- Other structures
- Personal property (replacement cost value)
- Personal liability
- Medical payments
- Loss of use
- Business property
- Building ordinance
- Water backup
- Identity restoration
- Special computer coverage
State Farm Home Insurance Coverage Up Close
You don ’ deoxythymidine monophosphate find many homeowners policies for $ 100 and change per calendar month that include surrogate price value coverage for your things and your home. While State Farm ’ s absolve valuables coverage is a fiddling antique ( it covers jewelry and fur ), their occupation property coverage is going to be a sweet perk up for small business owners .
And — spoiler alert — that $ 100 monthly premium doesn ’ t include the special savings you get for bundling your submit farm car and homeowners policies. More on that below. For now, here ’ s a breakdown of what ’ mho standard and what ’ s à la menu with your State Farm base insurance policy .
Did You Know: Most insurance companies offer incentives for bundling multiple policies, normally 4 to 10 percentage off your premiums. Beyond the savings, bundling means less paperwork for you, and it besides means, if you always do have claims to file, you ’ ll be dealing with one party, not two .
State Farm Home Insurance Coverage
|Dwelling (including other structures)||Water backup|
|Personal property (replacement cost)||Earthquake|
|Personal liability||Identity restoration|
|Medical payments to others||Special computer coverage|
|Loss of use|
- Dwelling (including other structures): Your property coverage will determine how much you’ll get to rebuild your home and anything attached to it in the event of a serious accident, so it’s very important to get right. If you’re not sure how to calculate your dwelling coverage, talk to an agent. You can also use State Farm’s 360Value® Tool.
- Personal property: State Farm has the best type of belongings protection on the market, replacement cost value (RCV) coverage. This means they’ll replace your things at their current market value, not what they’re worth on eBay. You don’t have to pay extra for State Farm’s RCV coverage either, which isn’t always the case.
- Personal liability: Here State Farm goes a little low for my taste, with $100,000 to protect me against litigious visitors and any accidents on my property. The good news is that raising my coverage to the standard $300,000 set me back only two bucks a month.
- Medical payments to others: State Farm offers the standard $1,000 for medical expenses to guests injured on your property, which should be fine for most of us.
- Loss of use: State Farm reimburses you for the difference between your normal living costs (usually food, mortgage, and gas) and any additional costs you end up paying while your home is uninhabitable. The cap on your reimbursement is 20 percent of your dwelling coverage.
- Valuables: Technically, this is “jewelry and furs” coverage. A little quaint, sure, but it is included for free. State Farm’s default valuables coverage is $1,500, but you can always raise it to $5,000 if you own a lot of jewels.
- Business property: State Farm’s business property coverage is kind of neat, especially if you’re an entrepreneur and you have to pay for your work laptop out of your own pocket. The maximum coverage for on-premises equipment is $5,000.
- Building ordinance: If you rebuild, you may have to build to code, and that could mean putting in a sprinkler, upgrading your HVAC system, or even changing structural components like your foundation. Yikes! Your State Farm policy will help you pass inspection with an extra 10 percent of your dwelling coverage (you can raise it to 50 percent), a very handy amount to have in your back pocket.
Homeowner’s Tip: One important perk up we discovered when we reviewed State Farm ’ s homeowners plans was low-cost extra replacement cost coverage to offset inflation or elevated future build costs .
- Water backup: Who would have thought a clogged sewer line could cost thousands of dollars to unblock, and that it’s your responsibility if it’s on your property? If you want to avoid the headaches — and the liability — State Farm’s water backup coverage (up to $5,000) will run you about $2 per month.
- Earthquake: Earthquake insurance isn’t cheap. Protecting your home for just 6 percent of your dwelling coverage could run you over $20 monthly with State Farm. But if you live in an area at risk for earthquakes (not just California, by the way), this might be protection that you want to add to your homeowner’s quiver.
- Identity restoration: The identity theft services most home insurance providers offer are limited to restoration, and frankly, the reimbursements aren’t usually that much. The exceptions are Allstate and Progressive. With an Allstate homeowners package you can add Allstate’s own premium identity theft monitoring service to your policy. Progressive home insurance plans offer a comparable situation with IDnotify. Both offer up to $1 million in restoration, whereas State Farm’s $25-per-year protection caps your reimbursement at $15,000.
- Special computer coverage: You may have heard of equipment breakdown coverage, which covers household appliances for accidents that fall outside the scope of a typical warranty. State Farm’s special computer coverage is like that, but for your laptops and desktops.
FYI: portable electronics policy, which is becoming more and more popular these days, covers things like dropping your gadgets or spilling coffee on them, but not larceny. larceny should be covered by your homeowners policy, believe it or not, even if person filches your computer while you ’ re at Starbucks .
