State Farm Apartment Renters Insurance

Simple Insights From State Farm

Tips for collectible storage and display

Rare and antique collectibles can be valuable make sure youre protecting them and storing them properly.

What if my insurance is not enough to cover potential exposures?

You might want to consider a personal article insurance or personal liability insurance policy to help protect your possessions, home and future earnings.

1 Collectibles include such items as dolls, model trains, sports cards, comic books, and stamp and coin collections.

2 Sports equipment includes such items as equipment used with fishing, hunting, archery, skiing, scuba diving and snowboarding.

3 Coverage option not available in Texas

Disclosure

This page contains only a general description of coverages and is not a contract. Details of coverage, coverage limits, optional coverages or services may vary in some states. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.

Lemonade: Best Renters Insurance For Apartments

Lemonade is the best option for apartment insurance if you want to get a quick, cheap online quote the entire process takes less than three minutes. Across all of the cities in our study, Lemonade also offers consistently inexpensive renters insurance for apartments. You can usually purchase a $30,000 policy for around $15 a month.

Lemonade’s intuitive interface makes it easy to get a cheap policy by allowing you to customize your coverage. After Lemonade’s chatbot-style artificial intelligence gathers your personal information, you’ll get a quote that you can adjust by changing your coverage limits.

Unfortunately, Lemonade is currently only available in 26 states and Washington, D.C. If you’re a renter who lives in a state that doesn’t get coverage like Florida, Idaho or Utah you won’t be able to take advantage of its low rates.

Earthquake Renters Insurance Coverage In California

According to the United States Geological Survey, there are about 10,000 earthquakes in the southern California area. Of those 10,000, approximately 15 to 20 are greater than magnitude 4.0.

If youre worried about damage to your property from earthquakes, our top three companies Lemonade, Geico and Assurant offer coverage. This endorsement can run as low as an additional $2.08 per month, according to the quotes we received.

Also Check: Average Car Insurance Cost Michigan

How To File A Renters Insurance Claim With State Farm

You can start your claim by filing online or using State Farmâs mobile app. You can also call State Farm at 800-SF-CLAIM .

Make sure you have necessary supporting documents. For example, if your belongings were stolen, you will likely need a police report in order to make a claim. Youâll also need an inventory of what was damaged or stolen.

State Farm Renters Insurance Discounts

There are several ways you may be able to save on a State Farm renters insurance policy, such as:

• Multi-line discount for insuring buying both auto and renters insurance from State Farm.
• Home alert protection discount if you have devices such as smoke detectors, fire alarms, burglar alarms or other home monitoring systems.
• Automatic sprinkler discount if your home has automatic sprinklers installed.
• Loyal customer discount for people who have been a customer of State Farm for a certain number of years.

Related: How to find cheap renters insurance

Also Check: Progressive Auto And Home Insurance

State Farm Renters Insurance Coverage

Landlords sometimes require tenants to purchase a policy with a minimum amount of renters liability insurance, but otherwise, the coverage you choose is generally up to you. Below are the four types of coverage included in most standard renters policies:

For more details, see What Does Renters Insurance Cover?

In addition to these standard options, you can customize your State Farm renters insurance policy with other types of coverage.

Replacement cost coverage can be included in every State Farm renters insurance policy. This covers the current market value of your belongings, regardless of how much they depreciate compared with a standard policy, which covers the actual cash value of lost or destroyed items.

Inflation coverage is included in State Farm renters insurance. This freebie takes inflation into account and adjusts your personal property coverage accordingly. Some personal property like jewelry, furs, silverware and firearms may be subject to coverage limits.

Business property coverage is included in your State Farm renters policy. This provides up to $1,500 of coverage for property used for a business.

For an additional cost, you can add the following coverage options. You may need to buy some of them through a State Farm agent.

How To Get A Quote For State Farm Renters Insurance

Getting a quote is easy online or on the phone. To start, just visit statefarm.com and navigate to Renters Insurance. All you need to do is enter your ZIP code to get the quoting process started.

If youd instead prefer to go through the process with an insurance agent, you can call 800- STATE-FARM to get the quoting process started.

You will need to answer some questions about your rental unit and your own insurance history. Heres information thatll be useful to have on hand before you log in or call:

• The number of people that live in your apartment

• Information about any business you run from your rental

• The value of your personal belongings

• Safety features, like alarms or extra locks

• Your insurance history

Also Check: Tesla Model X Insurance Cost

Discounts And Other Helpful Details

Home Alert DiscountsYou may qualify for insurance discounts if you install fire, smoke, or burglar alarms or any other home monitoring system.

Inflation CoverageThis coverage automatically increases the amount of insurance on the dwelling and personal property as inflation increases the cost of replacing your property. The changes are based on the movement of an inflation index and are reflected in the premium on each renewal.

