State Farm Renters Insurance Review 2022

One of America’s biggest carriers, State Farm offers multiple renters coverage options and gives you the ability to bundle insurance types.

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While State Farm is best known for being the country’s largest auto insurer, it also offers quality renters insurance. With few customer complaints, the ability to file and track claims online and an abundance of coverage options to choose from, State Farm’s renters insurance is one of the best available.

Our star ratings are based on consumer complaint data from the National Association of Insurance Commissioners; financial strength grades from AM Best; coverage and discounts available; and the overall consumer experience. See our criteria for evaluating renters insurance companies.

Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy in order to help you choose the financial products that work best for you. Here is a list of our partners and here’s how we make money.

State Farm renters insurance pros and cons

Pros

Cons

Includes inflation coverage.

Few discounts available.

Few customer complaints for a company of its size.

How State Farm renters insurance rates

4.5

NerdWallet rating 

State Farm renters insurance earned 4.5 out of 5 stars for overall performance. NerdWallet’s ratings are determined by our editorial team. The renters insurance scoring formula takes into account policy coverage options and discounts, ease of filing a claim, website transparency, the financial strength of the company, complaint data from the National Association of Insurance Commissioners and more.

Based on these ratings, State Farm is among NerdWallet’s Best Renters Insurance Companies for 2022.

State availability

State Farm offers renters insurance to new policyholders in Washington, D.C., and every state except Massachusetts and Rhode Island.

State Farm renters insurance coverage

Landlords sometimes require tenants to purchase a policy with a minimum amount of renters liability insurance, but otherwise, the coverage you choose is generally up to you. Below are the four types of coverage included in most standard renters policies:

Type of coverage

What it does

Covers your clothing, furniture, electronics and other belongings.

Pays for hotel stays, restaurant meals or other expenses if you have to live elsewhere while your home undergoes covered repairs.

Pays out if you're responsible for injuries to other people or damage to their property.

Medical payments

Covers injuries to other people in your home, regardless of fault.

In addition to these standard options, you can customize your State Farm renters insurance policy with other types of coverage.

Replacement cost coverage can be included in every State Farm renters insurance policy. This covers the current market value of your belongings, regardless of how much they depreciate — compared with a standard policy, which covers the actual cash value of lost or destroyed items.

Inflation coverage is included in State Farm renters insurance. This freebie takes inflation into account and adjusts your personal property coverage accordingly. Some personal property like jewelry, furs, silverware and firearms may be subject to coverage limits.

Business property coverage is included in your State Farm renters policy. This provides up to $1,500 of coverage for property used for a business.

For an additional cost, you can add the following coverage options. You may need to buy some of them through a State Farm agent.

  • Waterbed liability coverage for damage caused by waterbeds.

  • Identity theft coverage to pay costs related to identity fraud, cyberattacks or extortion.

  • Additional insured coverage. For an increase in cost, you can cover non-residents who have a financial interest in the property.

  • Sewer or drain backup coverage, which pays for damage to your belongings from water backed up through sewers or drains.

  • Nurses’ professional liability coverage for costs incurred through nursing activities by a registered nurse, licensed practical nurse or vocational nurse.

  • Personal injury endorsement to pay for non-physical injuries, such as libel and slander.

  • Earthquake coverage to pay for damage caused by an earthquake, which renters insurance alone won’t pay.

  • Additional business property coverage to protect any personal property you use for business purposes. Business liability coverage can cover injuries to others incurred in an office or studio you rent.

Discounts

State Farm offers two discounts for renters:

  • Multiple policy discount when you bundle a renters insurance policy with a State Farm auto insurance policy.

  • Home protection device discount if your rental has safety devices, such as deadbolt locks, smoke detectors and antitheft alarm systems.

Consumer complaints

State Farm had fewer than the expected number of home insurance complaints to state regulators relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners. (NAIC home insurance complaints cover other home policy types, including mobile home, renters and condo insurance.)

Consumer experience

Website: State Farm’s website is easy to navigate and has detailed information on how renters insurance policies work. You can get a quote online, and even use a quote checklist to prepare for the process.

The State Farm website features a detailed walkthrough of how to do a home inventory. Nearby agents can be located using the State Farm agent lookup tool. State Farm’s website is also available in Spanish.

Mobile app: The State Farm mobile app offers the ability to file and track a claim, as well as view and manage a policy. You can also pay your monthly bill using Apple Pay or Google Pay.