State Farm Home Insurance Rates
The average homeowners indemnity pace in the U.S. is $ 104 per calendar month. But guess what ? That calculate doesn ’ thymine tell us a lot. You can get a identical detail explanation of why in our 2022 Homeowners Insurance Guide. But the kernel is that home insurance rates are very personal. They depend on you, your property, your express, and even your region .
When we tested out State Farm ’ s on-line quote generator, the home we “ insured ” was an older-than-average property in Charlotte, North Carolina, with a market respect of around $ 250,000 .
Our base quote was $ 109.66 per month. By “ base, ” I mean without RCV property coverage, water system backing protection, earthquake policy, or any of the other goodies State Farm lets you add on to their standard HO-3 policy. This is what it looks like .
now, here ’ randomness how my State Farm quote compares to the U.S. median and to the early top 10 home indemnity providers in the state this year .
State Farm Premiums vs. the Median U.S. Premium
|State Farm monthly premium||State Farm yearly premium||Average monthly premium in the U.S.||Average yearly premium in the U.S.|
State Farm Premiums vs. the Competition
As you can see, State Farm home indemnity policies are among the lowest on the market this year. The merely homeowner provider we found that can match State Farm ’ s value for money is Lemonade. For a coverage-by-coverage dislocation, check out our lemonade pricing and protections guide .
Getting the Most Value for Money From Your State Farm Policy
While State Farm ’ s basic HO-3 policy is generous, it doesn ’ thyroxine cover everything. ( No basic plans we ’ ve found do. ) But you can beef up your State Farm home policy plan easily, and it ’ s surprisingly low-cost .
When I added the works to my State Farm trial policy, my monthly agio was inactive only $ 138. The works, in this case, were $ 65,000 in extra substitute cost property coverage ( to protect my wallet against any storm construction costs down the line ), urine backup indemnity, especial computer coverage, and earthquake coverage .
now, again, this rate doesn ’ triiodothyronine reflect what I ’ five hundred pay if I bundled my car policy with State Farm. That rate ( coming up in fair a second ) was absolutely amazing .
Homeowner’s Tip: If you want to get an idea of average home insurance costs, your state ’ s average will be a more useful metric unit than the national median. To look up your submit ’ randomness rate, check out postpone 4 of the latest NAIC homeowners insurance report.1
Other Types of Insurance
State Farm might not be the one-stop policy shop class we found when we reviewed Progressive insurance, but they do cover a huge sum of terrain, including six products for modest businesses and plenty of health and life options, including disability .
But State Farm ’ s most popular sister coverage is car insurance. There ’ second a reason. It ’ sulfur bum, stacked with smart perks, and available just about everywhere. When you bundle your car and homeowners policies, the savings can be significant .
For starters, State Farm has solved one problem plenty of families with adolescent drivers have faced for years : high rates for their driving-age kids. State Farm ’ mho SteerClear® broadcast, which works along the same lines as their Drive Safe & Save™ plan, tracks younger drivers ( 25 and under ) via their app when they ’ re on the road. If they ’ ra not driving like lunatic, their rates may go down .
For the rest of the class, State Farm ’ s Drive Safe & Save app tracks everything from cornering and braking to “ distract driving ” moments. Driving responsibly could knock 30 percentage off your policy .
This is all big news for safe drivers. What would be even better ? When we reviewed Lemonade ’ s homeowners policies, we discovered incentives to drive less. Popping to the supermarket for a gallon of milk might save a fiddling time, but, personally, I ’ molarity down with saving a few bucks by walking .
Did You Know: In 2019, the National Highway Traffic Safety Association logged 3,142 road fatalities caused by distract driving.2
modal indemnity rates for renters are about $ 175 per year for $ 33,000 to $ 37,000 of coverage. That ’ second 15 bucks per month, or roughly three Iced Sugar Cookie Almond Milk Lattes .
Since a large share of what you ’ rhenium protecting with renters indemnity is your personal property, you ’ ll decidedly want to explore State Farm ’ sulfur coverage limits. For example, if you have a lot of valuables or collectibles, or what would be considered “ business property ” ( see above ), you may need to pay extra for full coverage .
One thing you can count on is quality service. Along with another of our front-runner homeowners providers, Lemonade, State Farm scored at the top of J.D. Power ’ s charts for renters ’ customer satisfaction.3
Trupanion Pet Insurance
unusually, State Farm has separate plans for dogs and cats. What ’ south common to both policies is Trupanion ’ s inclusive coverage. They won ’ thyroxine turn your breed down like some indemnity providers we ’ ve looked at. There are no colonization limits either, and you have access to medical experts 24/7 .
