State Farm Renters Insurance Review 2023
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While State Farm is 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.
State Farm renters insurance star rating
State Farm renters insurance earned 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 2023.
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.
Covers injuries to other people in your home, regardless of fault.
For more details, see What Does Renters Insurance Cover?
In addition to these standard options, you can customize your State Farm renters insurance policy with other types of coverage.
Replacement cost coverage is generally available with 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.
Business property coverage may be included in your State Farm renters policy to cover merchandise or other items associated with a business you own.
For an additional cost, you may be able to add the following coverage options. You might 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 to cover nonresidents 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 nonphysical injuries, such as libel and slander.
Earthquake coverage to pay for damage caused by an earthquake, which renters insurance alone won’t pay.
Extra coverage for valuables if your policy’s limits for jewelry, furs, fine art or other items aren’t high enough.
State Farm renters insurance rates
State Farm renters insurance costs $127 a year, or about $11 a month, according to NerdWallet’s rate analysis. That’s cheaper than the national average of $179 per year, and below the average rates of several other large insurers. See how a few companies stack up below.
Average annual cost
*USAA renters insurance is available only to active-duty military members, veterans and their families.
State Farm advertises two main discounts for renters:
Multiple policy discount when you bundle renters insurance with a State Farm auto insurance policy.
Home alert protection discount if your rental has safety devices, such as deadbolt locks, smoke detectors and anti-theft alarm systems.
You may also be eligible for a discount if you haven’t filed any recent claims.
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.)
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.
Nearby agents can be located using the State Farm agent lookup tool. State Farm’s website is also available in Spanish.
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.
Claims: You can file and track a claim online, through the State Farm mobile app, by dialing 800-SF-CLAIM or by calling your State Farm agent.
Customer service: Assistance is available by phone at 800-STATE-FARM or through your local agent. You can also fill out an online email form or reach out to the company’s chatbot.
Where State Farm stands out
Coverage options. State Farm has numerous ways to customize your policy, though you may need to speak with an agent to add some of them.
Combination of technology and personal service. Whether you’d rather use a mobile app to manage your policy or you feel more comfortable calling an agent, State Farm has a customer service channel that can help.
Where State Farm falls short
Availability in Massachusetts and Rhode Island. Renters in these states who aren’t already insured with State Farm will need to look for another provider.
State Farm vs. competitors
Here’s how State Farm renters insurance stacks up against policies from other popular companies.
State Farm vs. Geico renters insurance
The main difference between State Farm and Geico renters insurance is that State Farm sells its own policies, while Geico works with third-party companies. Additionally, 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 in our Geico renters insurance review.
State Farm vs. Lemonade renters insurance
The biggest difference between State Farm and Lemonade is that Lemonade is one of the newest renters insurance companies in the industry, founded in 2015. Meanwhile, 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 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.
Learn more in our Lemonade renters insurance review.
State Farm vs. Allstate renters insurance
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 more than the expected number of complaints.
In the end, you can’t go wrong with a renters insurance policy from either State Farm or Allstate.
Learn more in our Allstate renters insurance review.
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 2019-2021. 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.
Renters insurance rates methodology
To find the national cost of renters insurance, NerdWallet averaged rates for 30-year-old tenants from multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. Sample tenants were nonsmokers with good credit and no recent claims, living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:
$30,000 in personal property coverage.
$100,000 in liability coverage.
$10,000 in additional living expenses coverage.
$1,000 in medical payments coverage.
We then compared the insurer's rates to the average rate for all companies in states where it offers policies and where its rates were available from Quadrant Information Services.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.