State Farm Renters Insurance Review of 2024: Overview, Financial Ratings, Pros, Cons & Comparison with Other Companies (Sate Farm vs. Allstate & GEICO)

State Farm Renters Insurance Review of 2024: Unbiased Review & Analysis.!!!

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“2024 State Farm Renters Insurance: Unbiased Review and Analysis”

Hey, when it comes to renters’ insurance, it’s crucial for anyone who doesn’t own their place to have coverage.

You want to make sure you’re protected in case anything happens to your belongings or if someone gets hurt while they’re in your rental.

At Insuranceblob, we’re all about helping you make smart decisions, and renters’ insurance is definitely one of them.

But we get it; it can be tough to find the right insurance company that ticks all the boxes.

That’s where State Farm comes in.

They’ve got a solid reputation and they’re one of the oldest and most well-known insurance companies in the U.S.

In our review, we’ll dive into State Farm’s history, what their renter’s insurance covers, how they stack up against other companies, and the pros and cons of going with them for your renter’s insurance.

State Farm Financial & Customer Service Ratings

State Farm Renters Insurance

When it comes to sizing up any insurance company, financial ratings are key.

They give you a solid idea of the company’s stability and how reliable they are when it comes to paying out claims, which is pretty crucial for us policyholders.

A high rating means you can count on your claims being handled promptly and efficiently.

Plus, it’s reassuring to know that a highly rated company is unlikely to go belly-up anytime soon.

But hey, financial strength is only part of the equation.

Customer service ratings are just as important.

After all, it doesn’t matter how financially stable a company is if you can’t get a hold of someone when you need help or have questions about your policy or a claim.

How is State Farm Renters Insurance Rated?

Insuranceblob Rating 5 out of 5.
J.D. Power (out of 1,000) Score 836
A.M. Best – Financial Strength Rating A++
BBB Rating A+
NAIC Complaint Index Score 1.77

State Farm Renters Insurance Pros & Cons

Pros
  • State Farm has no upper limit on property coverage, making it a good choice for renters with a lot of personal belongings.
  • You can buy up to $1 millions of personal liability coverage.
  • You can choose medical expense coverage of up to $5,000.
  • State Farm’s standard policy includes inflation coverage.
  • State Farm has well-reviewed customer service with fewer than the expected number of customer complaints.
  • There is an array of add-on options, including cyber-attack protection, earthquake coverage, and protection for business equipment.
  • State Farm’s mobile app is free and user-friendly and can be used to get support and file and track claims.
Cons
  • State Farm does not yet offer renters insurance in Rhode Island or Massachusetts.
  • While there is no upper limit on renters’ insurance coverage, the lowest limit for property coverage is $10,000.
  • There are only two renters’ insurance discounts available, fewer than most other companies offer.
  • Some policy add-ons may require you to get a quote through a State Farm agent.
  • The only online support is FAQ and written resources; there is no live chat option.
  • Phone support is only available during business hours.

How Does State Farm Compare with Other Companies?

When you’re checking out insurance companies, it’s super helpful to be able to see how they stack up against each other.

So, let’s take a peek at how State Farm measures up against two of its main competitors, Allstate and Geico.

Allstate Renters Insurance Review of 2024: Overview, Costs, Coverage, Discounts & Policy

The Cheapest Basic Renters Insurance by Provider

Company National Monthly Average Sample Rate
Lemonade $9.57
State Farm $10.83
USAA $13.70
Allstate $15.17
Amica Mutual $16.35
Liberty Mutual $16.38
Progressive $21.01
Travelers $22.14
GEICO $29.37

State Farm vs. Allstate

So, let’s break it down!

State Farm and Allstate are both big players in the insurance game, known for their solid financial ratings and strong customer support.

Now, here’s where they differ a bit: when it comes to renters’ insurance availability, Allstate is available in all 50 states plus D.C., while State Farm doesn’t operate in Massachusetts and Rhode Island.

In terms of discounts, Allstate takes the lead, offering five different discounts, including a special one for retirees to make renters insurance more affordable.

State Farm, on the other hand, only offers two.

Both companies have solid customer service, but State Farm tends to have fewer complaints than Allstate, which is pretty standard for a company of its size.

When it comes to online stuff, both companies have user-friendly websites where you can get quotes and file and track claims.

And their mobile apps are pretty well-received too.

And last but not least, when it comes to policy limits for personal property, Allstate caps out at $150,000, while State Farm doesn’t have a maximum limit.

How is Allstate Renters Insurance Rated?

Insuranceblob Rating 5 out of 5
J.D. Power (out of 1,000) Score 837
A.M. Best – Financial Strength Rating A+
NAIC Complaint Index Score 2.05
BBB Rating A-

State Farm vs. GEICO

Let’s dive into GEICO and how it stacks up against State Farm!

So, GEICO is another big player in the insurance world, known for its strong financial standing and solid customer service ratings.

But let’s see how it compares to State Farm.

Similar to Allstate, GEICO offers coverage in all 50 states, while State Farm hasn’t made its way to Rhode Island or Massachusetts just yet.

Now, when it comes to discounts, both GEICO and State Farm offer two, and they’re pretty much the same; think bundling discounts and discounts for having security devices installed.

But here’s the kicker: while State Farm offers its own insurance policies, GEICO takes a different approach.

They provide quotes from a range of third-party providers, meaning you don’t get to pick which carrier your policy comes from.

And here’s the catch with those third-party quotes from GEICO!

Your coverage options can vary depending on the carrier, so it’s a bit trickier to give you a clear comparison of what you’ll get if you go with GEICO.

How is GEICO Renters Insurance Rated?

J.D. Power (out of 1,000) 869
A.M. Best – Financial Strength Rating A++
BBB A+

How is Allstate Renters Insurance Rated? (Review Of 2024) Allstate vs. Nationwide & Travelers

FAQs

Q. What does State Farm renters’ insurance typically cover?

A. State Farm renters’ insurance typically covers personal property, liability protection, and additional living expenses if your rental becomes uninhabitable due to a covered peril.

Personal property coverage protects your belongings from damage or theft, while liability protection helps cover legal expenses if someone is injured on your rental property and sues you.

Additional living expenses coverage helps with temporary living expenses if you can’t stay in your rental due to a covered loss.

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