Homeowner’s Tip: Whether you rent or own, you ’ re going to want to inventory your possessions, preferably before you settle on a coverage limit. Taking stock is old school. You don ’ t need a special app to do it, just a pad and pencil. And you don ’ t need to count everything. Laptops. Check. Beats headphones. Check. Your kids ’ stopping point five happy Meal boxes you saved just in casing. You can leave those off the tilt .
Bundling Policies With State Farm
You can bundle pretty much any State Farm indemnity product and save ( see multiple line discounts below ), but the big fish on State Farm ’ s multiple agate line dismiss menu is its car and family indemnity bundle .
I ’ ve kind of built up the suspense on this discount, but actually, if you look closely at the quote State Farm gave me a few paragraph back, under the basic HO-3 rate was a special price for bundling .
That monetary value was $ 855 per class, or $ 71.25 monthly. To put that number into position, that ’ second over $ 30 cheaper than the average homeowners rate in the U.S., and about $ 20 less than North Carolina ’ s lower-than-average home policy rates .
so, in case there was any doubt, yes, you can save bad by bundling with State Farm .
FYI: State Farm international relations and security network ’ t the only bundle-friendly homeowners provider on the market. For more A++ bundling deals, check out our steer to the top home insurance bundles of 2022 .
State Farm’s Special Discounts
- Multiple lines: State Farm sells over 25 different insurance products. When you subscribe to any two of them, expect to see a discount on your premiums.
- Home security insurance: Protective devices range from quality locks and windows to self-monitored home security systems and alarm systems. Along with our proximity to emergency services, our home’s security status is a major factor for home insurance companies when they calculate our homeowners rates.
- Roof: This is a special State Farm discount, independent of your property coverage. If you use impact-resistant materials to protect against wind, rain, and hail, your premium will probably drop.
- Prior claims: Insurance providers always ask you to self-report your claims history. A clean history means you’ll be less of a liability; hence this discount. That’s the thinking anyway. That said, don’t try to cover up your past claims. They’re not a mark of shame, and your provider will find out anyway.
- Ting: Electrical fires (the ones caused by bad wiring) accounted for 44,880 house fires between 2012 and 2016, the last years on record, and $1.3 billion in property damage annually.
Ting makes smart sensors that detect bad wiring before it turns into a disaster. With a State Farm home insurance plan, you get three years of Ting on the house.
Homeowner’s Tip: not certain if your dwelling is arsenic dependable as it should be. Take our immediate home plate security safety quiz to find out .
sometimes rate is in the eye of the perceiver. For home insurance, value is the quality of the coverage you get for the money you spend. Considering the nature of the investment — one you hope you ’ ll never have to use — homeowners are particularly, and rightly, conscious of what they pay .
submit farm understands this. That ’ s why their HO-3 plans come with RCV for your belongings ( normally extra ) and building ordinance insurance ( sometimes extra ). Adding water backup, which can run up to $ 9 per month with other providers, costs only two bucks with State Farm. Ditto for extra successor cost coverage for your home — up to $ 65,000 .
The end result is a well-stocked, reasonably priced ( $ 113 per month ) insurance plan you can knock down importantly ( $ 75 ) by bundling your car indemnity .
The only bone we have to pick with State Farm has nothing to do with its value as an indemnity supplier. We ’ five hundred merely like to see State Farm revamp its on-line quotation generator. ( We ’ five hundred besides like to be able to purchase their bundles online without an agent. )
early than that, the reigning champ of homeowners bundles is one of the sweetest deals going .
Is State Farm cheaper than average?
Yes and no. State Farm ’ second rates ( $ 1,308 per year for a basic HO-3 policy ) are among the lowest we ’ ve found this year. That doesn ’ triiodothyronine beggarly they ’ ll be lower than your submit ’ second average, however, which could be anywhere between $ 700 and $ 2,600 .
How much will I save by bundling my State Farm homeowners policy?
A distribute. You could save up to $ 1,127 per class if you bundle your State Farm car and home insurance. We personally saw a 35 percentage savings with our bunch quotation mark .
Does State Farm have renters insurance?
Yes, and it ’ sulfur moment in the state in customer satisfaction, according to data analytics giant J.D. Power .
Will State Farm’s Drive Safe & Save program lower my premium?
Yes. If you use the State Farm Drive Safe & Save app to track your driving habits, you could save up to 30 percentage on your premium.
Read more: Debt settlement: Will it work for me?
Do State Farm policies come with replacement cost value coverage?
Yes, they do, and that ’ s a major perk up in our book .