State home insurance policies and prices (2023)

How secure is your home? Are you feeling pretty confident?

Maybe you've invested in an alarm system or a network of surveillance cameras? That's great, but have you thought about your home insurance? Why am I asking? Home insurance is essentially home security. A comprehensive policy protects your biggest investment in the event of disaster.

With that in mind, let's break down State Farm's services and costs and get a better idea of ​​how this provider will protect you in an emergency. First, let's take a quick look at what's on offer.

key covers

  • Apartment
  • other structures
  • Personal Goods (Replacement Value)
  • Personal responsibility
  • medical payments
  • loss of benefit
  • valuable items
  • commercial property
  • building regulations
  • water reserve
  • earthquake
  • identity recovery
  • Special layer for computer

State home insurance policies and prices (1)

A new "Jake" for a new century of business. The State Farm completed 100 years in 2021.

State Farm home insurance up close

You won't find many $100 a month account policies that include replacement value coverage for your belongings and home. While State Farm's free valuables insurance is a little out of date (it covers jewelry and furs), their commercial property insurance will be a great perk for small business owners.

And - spoiler alert - that $100 monthly premium does not include the special savings you get by bundling your State Farm auto and homeowners policies. More on that below. For now, here's a breakdown of what's standard and what's a la carte in your State Farm home insurance policy.

Did you know:Most insurers offer incentives for bundling multiple policies, typically 4-10% off your premiums. In addition to savings, bundling means less paperwork for you, and it also means that if you ever need to file a claim, you're dealing with one company, not two.

State home insurance coverage for farms

Apartment (including other structures)water reserve
Personal property (replacement cost)earthquake
Personal responsibilityidentity recovery
Medical payments to third partiesSpecial layer for computer
loss of benefit
valuable items
commercial property
building regulations

Basic Coverage

  • Apartment (including other structures):Your property insurance will determine how much you'll be paid to rebuild your home and everything that goes with it in the event of a major accident, so it's really important that you do it right. If you're not sure how to calculate your homeowner's insurance, talk to an agent. You can also use State Farm's 360Value®Tool.
  • Personal property:State Farm offers the best asset protection on the market, Replacement Value (RCV). This means they will replace your stuff at its current market value, not what it's worth on eBay. You also don't have to pay extra for State Farm RCV coverage, which isn't always the case.
  • Personal responsibility:Here, State Farm is a little low for my tastes, at $100,000 to protect me from quarrelsome visitors and accidents on my property. The good news is that increasing my coverage to the standard $300,000 only costs me $2 a month.
  • Medical payments to third parties:State Farm is offering the usual $1,000 for medical expenses to injured guests on its property, which should be fine with most of us.
  • loss of benefit:State Farm will reimburse you the difference between your normal living expenses (generally food, mortgage and gas) and any additional expenses you may have to pay while your home is uninhabitable. The maximum limit for your reimbursement is 20 percent of your housing cost coverage.
  • Valuable items:Technically, this is the “jewels and furs” coverage. A little quaint, to be sure, but it's included for free. State Farm's default value coverage is $1,500, but you can always increase it to $5,000 if you own a lot of gems.
  • Commercial property:State Farm commercial property insurance is pretty good, especially if you are a business owner and have to pay for your work laptop out of pocket. The maximum coverage for on-premises devices is $5,000.
  • Building code:When remodeling, you may need to build from code, and that could mean adding a sprinkler, upgrading your HVAC system, or even changing structural components like your foundation. Oops! Your State Farm policy will help you pass inspection with an additional 10% of your home coverage (you can increase this to 50%), a handy amount to have in your back pocket.

Owner Tip:An important benefit we discovered whenreviewed the plans of the State Farm ownersit was affordable supplemental replacement cost coverage to offset inflation or increase future construction costs.

