State Farm Home Owners Insurance – SecureScore™: 9.3 / 10 This rating is based on research by our editorial team, hands-on product testing, and customer surveys.
Perhaps you invested in an alarm system or a network of security cameras? That’s great, but have you considered your homeowners insurance? Why am I asking? Because home insurance is essentially home security. A comprehensive policy can help protect your largest investment in the event of a disaster.
State Farm Home Owners Insurance
With that in mind, let’s break down State Farm’s services and costs and better understand how this provider can protect you in the event of an emergency. First, let’s take a look at what they have to offer.
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You won’t find many homeowners policies for $100 and change per month that include replacement cost value coverage for your belongings and your home. While State Farm’s free valuables coverage is a bit old (it covers jewelry and fur), their business property coverage would be a sweet boon for small business owners .
And — spoiler alert — the $100 monthly premium doesn’t include the special savings you get for bundling your State Farm auto and homeowners policies. More below. For now, here’s a breakdown of what’s standard and what’s à la carte on your State Farm home insurance policy.
Did You Know: Most insurance companies offer incentives for bundling multiple policies, typically 4 to 10 percent off your premiums. Beyond the savings, bundling means less paperwork for you, and it also means, if you have claims to file, you’ll be dealing with one company, not two.
Homeowner Tip: An important benefit we discovered when we reviewed State Farm’s homeowner plans was affordable extra replacement cost coverage to offset inflation or high future construction costs.
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FYI: Portable electronics insurance, which is becoming more popular these days, covers things like dropping your gadgets or spilling coffee on them, but not theft. Theft should be covered by your homeowners policy, believe it or not, even if someone hacks your computer while you’re at Starbucks.
The average rate of homeowners insurance in the U.S. is $104 per month. But did you know? That figure doesn’t tell us much. You can get a very detailed explanation of why in our 2023 Homeowners Insurance Guide. But the bottom line is that home insurance rates are very personal. They depend on you, your property, your state, and even your neighborhood.
When we tested State Farm’s online quote generator, the home we “insured” was an older-than-average property in Charlotte, North Carolina, with a market value of about $250,000.
Our base quote is $109.66 per month. By “base,” I mean no RCV property coverage, water backup protection, earthquake insurance, or any of the goodies that State Farm lets you add to their standard HO-3 policy. This is what it looks like.
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Now, here’s how my State Farm quote compares to the U.S. median. and among the other top 10 home insurance providers in the country this year.
As you can see, State Farm home insurance policies are among the lowest on the market this year. The only homeowner provider we’ve found that can match State Farm’s value for money is Lemonade. For a coverage breakdown by coverage, see our Lemonade pricing and protection guide.
While State Farm’s basic HO-3 policy is generous, it doesn’t cover everything. (No basic plans we’ve found do.) But you can top up your State Farm home insurance plan easily, and it’s surprisingly affordable.
When I added the works to my State Farm trial policy, my monthly premium was only $138. The works, in this case, are $65,000 in additional replacement cost property coverage (to protect my wallet against any surprise building costs down the line), water backup insurance, special computer coverage, and earthquake coverage.
By The Numbers
Now, again, this rate does not reflect what I would pay if I bundled my auto insurance with State Farm. That rate (coming in just under a second) is truly amazing.
Homeowner Tip: If you want to get an idea of average home insurance costs, your state’s average will be a more useful metric than the national median. To check your state’s rate, see Table 4 of the latest NAIC homeowners insurance report.1
State Farm may not be the one-stop policy shop we found when we reviewed Progressive insurance, but they cover a lot of ground, including six products for small businesses and many health and life options, including disability.
But State Farm’s most popular sister coverage is auto insurance. There’s a reason. It’s cheap, packed with smart perks, and available almost everywhere. When you combine your auto and homeowners policies, the savings can be substantial.
Like A Good Neighbor, State Farm Is There
For starters, State Farm has solved a problem many families with teenage drivers have faced for years: high rates for their driving-age children. State Farm’s SteerClear® program, which works along the same lines as their Drive Safe & Save™ program, tracks younger drivers (25 and under) through their app when they’re on the road. If they don’t drive like crazy, their rates can go down.
For other family members, State Farm’s Drive Safe & Save app tracks everything from cornering and braking to “distracted driving” moments. Driving responsibly can knock 30 percent off your policy.
This is all good news for safe drivers. What is better? When we reviewed Lemonade’s homeowners policies, we discovered incentives to drive less. Going to the supermarket for a gallon of milk might save a little time, but, personally, I miss saving some money on the walk.
Did You Know: In 2019, the National Highway Traffic Safety Association recorded 3,142 road deaths caused by distracted driving.2
Mitch Devers State Farm Insurance
Average renters insurance rates are about $175 per year for the $33,000 to $37,000 range. That’s 15 bucks a month, or about three Iced Sugar Cookie Almond Milk Lattes.
Since a large part of what you’re protecting with renters insurance is your personal property, you’ll definitely want to explore State Farm’s coverage limits. For example, if you have a lot of valuables or collectibles, or what would be considered “business property” (see above), you may have to pay extra for full coverage.
One thing you can count on is quality service. Along with another of our favorite homeowners providers, Lemonade, State Farm scored at the top of the J.D. charts. Power for customer satisfaction of tenants.3
Unusually, State Farm has separate plans for dogs and cats. What both policies have in common is Trupanion coverage. They won’t deny your race like some insurance providers we looked at. There are also no settlement limits, and you have access to medical experts 24/7.
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Homeowner Tip: Whether you rent or own, you’ll want to inventory your possessions, preferably before you settle on the coverage limit. Taking inventory is old school. You don’t need a special app to do this, just a pad and pencil. And you don’t have to count everything. Laptops. Check. Beats the headphones. Check. You saved your kids’ last five Happy Meal boxes just in case. You can leave those off the list.
You can bundle almost any State Farm insurance product and save (see multiple line discounts below), but the big fish on the State Farm multiple line discount menu is the auto and home insurance bundle this.
I built up a bit of suspense with this discount, but actually, if you look closely at the quote State Farm gave me a few paragraphs back, under the basic HO-3 rate is a special price for bundling.
That price is $855 per year, or $71.25 monthly. To put that number in perspective, that’s more than $30 cheaper than the average U.S. homeowners’ rate, and about $20 less than the lower-than-average rates of North Carolina home insurance.
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FYI: State Farm isn’t the only homeowner-friendly bundle provider on the market. For more A++ bundling deals, check out our guide to the top home insurance bundles of 2023.
Homeowner Tip: Not sure if your home is as safe as it should be. Take our quick home safety quiz to find out.
Sometimes value is in the eye of the beholder. For home insurance, value is the quality of coverage you get for the money you spend. Considering the nature of the investment — one you hope you never have to use — homeowners are especially, and rightly so, conscious of what they’re paying for.
State Farm understands this. That’s why their HO-3 plans include RCV for your possessions (usually extra) and building ordinance insurance (sometimes extra). Adding backup water, which can run up to $9 per month with other providers, costs just two bucks at State Farm. Ditto for additional replacement cost coverage for your home — up to $65,000.
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The result is a well-stocked, reasonably priced ($113 per month) insurance plan that you can drop significantly ($75) by bundling your auto insurance. If you want to save even more, you might consider installing home security cameras — State Farm offers a discount for homes that are protected. If you’re interested, head over to our Lorex cost guide; they make some of the best cameras on the market.
The only seed we need to get from State Farm is none
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