase coverage in $1 million increments.

Identity Restoration Insurance

For an additional $25 per year, you can add this endorsement. It provides identity restoration insurance in case of identity theft for you, your spouse and any relatives or dependents under 21 years old living in your household.

Earthquake

You can get this coverage as a separate policy. It covers earthquake damage.

Business Owners Insurance

You can get a business owners policy (BOP) as a separate policy. It bundles general liability and property insurance to protect against unexpected risks. It’s best for small- to medium-sized businesses.

Business and Professional Liability Insurance

This coverage requires a separate policy. It protects against costs related to professional liability lawsuits, such as defense costs and judgments for professional negligence, error or omission.

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.

Renters Insurance Coverages: What to Expect

Standard:

Personal Property Coverage
Personal Liability Coverage
Medical Payments Coverage
Additional Living Expenses (Loss of Use)

Rarely Offered:

Flood Coverage
Earthquake Coverage
Insect or Bed Bug Coverage

What Online Renters Insurance Tools Does State Farm Offer?

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.

Online Quotation Tool

You can get a personalized renters insurance quote online. Visit the company’s website and enter your ZIP code to get started.

Mobile App

State Farm’s mobile app is available on the Apple App Store and Google Play. With this app, you can manage your insurance account and file claims.

Payment Plan

The State Farm Payment Plan allows policyholders to manage their bill payments easily. With this feature, you can set up automatic payments, make smaller monthly payments and receive payment reminders.

Calculators

State Farm has different calculators that allow you to compute the cost of car ownership, calculate your debt, budget your spending and determine savings.

Online Bills Payment

Online Claims Filing

File a claim by logging into your online account.

Other State Farm Insurance Products

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.

Type of Product	Description
Vehicle Insurance	You can get State Farm auto insurance for your car. You may also buy insurance for your motorcycle, boat, off-road vehicle, motorhome and travel trailer.
Life Insurance	State Farm offers life insurance. Choose from among their term, whole and universal life insurance policies.
Health Insurance	Depending on your needs, you can get supplemental health insurance or a Medicare supplement plan. State Farm also offers individual medical health insurance.
Small Business Insurance	You can get a State Farm business owners, commercial auto, liability umbrella or contractors insurance policy. Businesses may also purchase workers’ compensation insurance from State Farm.
Pet Medical Insurance	Pet owners can get an insurance policy for their dogs and cats. This type of insurance covers your pet’s medical needs.
Disability Insurance	State Farm’s disability insurance offers coverage for short-term and long-term disabilities. You can get funds to help with your debt obligations while recovering from a disability.

Methodology

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.

About Mark Fitzpatrick

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.

sources

AM Best. "AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Most of Its Subsidiaries." Accessed March 29, 2022.
J.D. Power. "Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds." Accessed March 29, 2022.
National Association of Insurance Commissioners. "State Farm Fire & Cas Co National Complaint Index Report." Accessed March 29, 2022.
State Farm. "A Home & Property Claim Shouldn’t Make You Want to Run Away." Accessed April 29, 2022.
State Farm. "How to Cancel Your State Farm Insurance Policy." Accessed March 29, 2022.
State Farm. "Insurance." Accessed March 29, 2022.
State Farm. "Multiline Insurance Discounts." Accessed March 29, 2022.