State Farm Renters Insurance Review 2024

Our analysis of rates found that State Farm’s renters insurance costs are the best among top insurers, which helped the company make our best renters insurance companies list.

Company	Average annual renters insurance cost for $15,000 of personal property coverage	Average annual renters insurance cost for $30,000 of personal property coverage	Average annual renters insurance cost for $50,000 of personal property coverage	Forbes Advisor rating
State Farm	$102	$121	$153
Westfield	$136	$156	$186
American Family	$154	$189	$239
Auto-Owners	$113	$147	$196
USAA*	$116	$155	$196
Allstate	$109	$153	$215
Country Financial	$174	$201	$253
Nationwide	$129	$163	$207
Average	$143	$186	$247
Source: Quadrant Information Services. Rates include $100,000 in liability coverage and $1,000 in medical payments coverage. *USAA is available only to the military, veterans and their families.

Related: Cheap Renters Insurance

Renters insurance covers your belongings and offers coverage if you’re sued for property damage or injuries. Standard coverage includes:

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: Personal 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 you’re 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 can’t live in your apartment because of a problem covered by your policy (like a fire), 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.

Related: State Farm Home Insurance Review

State Farm renters insurance has all of the standard options listed above, along with the option to add cyber event, identity restoration and fraud loss coverage to a policy (except for North Carolina residents). This coverage pays for expenses if you are the victim of cyber crime.

If you rent a home in North Carolina, you can add identity restoration coverage to your policy. This coverage pays for an identity restoration case management service and identity fraud expense reimbursement.

State Farm also offers inflation coverage. This coverage automatically increases your personal property insurance according to the inflation index.

You can also add replacement cost coverage to a State Farm renters 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.

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.

You can start your claim by filing online or using State Farm’s mobile app. You can also call State Farm at 800-SF-CLAIM (800-732-5246).

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. You’ll also need an inventory of what was damaged or stolen.

State Farm offers a broad range of insurance products, including coverage for:

• Boats
• Cars
• Condos
• Farms and ranches
• Houses
• Identity restoration
• Life
• Long-term and short-term disability
• Manufactured homes
• Motor homes
• Off-road vehicles
• Roadside assistance
• Small businesses
• Supplemental health

To identify the best renters insurance companies, we evaluated each company based on the following.

Renter insurance rates (80% of score): We scored each company’s renters insurance rates based on national averages for policies with $15,000, $30,000, $50,000, $75,000, $100,000 and $200,000 worth of personal property coverage. Source: Quadrant Information Services.

Complaints (20% of score): We used complaints about home insurance (which includes renters insurance) upheld by state insurance departments. Most home/renters insurance complaints center on claims, including unsatisfactory settlements, delays and handling of the claim. Source: National Association of Insurance Commissioners.