State Farm Renters Insurance Review

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State Farm is well known within the insurance world, mostly due to their popular auto insurance, homeowner’s insurance, and life insurance policies. However, the company also offers high-quality renters insurance for consumers who want to protect their personal property but don’t own their home.

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If you’re wondering whether you need to purchase renters insurance, it’s smart to take a close look at your personal possessions and how much it would cost to replace them. If you have nice clothing, electronics, furniture, and jewelry, there’s a good chance you’ll want a renters insurance policy. Of course, it’s also important to understand that renters insurance offers certain coverage for liability, medical payments, and more.

Before you buy a renters insurance policy, it’s smart to consider options from more than one insurer. In this review, we’ll go over State Farm’s renters insurance policies, what they cover, and how to get a free quote.

State Farm Renters Insurance: Key Takeaways

  • Get a free quote online and from the comfort of your home.
  • Tailor your policy to your specific needs.
  • Get coverage for your personal property as well as personal liability.
  • Choose special add-on coverage to protect yourself even more.

State Farm Renters Insurance Review

Like other companies that offer renters insurance, State Farm offers policies that can be tailored to meet an individual’s needs. You can boost the amount of personal property you want coverage for, for example, and you can even pay for additional coverage that protects you in the event of an earthquake, identity theft, and more.

For the most part, renters insurance from State Farm is set up to cover accidents, weather events, and malicious acts like vandalism. If the home you’re renting catches fire, for example, your coverage will kick in to replace items you own that were burned or damaged by smoke.

Renters insurance also offers basic liability coverage that kicks in if someone is injured on your property. This coverage can extend to cover your legal bills as well as medical payments to the injured party.

While renters insurance from State Farm is intended to cover the basics, there are several add-ons you can pay for that offer even more protection. Those include:

  • Additional liability coverage: This coverage gives you higher limits in the event a lawsuit or insurance claim could lead to a personal loss.
  • Identity restoration: This add-on coverage will help cover expenses resulting in identity restoration if your personal details or identity are stolen.
  • Earthquake damage: Purchase this insurance add-on if you need extra protection for your belongings because you live in an area prone to earthquakes and resulting damage.
  • Additional business property: Purchase this coverage if you need additional insurance for business-related activities.
  • Incidental business liability: This add-on coverage provides additional liability coverage that can protect you in the event you’re the subject of a professional liability lawsuit.

How to Get a Quote from State Farm

State Farm makes getting a renters insurance quote a breeze. All you need to do to get started is head to their website and share the following information:

  • Your name
  • Address of residence
  • Birthdate
  • Email address
  • Number of household members
  • Estimated value of your personal property
  • Residence information
  • Claims history
  • Name of most recent insurer

Once you submit your full application, you’ll receive a quote instantly online. From there, you have the option to tweak your policy and coverage limits, or to add on additional riders to protect the valuables you cherish the most.

State Farm Renter’s Insurance Discounts

There are numerous ways to save money on renters insurance, including on policies from State Farm. You can select a lower level of coverage, for example, or you can steer clear of adding extra riders to your policy. State Farm also lets you decide on your insurance deductible, which can have a profound impact on your annual renter’s insurance premiums.

Additional discounts from State Farm include:

  • Multi-policy discounts: Save big by bundling multiple insurance policies with State Farm, such as a renter’s insurance and auto insurance policy.
  • Home protection alerts: You can save even more if you have smoke detectors, a burglar alarm, a home security system, or other protection features in your rental.

How We Rate State Farm Renter’s Insurance

At The Simple Dollar, we aim to provide a general overview of each insurer’s products and services through a standard rating process. With that in mind, we considered policy offerings and overall customer satisfaction using J.D. Power’s 2018 U.S. Renter’s Insurance Study. We also measured financial solvency based on reports from A.M. Best., S&P, and Moody’s.

After a thorough research and discovery period, here’s how State Farm renters insurance stacks up:

State Farm Renters Insurance at a Glance
Overall Rating
Claims Satisfaction 🌕🌕🌕🌑🌑
Coverage Options 🌕🌕🌕🌕🌑
Financial Solvency 🌕🌕🌕🌕🌕
Customer Satisfaction 🌕🌕🌕🌕🌑

The Bottom Line

Buying renter’s insurance is an excellent idea if you have personal possessions to protect, but don’t forget that renter’s policies also offer personal liability and coverage for medical payments. If someone is injured on your property and decides to sue you for their medical bills, you’ll be glad you purchased renter’s insurance with robust coverage limits.

State Farm insurance policies tend to offer everything a renter could want — protection for their personal property, personal liability, and the potential to add on additional coverage for specific events or valuables like jewelry and antiques.

Still, you should always shop around with at least three different insurers before you buy a rental insurance policy or any other important insurance coverage. By comparing rates and policy details, you’ll be on your way to finding the best policy for your needs.