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November 16, 2015

Homeowners Insurance

State Farm Review

State Farm home insurance is popular largely due to its excellent selection of coverage options and convenient claims management tools. State Farm homeowners insurance offers fewer discounts than their major competitors, but most people still find the policy they need at a very good price.

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The Good

Solid home insurance coverage options

State Farm home insurance shines when it comes to coverage options, offering standard policies for just about every type of dwelling and living arrangement. Several types of coverage are available for single-family homes, in addition to special policies for mobile homes and condos. State Farm home insurance even offers great options for farms and ranches, whether you make your home on the property or live off site. This is an offering that's quite rare in the industry. Both renters and landlords can also find strong policy options. Note that if you have an older home, State Farm homeowners insurance offers coverage only on a case-by-case basis. Most homeowners insurance companies do not consider coverage for older homes, so it may be worth contacting State Farm to see if yours qualifies.

Get a home insurance quote online

Though home insurance policies are complex, a State Farm home insurance quote is relatively easy to generate with their user-friendly online quote tool. The tool clearly describes what information you need to input, field by field. For example, when you're asked about the structural materials used to build your home, the tool offers illustrated descriptions of all the most common responses so you can easily identify the right answer. As you work through the process, a status bar indicates how much more you have left to complete. Once you're done, the system automatically gives you the option of sending your completed quote to a local State Farm home insurance agent who then works with you to nail down the details of your policy choices. If you don't want any further assistance, you can opt out of speaking to a representative.

Quality claims management

State Farm home insurance offers a number of great claims-filing options, including a 24-hour telephone claims filing center, online claims filing tools, and access to a local agent who gives you personalized service when you need it. The State Farm HomeIndex tool enables you to easily build an online inventory of your covered possessions to streamline the claims process in the event of a problem. You can also note the value of each item for easy calculation of your losses.

Focus on mobile apps

If mobile access is important to you, State Farm offers a handy mobile app called Pocket Agent. Available for both iPhones and Android phones, Pocket Agent offers you full access to account management tools and bill payment services anywhere you go. You can also instantly get in touch with a local State Farm home insurance agent. However, you can't initiate a claim using the app, though this is not a widespread feature among home insurance providers. If you have an iPad, the MoveTools app is also useful, helping you to organize and manage all aspects of moving to a new home. You build an inventory of your possessions and note the whereabouts of all your items, making the unpacking process much more organized.

Comprehensive online learning materials

Whether you're new to home insurance or have held a policy for years, State Farm's educational resources provide valuable information on policy options, claims filing, and home safety practices. The company's insurance FAQ section is excellent, offering a detailed explanation of home insurance and how it works. The Safety Learning Center is also a great resource, covering a diverse range of topics, from fire prevention advice to home security strategies. Many topics even feature video tutorials.

The Bad

Limited homeowner discounts

State Farm lacks some popular discounts offered by many of its competitors. The company does offer discounts for purchasing multiple State Farm policies, maintaining a claim-free record, and installing certain protective devices in your home, such as smoke detectors and fire alarms. However, you won't get any price breaks based on the age of your home, even if it's newly built. Similarly, State Farm home insurance doesn't provide discounts for new homeowners or for homeowners that have recently completed renovations, both of which are discounts offered by a number of the best home insurance companies in the market. If you think you might be eligible for any of these discounts, it can pay to shop around.

No landslide coverage

Landslide coverage is not a standard option in most home insurance policies, so it's not too surprising that State Farm home insurance doesn't offer it. That said, if your home is located in a hilly area that receives heavy rains, the option to buy landslide coverage can be of huge importance. Fortunately, if you need this kind of insurance, there are several other major home insurance companies that can provide it.

The Details


  • AM Best FSR: A++
  • AM Best ICR: aa+
  • Financial Size Category: $2 billion or greater
  • FSR Outlook/Implication: Stable
  • ICR Outlook/Implication: Stable
  • Moodys Financial Strength: Aa1
  • Standard and Poors FSR: AA

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