Replacement Cost Dwelling Coverage

Does State Farm Have Good Customer Service

Customer service is essential when looking for the best renters insurance provider. The insurer you choose should be able to provide quality service in your time of need and follow through on legitimate claims.

State Farm is MoneyGeeks top pick for renters insurance based on its strong customer satisfaction score from J.D. Power and financial stability ratings from AM Best. According to the National Association of Insurance Commissioners , their customer complaint index is just slightly above the national median.

Recommended Reading: What Is Non Medicare Insurance

Want To Protect Your Stuff

Most renters’ belongings cost more than they think. In fact, the average person has over $35,000 worth of belongings that are probably not covered by a landlord’s policy. Take a moment to add up the approximate cost of your computer, television, stereo, furniture, jewelry and clothing. If a fire gutted your apartment tomorrow, would you have the cash to replace it all?

Renters insurance also covers much more than just your personal property. The average policy can include up to $100,000 in liability coverage. That means in the event of a covered loss your insurer will help cover the costs if you’re held responsible for injuring another person or damaging another person’s property, including your landlord’s. Moreover, this coverage applies whether the incident occurred within your residence or elsewhere.

Be sure you are protected against the unexpected with renters insurance. Get a free quote now.

Apartment Insurance Cost By City

We compared renters insurance prices across 10 of the largest cities in the country and found that Lemonade is the cheapest provider of apartment renters insurance. A policy with $30,000 of personal property coverage and $100,000 of liability coverage is $36 less per year than Lemonades cheapest competitor, State Farm.

Rates from Liberty Mutual are even cheaper than those from Lemonade, however the maximum amount of personal property coverage it offers is $25,000, so it may not be the best fit for renters with larger apartments or expensive items to insure.

Monthly Renters Insurance Rates by City and Company

Chicago

*Rates from Liberty Mutual are based on $25,000 of personal property insurance , while all other policies were quoted at a $30,000 limit

While the amount of protection you purchase is one of the most important determining factors of your price, it isn’t the only one. Your insurance history and location will also determine your renters insurance rate. We recommend comparing quotes from multiple companies to find the best policy for you.

Also Check: All Clear Travel Insurance Reviews

Does Renters Insurance Offer Medical Coverage

Typically, yes, if a guest is hurt in your home as a result of a covered claim, whether they fall or your dog bites them, renters insurance may cover their medical bills up to your policy limits. A typical renters policy does not provide coverage if you, or someone who lives with you, is hurt at your home.

State Farm Renters Insurance Customer Reviews

Many online State Farm s renters insurance reviews are positive, and it has an A+ rating from the Better Business Bureau. A typical positive State Farm renters insurance review commends the company for above-average claims servicing and affordable premiums. When compared to competitors like Nationwide or Liberty Mutual, many customers seem satisfied with their State Farm renters insurance policy.

Still, the company does receive a relatively low 1.32/5 customer review rating from the BBB. Some customers complained that their policy was canceled after getting paid out for a claim, which may be a cause for concern if you anticipate filing claims often.

Also Check: Does Target Offer Health Insurance

What Are The Benefits Of Renters Insurance

Renters insurance helps protect the renter. In many cases, the insurance a landlord carries covers only the building. Personal property loss or damage, caused by theft, vandalism or fire are typically not covered by the landlord’s policy. Without renters insurance, the tenant may have to bear the financial burden of a loss to their personal property.

A renters policy might:

• Compensate you if your belongings, like a bike, laptop or television are lost, stolen or damaged.
• Protect against liability claims from a guest injured while in your rental.
• Cover your personal property, like your cell phone, clothes in a storage unit or laptop left in your car, regardless of where it’s located.

Should I Buy State Farm Renters Insurance

Whether or not you should buy State Farm renters insurance depends on a variety of factors, including your location, eligibility for various discounts, and coverage needs. State Farm Renters Insurance has recieved an 836/1000 customer service rating from J.D Power and an A++ financial rating from A.M. Best.

Don’t Miss: Life Insurance Quotes For Over 50

State Farm Renters Insurance Review

State Farm is among the top-rated renters insurance providers based on MoneyGeeks review. We give the company an overall score of 95 out of 100 due to its excellent customer satisfaction, affordability and financial stability ratings. That said, the company has limited discounts and coverage offers.

On This Page

cons

Verdict

Overall, State Farm gets an excellent rating for its superior customer satisfaction, financial stability and affordability. The company has numerous online tools and features that make the customer experience more convenient and transparent.

However, MoneyGeeks State Farm renters insurance review shows that the companys NAIC customer complaint ratio is slightly higher than the national median. Additionally, the company has limited discount and coverage types. That means individuals looking for opportunities to save may not find State Farm the best option.

Renters Insurance Buying Guide

Before you compare renters insurance companies, gather key information such as the address of the rental and any safety and security features the unit has.