State Farm vs. competitors

Here’s how State Farm renters insurance stacks up against policies from other popular companies.

State Farm vs. Geico

State Farm sells its own renters insurance policies, while Geico works with third-party companies to offer renters insurance. State Farm isn’t currently selling new renters policies in Massachusetts or Rhode Island, while Geico can find you a policy in all 50 states.

Both companies have extra coverage options you can add to your base policy, but which ones are available depend on where you live. (With Geico, they also depend on which third party underwrites your policy.) Both companies offer a bundling discount if you buy auto insurance along with your renters policy.

When it comes to filing claims, State Farm gives you more options. You can file your claim online, through the State Farm app or by calling a dedicated claims line. With Geico, you’ll need to call the company that issued your policy.

Learn more with our Geico renters insurance review.

State Farm vs. Lemonade

Lemonade is one of the newest renters insurance companies in the industry, founded in 2016, while State Farm has been around for a century.

Lemonade takes a digital-first approach to insurance, offering most customer service functions (such as quotes, payments and claims filing) through its app. State Farm also has a robust website and app, but it has a large network of local agents for policyholders who want more personalized help.

Each company lets you add extra coverage to your base policy, though available options depend on where you live. They both also have bundling discounts if you buy more than one policy. However, State Farm has a significant advantage when it comes to consumer complaints. It’s drawn fewer complaints to state regulators than expected for a company of its size, while Lemonade has drawn far more.

Lemonade comes out ahead when it comes to the speed of claims processing. Some of its claims are paid out almost immediately after being submitted through the app. However, State Farm’s renters policies are available in more states than Lemonade’s.

State Farm vs. Allstate

State Farm and Allstate are two of the largest insurance companies in the country. Both sell renters insurance policies online and through agents. Allstate’s policies are available throughout the country, while State Farm isn’t selling new policies in Massachusetts or Rhode Island.

Both companies offer standard policies that can be customized with add-ons for valuable items, identity theft and replacement cost coverage for personal belongings. State Farm agents may also be able to offer other endorsements such as extra types of liability coverage.

Both companies have robust websites, allowing you to get quotes, pay bills, and file and track claims. They also have highly rated mobile apps. But State Farm has the edge when it comes to consumer complaints, drawing fewer complaints to state regulators than expected for a company of its size. Allstate draws the expected number of complaints.

In the end, you can’t go wrong with a renters insurance policy from either State Farm or Allstate. Both have earned 4.5 out of 5 stars from NerdWallet.

Renters insurance buying guide

Before you compare renters insurance companies, gather key information such as the address of the rental and any safety and security features the unit has.

You should also figure out how much coverage you need. Take a quick inventory of your belongings: How much would it cost you to replace them? Include all furniture, electronic devices, clothing, jewelry and household items. This total is the minimum amount of personal property insurance you should have.

Your liability limit should be high enough to cover your net worth, while your deductible should be an amount you’d feel comfortable paying in an emergency.

When evaluating renters insurance quotes, make sure each rate estimate includes the same coverage limits and deductibles so you know you’re getting a fair comparison. While it’s tempting to buy the cheapest policy, you may also want to read reviews of your preferred company to make sure it offers good customer service.

How to file a renters insurance claim

File as soon as it’s safe. The sooner you report a theft or damage to your home, the sooner your insurer can assign an adjuster and start working on paying out your claim. Some companies let you file claims online or through their app, while in other cases you may have to call your agent or insurer instead. Have your policy number handy.

Document the damage. Bolster your claim by taking photos or video of all damage. If something was stolen, report it to the police before you contact your insurance company. Your insurer may ask for a copy of their report.

Prevent further damage. After you’ve taken pictures of everything broken or destroyed, take steps to prevent additional damage, such as putting a tarp over a broken window to protect your belongings inside. Keep receipts for any supplies you buy, as your insurer may reimburse you later.

Other renters insurance companies to consider

Not ready to make a decision? You may be interested in these other renters insurance companies:

Frequently asked questions

State Farm offers additional insurance policies, including homeowners, boat, condo and auto insurance.

Claims can be started and tracked online, through the State Farm mobile app or by calling your State Farm agent.

Methodology

Renters insurance ratings methodology

NerdWallet’s renters insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, coverage options, discounts and online experience. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our full renters insurance rating methodology.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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