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State Farm Renters Insurance Review

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Founded in 1922, Illinois-based State Farm is the largest property and casualty insurance company in the United States. Boasting top credit ratings from Moody's, Standard & Poor's, and A.M. Best, and the 33rd spot on the Fortune 500 list, State Farm offers multiple insurance products, ranging from life and auto insurance to long term care and Medicare supplement insurance.
 
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How is State Farm rated?

Breakdown

3.5/5
Coverage Options
4.0/5
Add-Ons & Discounts
3.5/5
Customer Service
4.0/5
Financial Strength

Overall Rating: 3.8 / 5 (Very good)

State Farm offers a standard renters insurance policy that is in keeping with other offerings in the market, at a competitive price. Though their insurance is more affordable than many, their less-than-stellar customer experience history and the fact they don't offer loss of use coverage knocks them several pegs down from other companies.

State Farm Coverage

Coverage Options - 3.5 / 5

State Farm covers personal property and personal liability under their basic renters insurance policy. Unlike other companies, however, they do not cover loss of use, which is a shame. This means they will not cover your living expenses if you need to move out of your apartment or home during repairs. As is standard for renters insurance policies, coverage for high-priced items is subject to amount limitations. Base coverage limits are included in the policy, but any costs beyond that are not covered by the policy unless the limit is increased. Riders are available for damages caused by waterbed leaks and identity restoration assistance.
Basic Coverage
Personal Property
Personal Liability
Optional Coverage
Scheduled Coverage
Identity Theft Restoration
Roommate / Additional Insured Individuals
Property Valuation Methods
Replacement Cost

Exclusions

State Farm Renters Insurance does not cover: damage caused by floods, earthquakes, or mudslides; bodily injury or property damage intentionally caused by the policyholder; business activities; aircraft, motor vehicles, and some watercraft.

Coverage Fine Print

Back-up of sewers and drains Business Pursuits Depreciated Loss Settlement Provision Incidental Business Limited Replacement Cost Settlement Loss Assessment Nurses' Professional Liability Off Premises Structures Other Structures - Increased Limits Personal Injury Liability Rental Personal Property Roof Surfaces Vacancy Endorsement

Pricing & Discounts

Add-Ons & Discounts - 4 / 5

State Farm's renters insurance policy offers a wider range of deductible options than other companies, allowing customers to reduce their premium costs by choosing higher deductibles. However, remember that a too-high deductible may render the insurance effectively useless. The maximum liability coverage is $1 million, which is higher than most of their competitors. Discounts are available for bundling your insurance with your auto insurance and for installing a home security system.
Annual Premium
Starting at $158
Deductible Options
$500, $1,000, $2,000, $3,000, $4,000, $5,000
Maximum Liability Coverage
$1,000,000
Property-Level Discounts
Burglary Protected
Fire Protection
Sprinkler System

Customer Experience

Customer Service - 3.5 / 5

State Farm's customer reviews mainly pertain to problems filing claims, and being shuffled back and forth between agents. Prospective customers should also be aware of a 2017 ruling which forced State Farm to refund $13 million to California customers who were overcharged for their homeowners insurance. The company does have a below average complaint ratio with the NAIC, especially considering its size.

Customer Ratings

TrustPilot Rating
3.5 out of 5
BBB Rating
A-

National Association of Insurance Commissioners

NAIC Complaint Ratio
0.35
NAIC Total Complaints
435
*The NAIC complaint ratio (in this case 0.35) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Financial Strength Ratings

Financial Strength - 4 / 5

State Farm is one of the most respected insurance companies in the market, with almost a hundred years of experience. It is rated Aa1 by Moody's, and AA by Standard & Poor's, which means it has a low credit risk and its obligations are viewed as high-quality. This makes them extremely reliable when it comes to fulfilling their claims obligations to their customers.
Underwriter
STATE FARM FIRE & CAS CO
Standard & Poor's Financial Rating
AA
Moody's Financial Rating
Aa1
AM Best Financial Rating
A++
Company Type
Underwriter
*The above information reflects the financial strength of the underwriter of the State Farm renters insurance policies: STATE FARM FIRE & CAS CO.

Contact & Additional Information

Homepage URL
https://www.statefarm.com/
Company Phone
(800) 782-8332
Headquarters Address
One State Farm Plaza, Bloomington, IL, 61710
Year Founded
1922

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Customer Comments & Reviews

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Julie S
8/26/2019
I was robbed and after many police reports and talking for 8 months them saying they'd pay it out - now I have to go to an attorney's office and see if they will pay anything. They want my entire life i have 6 pages of things, I must bring to them. The lists are exhorbitant and each list has hundreds of things dating back for years and years. The most I can receive is 35k which is not that much.. for all of this...

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  • Instant online quote - Rated Aa1 by Moody's and AA by Standard & Poor's
  • Discount for renters and auto insurance bundles
  • Policies start at $150/year
  • Additional coverages available for waterbeds and identity restoration
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