State Farm Renters Insurance Reviews 2022 – Everything You Need to Know

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State Farm is regarded as the best and largest Auto insurance company in the United States and also offers other insurance products like renters insurance, motorcycle, and many more. Many State Farm insurance products have given customers few reasons to complain plus having the access to file and track a claim and surplus coverage options to choose from.

State Farm Renters Insurance Reviews 2022 - Everything You Need to Know

State Farm renters insurance is one of these insurance products that offers coverage for your home which include property damage and loss, fire outbreak, theft, vandalism, and many others. Getting renters insurance policy is very important as it required by some landlords before you are allowed to live in their house. However, there many reasons why you should get renters insurance coverage. Take for instance, if you are legally held responsible for damages done to someone’s property, if you someone was injured in your apartment and filed a claim against you, if your apartment was damage in a fire outbreak or accident.

Although most landlord have renters insurance but it only covers the building and damages done to the building but not those living inside the building. This is why the State Farm renters insurance makes it easy for you to get a protection for yourself and you the whole of your apartment. You can even get coverage for your furniture, clothing, computers, TV, electronics and many more. Renters insurance can also cover the stuff outside and inside your apartment.

What Does State Farm Renters Insurance Cover? 

  • Liability: State Farm will pay for your legal fees and medical fees if someone get injured at your home or damage to their property.
  • Loss of Use: This coverage provides payment for additional living expenses such as restaurant meals, hotel stays or other expenses because you are not able to live in your home because the home undergoes covered repairs or loss. This coverage also provides protection for your household if they have to settle elsewhere for 2 years.
  • Inflation Coverage: This provides coverage for your cost of living especially when economic situation changes and inflation sets in. Keep in mind that as your cost of living rises, your renters insurance will too.
  • Personal Property Coverage: This offers you protection from accidents related to fire, smoke, covered water, theft, wind, vandalism and many more.

Other State Farm Renters Insurance Coverage includes;

  • Personal liability umbrella policy
  • Identity restoration
  • Earthquake damage
  • Additional business property
  • Incidental business liability

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What State Farm Renters Insurance Does not Cover? 

Although State Farm offers renters insurance policy offers a wide coverage but it does not offer coverage for some things which include the following;

  • Earth movement including earthquake and landslide.
  • Damage caused by settling, deterioration, contamination or nuclear hazard.
  • Water damage caused by flood or underground water.
  • Damage caused by continuous or repeated seepage or leakage of water or steam.
  • Damage caused by birds, rodents, insects or domestic animals.

Cost of State Farm Renters Insurance 

The price of renters insurance is relatively low in general but there are other factors you still have to consider to know the amount you will spend on renters insurance. According to National Association of Insurance Commissioners (NAIC) survey, renters insurance cost about $15 monthly for approximately $35,000 in coverage limits. According to reports gathered from Forbes Advisor based on the information from the Quadrant Information Services, State Farm remains one of the cheapest renters insurance companies on average annual premium.

  Insurer  Average Annual premium
  State Farm    $125
  Auto-Owners    $126
  USAA    $140
  American Family    $149
  Nationwide  $151  
  Lemonade    $154
  Allstate    $154

Source: Forbes Advisor

How to Know the Amount of Renters Insurance to Buy at of State Farm

It is important you have an idea on how much you should spend on the renters insurance you want to buy to ensure it meets your budget and need. The amount of renters insurance you need is however dependent on several factors which include;

  • Complete an inventory of your possessions: most renters insurance policyholder want take cognizance of their personal property coverage as it is main reason they purchase a renters policy. Since the coverage will reimburse you for your loss, damage, or theft of your personal property. It is therefore important for you to create a complete home inventory which will help determine the amount of property coverage you want to buy. This inventory list will entails details of your personal possession, the age of the property, purchase price or current value and other information of identification.
  • Choose the right deductibles: This is the amount deducted from your reimbursement by your insurance company. A deductible is the amount of covered loss or liability that you pay out from your own pocket.  For example, if a fire causes $2,000 in insured damage to your personal property and your deductible is $500, then your insurer will pay you $1,500.  

Your renters insurance premiums will show the deductibles you agree to pay. Lower deductibles mean higher premiums; higher deductibles mean lower premium. Bear it in mind that an insurance company will not give you a payout for a loss amount that is lower than the deductible. This means if your deductible is $2,000 and you suffer $1,750 in losses, then you are entirely responsible for those costs, even if the cause of the loss is covered by your policy.

When choosing a deductible, think carefully about the out-of-pocket costs that you are willing, and able, to pay. A disciplined saver may be able to offset the greater risk of a high deductible with cash reserves. Others, however, will have to balance the benefit of a higher deductible against the risk of greater out-of-pocket expenses.

  • Check the Discounts with your Insurance Agent: Many insurance companies offer notable discounts if you buy more than one policy with their company. For renters, this usually means when you combine auto insurance with a renters policy in your purchase, you may qualify for the discounts.
  • Access your Liability: Your renters policy’s liability may offer you coverage if someone injures themselves in your home. It may also protect you in case you or a family member causes damage to others’ property. Some policies will pay for defense and court costs in addition to settlement costs. The typical renters insurance policy offers $100,000 in liability coverage. For renters, this amount is often sufficient.
  • Analyze your Renters insurance quote: it is important you compare the quotes of various insurance companies to know the amount of insurance policy you want to buy. A renters insurance quote will indicate the amount and every other information about the renters insurance policy coverage for you. You can request for renters insurance quote from your agent or agents from various insurers.
  • Supplement Coverage if necessary: If you have special insurance needs, you can exclude certain coverage which includes computers, firearms and others. You can talk to your agent about extending limits or adding separate policies.

How to file a Renters insurance claim with State Farm

You can begin filling a claim online with State Farm or through State Farm mobile app. You can also call State Farm at 1-800-732-5346.

When you want to file a claim, ensure you file the claim as soon as possible as to when the event happened so that you can get an adjuster and to get your payout soon, document or take important information of the damage – you can take photos or videos, have the complete inventory with you, get a police report if your property was stolen, and gather every other supporting document.

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State Farm Renters Insurance Discounts

You can save more money by taking advantage of some discounts when you purchase State Farm Insurance policy especially when you buy more than one policy. Below are list of some discounts you can get from State Farm.

  • Multiline discounts: you may this type of discounts which can help you save money monthly when you combine the purchase of both State Farm Auto and renters insurance policies.
  • Home alert discounts:  You may qualify for a premium discount on your renters insurance by adding home safety devices like smoke detector installed, fire alarm, bulgar alarm and other home monitoring devices.
  • Higher deductible discounts: You can save more money on your monthly premium when you choose higher deductibles for your renters insurance policy
  • Automatic sprinkler discount: you can get discounts if your home has automatic sprinklers installed.
  • Loyal customer discount: this type of discount is meant for people who have been a customer of State Farm for a certain number of years.

Other Insurance from State Farm

Apart from renters insurance, you can also get other insurance products from State Farm which include the following;

  • Boats
  • Farms and ranches
  • Condos
  • Long-term and short-term disability
  • Manufactured homes
  • Houses
  • Roadside assistance
  • Small businesses
  • Supplemental health
  • Vehicles
  • Identity restoration
  • Life
  • Motor homesOff-road vehicles

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