While State Farm is best known for being the country’s largest auto insurer, it also offers quality renters insurance. With very 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 pros and cons
|Replacement cost coverage included in every policy.||Only two discounts available.|
|Includes inflation coverage.|
|Few customer complaints for a company of its size.|
State Farm renters insurance 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 2021.
State Farm renters insurance
State Farm renters insurance policies come with the standard coverage options: personal property, liability, loss of use coverage and medical payments coverage.
Replacement cost coverage is included in every State Farm renters insurance policy. This covers the current market value of your property, regardless of how much it depreciates — compared with a standard policy, which covers the actual cash value of lost or destroyed property. If you wish to cover the actual cash value only, you can choose to forgo the replacement cost coverage for a credit on your account.
Inflation coverage is also 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 subjected to coverage limits.
State Farm offers coverage options that can be included for an additional cost.
- Waterbed liability coverage for damage caused by waterbeds.
- Identity theft coverage. This will cover costs related to identity fraud, cyberattacks or extortion.
If you purchase a renters insurance policy through a State Farm agent, you may be able to increase coverage limits beyond what the website portal offers, as well as purchase add-ons, including:
- Additional insured coverage. For an increase in cost, you can cover additional people living in your rental.
- Sewer or drain backup coverage, which pays for damage to your belongings from water backed up through sewers or drains.
- Incidental business coverage to cover injuries to others incurred in an office, private school or studio you rent.
- Nurses’ professional liability coverage for costs incurred through nursing activities by a registered nurse, licensed practical nurses or vocational nurse.
- Personal injury liability coverage to cover personal injuries you cause to someone else unintentionally.
For increased coverage, State Farm offers additional policies that its standard renters policies don’t cover, including:
- 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.
- Additional liability coverage, also known as a personal liability umbrella policy, to increase coverage for unforeseen events like a large claim or lawsuit.
State Farm renters insurance discounts
In terms of discounts, State Farm offers two 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.
State Farm renters insurance complaints
State Farm had less 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.)
More about State Farm
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, and its contents calculator can help you figure out how much personal property coverage you need. Nearby agents can be located using the State Farm agent lookup tool, and the website is 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 or Android Pay.
Filing a claim: Claims can be started and tracked online, through the State Farm mobile app or by calling your State Farm agent, 24/7.
State availability: State Farm offers renters insurance in all 50 states.
Other insurance: State Farm offers additional insurance policies, including:
|Auto insurance||Homeowners insurance|
|Pet medical insurance*||Life insurance|
|Condominium insurance||Motorcycle insurance|
|Boat insurance||Off-road vehicle insurance|
|Motorhome insurance||Farm & ranch insurance|
|*available through Trupanion.|
Renters insurance ratings methodologyNerdWallet’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, online experience and more. 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 editorial guidelines.
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. Ratios are determined separately for auto, home (including renters and condo) and life insurance.