Rental Coverage From State Farm: A Cost Analysis

Susan Kelly

Jan 04, 2023

State Farm consistently receives high marks for its reasonable prices, strong financial standing, and happy customers. The company's website is equipped with many useful resources for the customer's ease and clarity in dealing with the business.

According to The analysis of the company's renters insurance policy, State Farm has a higher-than-average number of NAIC customer complaints.

Furthermore, the scope of available discounts and insurance plans is narrow. That might mean that people seeking ways to save costs might not find State Farm the greatest option.

Does State Farm Give Good Customer Service?

Finding a renters insurance carrier with excellent customer service is a top priority. You want insurance that will be there for you when you need them and pay out on valid claims. Based on its high J.D. Power customer satisfaction and AM Best financial strength ratings, State Farm is MoneyGeek's #1 selection for renters insurance. Their customer complaint index is over the national median, as the National Association of Insurance Commissioners reported.

What Does The Renters Insurance From State Farm Cover?

Intangible Assets

Items, including furniture, musical instruments, electronics, apparel, cookware, carpets, and artwork, are all protected under this policy.


If someone sues you for damaging or injuring their property, your liability insurance will foot the bill. In addition, it will cover the costs of defending you in court. If someone were to sustain injuries in your rental unit and file a lawsuit against you, renters liability insurance would provide financial compensation if you were found legally accountable for the accident.

Covering the Cost of Healthcare

Regardless of who was at fault, this form of coverage, often included in a renters insurance policy, will help pay for modest medical expenditures. This might be used to cover a guest's medical bills if they were injured by cutting their hand on a sharp corner. The minimum level of coverage is often around $1,000.

Supplemental Monthly Costs

Additional living costs coverage will pay for hotel stays, takeaway dinners, and laundry services if you are displaced from your home due to a covered loss.

Guaranteed Replacement Value

You should add this feature to your renter's insurance policy from State Farm. In the event of damage, destruction, or theft, the insurance will pay to replace your goods with new ones. However, if you have actual cash value coverage, you'll only receive compensation for the things' actual, depreciated worth.

What Coverage Does State Farm Renters Insurance Provide?

In addition to the features above, State Farm renters insurance now offers Cyber Event Coverage, Identity Restoration Coverage, and Fraud Loss Coverage as optional extras. If you are a victim of cybercrime, this insurance will help cover the costs associated with it. Identity Restoration Coverage is an option for North Carolina renters.

This protection plan pays for a case manager to help with identity theft cases and reimburses you for any costs you incur due to identity theft. State Farm also provides coverage for price increases. This policy will routinely raise your insurance limits on personal property to keep up with inflation.

How Do I Buy State Farm Renters Insurance?

State Farm provides renters insurance, and the process begins with a quotation. You may get a quotation by visiting their website or by calling and chatting with a local State Farm representative. You'll be asked for the usual suspects, like date of birth, address, and policy start date.

Questions like "how many people dwell in your home," "do you have any security systems installed," and "does anyone in your household work from home" will also be presented to you. You'll be paired with an agent and given the option to select your own insurance limits.

Comparison of State Farm and Allstate

Allstate and State Farm are highly regarded insurance providers with AM Best ratings of A and A++, respectively. State Farm offers a wide variety of insurance riders that may be added to a renters policy, including protection for pets and additional liability and property protection for businesses.

Our investigation revealed that, on average, across the country, Allstate is the costlier option. There are savings when you bundle your renter's insurance with another type of insurance, like auto insurance, from either of these providers.

Both State Farm and Allstate provide discounts to customers who meet certain criteria, such as being 55 or older or having a security alarm or system installed.

Our Verdict

Based on our analysis of State Farm's renter's insurance, we can confidently say that their rates are among the most competitive in the market. They provide more than five policy enhancements to help you make your coverage exactly what you need. However, you may explore elsewhere for renters insurance if you need assistance outside State Farm's normal business hours.

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