As one of the largest home insurance companies, State Farm has a strong reputation and offers standard coverage as well as several options to customize a policy. Its website allows users to get a quote and manage their policy online. The company also offers a large network of local agents. In most states, homeowners can contact an agent to get a quote. The company offers a variety of discounts, including bundling policies and installing home security systems. However, these discounts vary by state.
State Farm scored high in MoneyGeek’s internal ratings for customer satisfaction, affordability, and financial strength. It also has an A++ rating from AM Best and received above-average scores in J.D. Power’s 2021 homeowner insurance satisfaction and U.S. property claims satisfaction studies.
Its standard home insurance covers liability for damages sustained by others on the property and expenses incurred while repairing damage to the dwelling. It also provides coverage for replacement costs and, personal property, and additional living expenses. It also offers extras such as home security, mortgage assistance, and identity theft protection.
State Farm’s online homeowners insurance quote tool is user-friendly and offers a variety of customization options. Homeowners can also access tools and resources to help them understand the policy they purchase, including an infographic explaining insurance jargon. The company also has a vast network of local agents who can answer questions in person.
Unlike some other insurers, State Farm pays out claims for the actual cash value of a homeowner’s belongings rather than depreciation. It also provides coverage for expenses that may be incurred as a result of a loss, such as hotel rooms and restaurant meals. In addition, State Farm’s loss of use coverage reimburses the homeowner for the cost of living expenses incurred while their home is being repaired or rebuilt.
Other optional features include a replacement cost endorsement that covers the full cost of repairing or rebuilding your home, up to an amount set by a professional, and incidental business coverage that covers equipment, furnishings, and supplies for a small home-based business. Additionally, customers can buy additional liability coverage for up to $1 million in the event they are held liable for someone else’s damages or injuries.