You should also figure out how much coverage you need. Take a quick inventory of your belongings: How much would it cost you to replace them? Include all furniture, electronic devices, clothing, jewelry and household items. This total is the minimum amount of personal property insurance you should have.

Your liability limit should be high enough to cover your net worth, while your deductible should be an amount youd feel comfortable paying in an emergency.

When evaluating renters insurance quotes, make sure each rate estimate includes the same coverage limits and deductibles so you know youre getting a fair comparison. While its tempting to buy the cheapest policy, you may also want to read reviews of your preferred company to make sure it offers good customer service.

Don’t Miss: P& c Insurance Digital Transformation

How Much Renters Insurance Do I Need

Renters insurance is relatively inexpensive. According to the Independent Insurance Agents and Brokers of America, Inc. , the average renters policy costs just $12 a month for up to $30,000 in personal property coverage. That’s solid coverage for less than the cost of a few cups of coffee a week. Here are some tips to help you determine your insurance needs.

Your renters insurance premiums will reflect the deductibles you agree to pay. Lower deductibles mean higher premiums higher deductibles mean lower premiums. Keep in mind that an insurer will not reimburse you for a loss amount that is lower than the deductible. This means if your deductible is $2,000 and you suffer $1,750 in losses, then you are entirely responsible for those costs, even if the cause of the loss is covered by your policy.

When choosing a deductible, think carefully about the out-of-pocket costs that you are willing, and able, to pay. A disciplined saver may be able to offset the greater risk of a high deductible with cash reserves. Others, however, will have to balance the benefit of a higher deductible against the risk of greater out-of-pocket expenses.

Start a Quote

Select a product to start a quote.

What Does State Farm Renters Insurance Cover

Personal property: This covers your personal belongings, which includes items such as furniture, musical instruments, electronics, clothing, pots and pans, rugs and artwork. It covers damage from problems like fire, smoke, vandalism, theft, falling objects, explosions and the weight of snow and ice.

Liability: Liability insurance pays when you are sued for property damage or injuries to someone else. It also pays for your legal defense. For example, if someone falls in your apartment and you get hit with a lawsuit, renters liability coverage can pay out if youâre legally liable.

Medical payments: This coverage type is typically included in a renters insurance policy and pays for smaller medical bills, regardless of who was at fault. For example, if a guest accidentally cuts their hand on a sharp corner, this could pay out to cover medical expenses. Coverage amounts are small and usually start at $1,000.

Additional living expenses: If you canât live in your apartment because of a problem covered by your policy , additional living expenses coverage pays for hotel bills, takeout meals and other extra expenses, like laundry services.

Replacement cost coverage: Consider adding this option to a State Farm renters insurance policy. This pays to replace your belongings with new items if they are damaged, destroyed or stolen. Actual cash value coverage, on the other hand, pays for only the depreciated value of your items.

You May Like: Travelers Insurance Claim Phone Number

Is Renters Insurance In Ca Worth It

Renters insurance can certainly be a worthwhile investment in your peace of mind. Its similar tohomeowners insurance, but it excludes dwelling or structural coverage, which are covered under your landlords own policy.

In order to help determine whether or not its right for you, here are the four types of insurance coverage that a standard policy typically covers during a claim:

• Personal property: This category covers either the replacement cash value or the actual cash value of your personal belongings after a covered loss occurs.
• Liability: A personal liability claim covers anything from medical bills to legal fees if you are deemed responsible for someone elses injury in your home. This is typically the category that is most important to landlords, since it protects them as well.
• Medical payments to others: Claims under this category pay for medical payments if someone gets injured in your home through no fault of your own.
• Loss of use: Also known as additional living expenses , this coverage type pays for extra costs if you are displaced from your apartment. For example, if youre forced to relocate after a damaging snow storm, your policy will cover hotel fees and food costs up to a certain amount.

Now that you know what renters insurance covers, here are some examples of events that might qualify for a claim under your policy:

• Water leak damage
• Someone injured in your home
• Electrical or short-circuit damage

Can You Transfer Homeowners Insurance

Talking with an agent is the best way to find out what you’ll need to do to get new insurance or transfer your insurance to your new address. Your agent will also help you understand insurance requirements in your new location.

If you’re moving between states, keep in mind that insurance coverage varies across states. For example, in California, due to the high frequency of earthquakes, you need to take special precautions to make sure your home is safe and secure in case an earthquake occurs. That’s probably not the case in Indiana!

Most state laws require you to have homeowners insurance before you even buy a home. If you’re covered by State Farm, you should be able to get a prorated credit from your old homeowners policy when you’re signing up for a new one in a new state.

Don’t Miss: Dental Insurance Major Services No Waiting Period

Customer Service And Claims Support

For a quote or general insurance questions, you can call your local State Farm agent or the general customer service line at 800-782-8332. To file a claim, you can call 800-732-5246. State Farm also has a website, customer portal, and mobile app that can act as resources for your policy and claims questions.