Insurance UpdateIt is evident why State Farm is a desirable option for renters insurance: they offer mobile apps, online quotes, and a reasonable base cost.
Renters can affordably protect their valuables with State Farm’s cheap basic price, the lowest we discovered in our review, and even explore tailored coverage for unique scenarios.
Inflation coverage, one of State Farm’s extra coverage options for renters insurance, modifies your coverage limits in accordance with inflation, ensuring that your actual amount of coverage doesn’t drop as inflation rises.
Additional coverage options include loss of use, medical payment coverage for visitors staying at your rental property, and personal liability insurance to safeguard your assets in the event of an accident.
Additionally, renters who share a residence should be informed that a roommate’s possessions will not be covered by a State Farm renters insurance policy in the event of a claim.
What Does State Farm Renters Insurance Cover?
Renters insurance protects your valuables and provides coverage if you are sued for property damage or injury. Standard coverage contains:
- Personal Property: This policy protects your personal things, including furniture, musical instruments, gadgets, clothing, pots and pans, rugs, and artwork. It covers damage caused by fire, smoke, vandalism, theft, falling objects, explosions, and the weight of snow and ice.
- Liability: Personal liability insurance protects you if you are sued for property damage or injury to someone else. It also provides for your legal defense. For example, if someone falls in your flat and you are sued, tenants liability coverage may pay out if you are legally liable.
- Medical payments: This sort of coverage is generally included in a renters insurance policy and pays for minor medical expenses, regardless of who is at fault. For example, if a guest unintentionally cuts their hand on a sharp corner, this might be used to cover hospital bills. Coverage amounts are typically small, beginning at $1,000.
- Additional living expenses: If you are unable to reside in your apartment due to an issue covered by your insurance (such as a fire), additional living expenses coverage will cover hotel bills, takeout meals, and other extra expenses, such as laundry services.
Consider adding replacement cost coverage to your State Farm renters insurance policy. This covers the cost of replacing your belongings if they are damaged, destroyed, or stolen. Actual cash value coverage, on the other hand, pays solely the depreciated value of your belongings.
What Additional Coverage Does State Farm Renters Insurance Offer?
State Farm renters insurance includes all of the usual options stated above, as well as the opportunity to add cyber event, identity restoration, and fraud loss coverage to a policy (excluding North Carolina residents). This coverage covers your expenditures if you are a victim of cybercrime.
If you rent a house in North Carolina, you can include identity restoration coverage in your policy.
This policy covers identity restoration case management services as well as payment for identity fraud expenses.
State Farm also provides inflation coverage. This plan automatically raises your personal property insurance based on the inflation index.
You can also add replacement cost coverage to your State Farm renters policy. This covers the cost of replacing your belongings if they are damaged, destroyed, or stolen.
Actual cash value coverage, on the other hand, pays solely the depreciated value of your belongings.
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State Farm Renters Insurance Discounts
There are various ways you might be able to save on a State Farm renters insurance policy, including:
- Multi-line discount when purchasing both auto and renters insurance from State Farm.
- You can get a discount on home alert protection if you have smoke detectors, fire alarms, burglar alarms, or other home monitoring systems.
How To File a Renters Insurance Claim with State Farm
You can file your claim online or using State Farm’s mobile app. You can also reach State Farm at 800-SF-CLAIM (800-732-5246).
Ensure that you have the essential supporting paperwork. For example, if your items were stolen, you will most likely need to file a police report to lodge a claim. You’ll also need an inventory of the items that were damaged or stolen.
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State Farm Renters Insurance Alternatives
State Farm vs. Geico renters insurance
The primary distinction between State Farm and Geico renters insurance is that State Farm offers its own products, whereas Geico partners with third-party providers.
Furthermore, State Farm does not currently sell new renters plans in California, Massachusetts, or Rhode Island, whereas Geico can help you obtain a coverage in all 50 states.
Both companies offer additional coverage options that can be added to your base insurance; however, which ones are offered depends on where you live. (Geico’s rates are also determined by the third party who underwrites your insurance).
If you purchase vehicle insurance in addition to your renters policy, you will receive a discount from both companies.
When it comes to filing claims, State Farm offers more options. You can submit a claim online, using the State Farm app, or by contacting a dedicated claims line. With Geico, you’ll need to contact the company that issued your coverage.
State Farm vs. Lemonade Renters Insurance
The main distinction between State Farm and Lemonade is that Lemonade is one of the industry’s newest renters insurance businesses, having been formed in 2015. Meanwhile, State Farm has been for a century.
Lemonade’s approach to insurance is digital-first, with the majority of customer care tasks available through its app, such as quotations, payments, and claims filing.
State Farm offers a robust website and app, but it also boasts a big network of local agents for customers who require more customized assistance.
Each provider allows you to add additional coverage to your base insurance, though your options vary depending on where you reside.
They both provide bundling savings if you purchase more than one insurance. However, State Farm has a huge advantage in terms of client complaints.
It has received less complaints from state regulators than is typical for a company its size, whereas Lemonade has received more.
Lemonade outperforms in terms of claim processing speed. Some of its claims are paid practically instantly after being made using the app. However, State Farm’s renters insurance is offered in more states than Lemonade’s.
State Farm vs. Allstate Renters Insurance
State Farm and Allstate are two of the biggest insurance firms in the country. Both provide renters insurance products online and through brokers.
Allstate’s plans are available across the country, however State Farm does not offer new coverage in California, Massachusetts, or Rhode Island.
Both firms provide standard insurance that may be customized with add-ons for expensive things, identity theft, and personal property replacement costs. State Farm representatives may also be able to provide additional types of liability coverage.
Both providers have extensive websites where you can request quotes, pay bills, and submit and track claims. They also have highly rated mobiles. However, State Farm has the advantage when it comes to consumer complaints, with fewer complaints to state regulators than expected for a company of its size. Allstate receives more than the expected amount of complaints.
Finally, a State Farm or Allstate renters insurance policy will not disappoint.
FAQS
What does State Farm Renters Insurance not cover?
Typical renters insurance policies, like State Farm’s, do not cover damage to the structure because it is covered by the landlord’s policy.
Flooding or groundwater damage, as well as earthquake or landslide damage, are not covered.
Finally, if roommates are named on a renters insurance policy, they will be insured. While it is permissible, we do not advocate it.
If you live with roommates, review your policy and suggest each of them to obtain their own if they are not covered by yours.
How Much does State Farm Renters Insurance Cost?
According to our findings, the median standard base price for a State Farm renters insurance policy is $13.04 per month.
This cost was calculated by collecting online quotations for a sample two-bedroom apartment in four different cities and determining the median price of the four quotes. This is the lowest cost in our comparison of renters insurance carriers.
Conclusion
State Farm may be a suitable alternative for renters insurance due to its low base costs, extensive range of supplemental coverages, and simple online quotes.
Though State Farm has certain problems for renters insurance, they may be countered by the inexpensive prices and wide range of coverage compared to most major insurance companies in our assessment.
Insurance Update
