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Pros Explained
- Handy tools and educational resources. If this is your first time purchasing home insurance, State Farm has a number of tools and resources to help you understand what you’re getting into: an extra payments savings calculator, tips on creating a home inventory, and an infographic on explaining insurance jargon.
- Vast network of insurance agents. Chances are you’ll be able to find a local agent where you live. Each state farm office is independently owned, and you can expect someone to take the time to answer your questions, go over details about coverage, and come up with a custom plan.
Cons Explained
- Not many discounts. When it comes to ways to lower your premium, State Farm doesn’t offer many options. These include a lowered cost on your home insurance premium if your home is made of certain materials or if you bundle your home insurance with State Farm’s auto insurance policy, but many other companies offer more opportunities for savings.
State Farm Standard Home Insurance Coverage Plan
To learn what a standard home insurance plan through State Farm entails, reach out to a local agent. In general, coverage and premiums can run the gamut based on a number of factors—the size of your property, where you live, history of claims, and what kind of coverage you need. That being said, here’s what you can expect with a State Farm standard home insurance plan:
Dwelling Coverage
This type of insurance covers the cost to repair or replace your home should it become damaged under a covered peril. This could include an act of vandalism or disaster that’s insured, such as a fire, hurricane, lightning, or hail. This usually includes both attached structures such as garages and attached decks as well as unattached structures such as garden sheds, fences, and gazebos. Depending on where you live, State Farm might include sewer drain coverage. This foots the bill should there be water damage to the structure of your home.
Personal Belongings
This includes anything that gets damaged or stolen during an insured hazard. It also usually covers belongings that are not stored in your home (i.e., in a storage facility). Valuables such as collector’s items, jewelry, and art might not be covered, depending on the policy. If they are covered, there might be lower limits than the total of your other personal belongings.
Personal Liability
In the case of an injury or accident in your home that might have been caused by you, another household member, or a pet, personal liability coverage can handle any medical bills or legal fees.
Loss of Use
Should your home be uninhabitable due to a disaster or other insured peril, loss of use covers additional living expenses should you need to temporarily stay in a hotel or Airbnb. It also covers the bill for ordering out if you can’t use your kitchen. While there’s typically a cap on the amount of coverage, depending on where you live, State Farm’s standard policy includes unlimited loss of use for up to 24 months.
Premium Calculation
Premiums vary based on a lot of different factors. To figure out the cost of your premiums during the underwriting process, an insurance carrier usually factors in:
- Location
- Deductible
- Size, age of home
- Condition of the roof
- How close you are to a fire station
- Installation of security devices
- Home maintenance systems
- If there’s a wood-burning stove, swimming pool, or hot tub on your property
- Cost of replacing your home
State Farm Home Insurance Discounts
You can save on your policy with these discounts:
Bundling insurance. Purchase both auto insurance and homeowners insurance through State Farm, and you’ll enjoy a bit of savings.
Home security systems. Installing safety devices in your home can lower your premiums. This includes anything from an indoor fire sprinkler system, smoke or fire alarm, deadbolts, or a home monitoring system. Steps you take to keep your home and belongings safe can lead to savings on your premiums.
Roofing discounts. If you use certain impact-resistant roofing products, you might be eligible for a bump down in the cost of your policy. This discount is only available in some states: Alaska, Arkansas, Colorado, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Mississippi, Montana, North Dakota, Nebraska, New Mexico, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Wisconsin, and Wyoming.
Higher deductibles. While not technically a discount, having a higher deductible typically lowers the amount you pay out of pocket each month. A general rule of thumb across insurance: the higher your deductible, the lower your premium. This might be a good option should you have enough to cover the deductible.
State Farm Home Insurance Availability
State Farm’s home insurance policies are available in all 50 states. Types of coverage and restrictions may vary depending on where the home is located.
Other State Farm Home Insurance Policies
Beyond its standard homeowners insurance policy, the following add-ons are available:
Umbrella personal liability coverage. This tacks on additional personal liability coverage, which starts at $1 million and can be added at $1 million increments. It’ll cover any financial hits from personal claims such as slander, libel, or defamation of character. How it’s different from standard personal liability is that it can also cover incidents connected to your car or boat.
Note
Flood insurance is generally purchased separately, typically through FEMA’s National Flood Insurance Program. Earthquakes are not covered under a standard homeowners insurance policy.
State Farm Customer Service
As State Farm has a vast network of independent contractor service agents in all 50 states, you should be able to reach a local agent to help answer your questions about purchasing a homeowners insurance policy. If you have a pressing matter that requires urgent handling, you can contact your service agent directly. State Farm’s website will redirect you.
Should you have a general question about homeowners insurance or filing a claim, customer service reps are available to chat from 7 a.m. to 11 p.m. CT, seven days a week.
To file or manage a claim or pay insurance, you can use either the online portal or the State Farm app in addition to calling an agent. State Farm has received a financial health rating of A++ from AM Best.
How to Make a Home Insurance Claim With State Farm
You can file a home insurance claim with State Farm through its app, online, or with a representative. If you need to file a claim, the steps you’ll need to take are pretty standard:
- Reach out to State Farm via the app, phone, or email
- Describe what happened
- The claim will be reviewed and the damage will be assessed
- A claims adjustor will contact you should they need additional details and go over what will happen next
- You’ll look over the estimate and give the green light to move forward with repairs
- An agent will go over any other details about your claim
- Payments will be sent to you or your lender
- Hold on to receipts for expenses related to the repair
State Farm Home Insurance Cancellation Policy
You can cancel a policy by contacting your State Farm agent. You can do so either over the phone, by mail, or by meeting with your agent in person. If you would like to meet with your agent in person, look out for COVID-19 safety rules beforehand.
Other Insurance Provided by State Farm
There is no shortage of insurance policies you can purchase through State Farm:
- Car insurance
- Motorcycle insurance
- Boat insurance
- Off-road vehicle insurance
- Motorhome insurance
- Condo insurance
- Renters insurance
- Manufactured home insurance
- Farm or ranch insurance
- Rental property insurance
- Personal articles insurance
- Life insurance
- Health and disability insurance
Get a State Farm Homeowners Insurance Quote
You can get a homeowners insurance quote in a number of ways: by speaking directly to an agent, online, or by giving State Farm’s customer service team a ring. There are some handy tools that are readily accessible online: 360Value Online Estimating Tool and an extra payment savings calculator. You don’t need to be a policyholder to access these tools.
Here’s what you’ll need on hand when getting a quote online:
- Your personal information
- Location of the property
- Start date of coverage
- Email address
- Number of people in your household
- If any business is conducted on the premises
- If the home is occupied year-round or seasonal
- Coverage amount
- Details about your home
- Safety features
- Additional protections about your home
Verdict
If you’re a first-time homebuyer, State Farm’s online tools and 19,000-agent network will help you get the answers you need and explore your options for coverage. While State Farm offers a more personalized experience for its potential policyholders, there aren’t a lot of ways to snag a discount.
Methodology
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of homeowners insurance providers. We reviewed each insurance provider’s coverage options, available discounts, customer service, and satisfaction. We compared these options among top-rated carriers to determine what was industry standard and what was service above and beyond.
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