State Farm

State Farm is a leading insurer in the United States. It provides a variety of insurance options, including renters insurance.

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9.7
Grand Score
8.6
User Score
9.7
Grand Score
8.6
User Score
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State Farm, founded in 1922, is one of the leading providers of insurance in the United States. A company that initially began as a humble dream of a retired farmer has grown to become an insurance titan. Today, the company offers a variety of coverage options to millions of people across the country. Its renters insurance coverage provides a variety of features and options at competitive prices. 

Quotes can be obtained either online, by phone or in person at one of its local agent locations. A mobile app is available in addition to a fully functioning website. There, you can customize your policy, track your claim, pay your bill and much more. Additionally, State Farm’s Claim Service is available24/7/365.

Grandfolk Scoring
Cost 10/10
Ease 10/10
Coverage 10/10
Waiting period 5/10
Customer support 9/10
Mobile app 10/10
Online quotes 10/10
Discounts 10/10
Payments 10/10
Local agents 10/10
Paperless 10/10
Online policy 10/10
Cost
Monthly fee
Coverage and fees vary; get a quote for more details
Ease
Ways you can enroll
Online or by phone
Coverage
What services are covered
Personal property coverage, liability coverage, and more
Waiting period
Is there a waiting period?
Unclear from website; check with an agent to be sure
Customer support
When can I contact customer service?
6 AM-11 PM CST Mon-Fri, 8 AM-8 PM Weekends and Holidays
Mobile app
Is a mobile app available?
Yes
Online quotes
Are quotes available online?
Yes. Instant online quotes can be obtained through the website
Discounts
Are discounts available to lower premiums?
Yes, there are multiple premium and bundle discounts available
Payments
What types of payments are accepted?
Credit card, EFT, and mailed payments
Local agents
Are local agents available?
Yes, agents can be found throughout local communities
Paperless
Is there a paperless billing option?
Yes
Online policy
Can a policy be purchased online?
Yes, a policy can be purchased online
Age Score:
10
50-64 Years
10
65-74 Years
10
75-84 Years
10
85-Above

During retirement, many seniors make adjustments to live on a budget that is considerably less than what they lived on during their prime earning years. If you can relate, you understand that this can be a tough process. Fortunately, State Farm offers a variety of flexible plans and discounts, designed to help you meet your specific budget and coverage needs. Bundling discounts are available if you choose to purchase both renters and auto insurance from this company. If you choose to go this route, you could save up to 10% on your premiums monthly. 

Additionally, if you choose to install a warning system (smoke alarm or security system) you will save between 2% and 10% each month. Simply put, bundling is one of the easiest and most common ways to save money each month. Though it may not be a fit for everyone, it’s definitely worth considering.

Health Score:
10
Great Health
10
Good Health
10
Fair Health
10
Poor Health

Unfortunately, most medical devices and equipment fail to come with their own specialized insurance coverage. If needed, most items cannot be replaced within hours of going missing or being damaged. Fortunately, State Farm provides the option of having additional coverage that goes beyond most basic renters insurance policies. With a Personal Articles Policy, you can replace not only your common valuable items, but also non-traditional things such as hearing aids and medical devices, as well as insulin pumps and prosthetic limbs.

A Personal Articles Policy can provide a wide range of coverage for items that are generally not protected by other policies. A specialized policy, while not always the cheapest, usually does not have a deductible. The policy is worth considering and may provide peace of mind in knowing that your medical equipment and devices will be covered, if needed.

Pros:

  • State Farm has a vast network of agents across the country that provide 24/7 customer support via telephone.
  • State Farm has an online portal that allows for account management, bill payments, policy changes, and the ability to file and track insurance claims.
  • Throughout the years, the company has continued to earn superior financial stability ratings, which ensures they will likely be able to pay claims now and in the future.
  • State Farm offers bundling discounts for customers who choose to purchase both renters and auto insurance.
  • When customers were surveyed, State Farm scored average to above average in regards to customer service and satisfaction.
  • After a claim has been processed, customers report that payments are generally issued promptly.
  • State Farm’s claim limits are comparable or better than most agencies when compared. 
  • State Farm’s insurance claims network is available 24/7 online or by phone.

Cons:

  • Customer service has been described by some as “hit or miss.” Some agents are of high quality and are very knowledgeable and helpful, while others were described as being less knowledgeable, unaware of the process, and less helpful. 
  • The company has received mixed satisfaction ratings regarding the ease of the claims process from beginning to end.
  • Although the online quote tool is convenient for some, others complained that they used the tool to find a rate that they were happy with, but unfortunately, the rate they found changed (increased) before it could be accepted.

Bottom Line:

State Farm has been in business for nearly one hundred years, and has grown to become one of the top insurers in the U.S. As one of the most well known and reputable home insurers in the nation, State Farm is likely to have a policy to accommodate any need. The company boasts of it many knowledgeable and friendly local agents spread across the country, ready to assist when needed. The company has received above average marks for its handling of renters claims. Additionally, premiums for its renter's insurance score dimpressively highly for marks, noting the low and competitive rates.

State Farm has received a superior rating from A.M. Best, Moody’s, and Standard & Poor’s. Additionally, State Farm received a Customer Satisfaction award in 2015. State Farm may be an ideal option for renters insurance. It offers a wide range of policy and coverage options, ensuring you a high level of protection against property and liability damage.

Frequently Asked Questions:

Will the premium increase if a claim is filed?

Whether rates increase after a claim depends on the regulations and the specifics of the individual policy. To accurately determine how a claim could affect a policy, the insured can call and have an agent explain the policies and procedure specifics.

When a claim is filed, is proof of ownership needed for stolen or damaged property?

Providing proof of ownership is an exceptional way to expedite the claims process in the event of damage or loss. However, State Farm understands that proof of ownership cannot always be provided. The company recommends recording insurable assets in advance to help in the settlement of a covered loss or claim. Through its website, State Farm offers a free online tool that enables customers to document and create a home inventory list. 

Can the status of a claim be monitored?

The status of a claim can be monitored 24/7/365. Claims can be monitored both online and with the State Farm mobile app. If preferred, Customer Service can provide a claim status update, as can a local agent.

More Information:

Product Details

Overview: State Farm is the nation’s largest insurance company. It offers a variety of insurance products, including renters, auto and homeowners policies. 

Package Details: N/A

Optional Accessories or Add-on Services, if any:  N/A

Additional Company Details

Contract Details: N/A

Warranty: N/A

Accreditations: State Farm Insurance does not have an accredited business profile with the Better Business Bureau and is not rated by the BBB.  

Company Details: State Farm is a reputable, Fortune 500 company that is headquartered in Bloomington, Illinois. It was founded in 1922 as an auto insurer. Today, the company offers a wide range of insurances products and manages nearly 85 million policies and accounts. In 2016, the company reported to have nearly $140 billion in assets.

Contact: 

StateFarm
2702 Ireland Grove Road
Bloomington, IL 61709-0001
Tel:855-733-7333
Website: https://www.statefarm.com/

T. Mashae Pearson - Senior Advisor

Shae is senior researcher with Grandfolk® providing in-depth product and service reviews to empower senior buying decisions.