Additional Coverages

  • water reserve:Who knew that unclogging a clogged sewer line could cost thousands of dollars and that if it's on your property, you're responsible for it? If you want to avoid the headache—and the liability—State Farm's water reserve coverage (up to $5,000) costs about $2 a month.
  • Earthquake:Earthquake insurance is not cheap. Protecting your home for just 6% of your housing coverage can net you over $20 a month with State Farm. But if you live in an earthquake-prone area (not just California, by the way), this might be a protection you want to add to your homeowner's quiver.
  • Identity recovery:Oidentity theft servicesMost home insurance providers are limited to restoration, and to be honest, the reimbursements are usually not that big. The exceptions are Allstate and Progressive. CommonAllstate Owner PackageYou can add Allstate's premium identity theft monitoring service to your home insuranceoffer a comparable situation with IDnotify. Both offer up to $1 million in recovery, while State Farm's $25-a-year protection caps your reimbursement at $15,000.
  • Special computer coverage:You may have heard of appliance failure insurance, which covers appliances in case of accidents outside the scope of a typical warranty. State Farm's special computer case is like that, but for your laptops and desktops.

FOR YOUR INFORMATION:Portable electronics insurance, which is becoming more and more popular these days, covers things like dropping devices or spilling coffee on them, but not theft. Believe it or not, theft should be covered under the owner's policy, even if someone steals your computer while you're at Starbucks.

Farm State Residential Insurance Fee

The average home insurance rate in the US is $104 per month. But guess what? That number doesn't tell us much. You can find a very detailed explanation why in ourResidential Insurance 2023. But the bottom line is that home insurance rates are very individual. They depend on you, your property, your state and even your neighborhood.

When we tested State Farm's online listing generator, the home we "insured" was an older-than-average property in Charlotte, North Carolina, with a market value of about $250,000.

Our basic plan was $109.66 per month. By "base" I mean without RCV property coverage, water reserve protection, earthquake insurance or any other extras that allow you to add State Farm to your standard HO-3 policy. This is what it looks like.

State home insurance policies and prices (2)

My State Farm offer was excellent value for money even before bundling.

Well, here's how my State Farm quote compares to the US median and the otherTop 10 home insurance policiesin the country this year.

State farm premiums compared to average US premium

State Farm Monthly AwardState Farm Annual AwardUS average monthly premiumUS average annual premium
$ 109- $ 1381.332-1.656 $$ 1041.249 $

State agricultural premiums compared to the competition

As you can see, State Farm's home insurance policies are among the lowest on the market this year. The only owner we've found that matches State Farm's value for money is Lemonade. To detail coverage by coverage, see ourLemonade pricing and protection guide.

State home insurance policies and prices (3)

Average Monthly Cost - State Farm

Get the best value from your State Farm policy

While State Farm's basic HO-3 policy is generous, it doesn't cover everything. (No basic plan we've found does this.) But you can easily upgrade your State Farm home insurance plan, and it's surprisingly affordable.

When I added the jobs to my State Farm trial policy, my monthly premium was still only $138. The job in this case included $65,000 in additional replacement cost property insurance (to protect my wallet from unexpected construction costs later on) ), water reserve insurance, special computer insurance and earthquake insurance.

Again, this rate does not reflect what I would pay if I merged my auto insurance with State Farm. That rate (coming up in just a second) was absolutely incredible.

Owner Tip:If you want to get an idea of ​​the average cost of home insurance, your state average is a more useful metric than the national median. For your state's rate, see Table 4 of the most recent NAIC Homeowners InsuranceMessage.1

Other types of insurance

State Farm may not be the only policy shop we found when we were located.Progressive Insurance Checks, but they cover a huge territory, including six small business products and many health and life options, including disability.

But State Farm's most popular sibling insurance is auto insurance. There is a reason. It's cheap, packed with smart perks, and available almost everywhere. When you combine your auto and home insurance, the savings can be significant.

State home insurance policies and prices (4)

State Farm's Drive Safe & Save program reduces your premium when you drive safely.

First, State Farm solved a problem that many families with teenage drivers have struggled with for years: high fees for their driving-age children. State Farm's SteerClear® program, which works on the same principle as the Drive Safe & Save™ program, tracks younger drivers (under 25) through its app when they're on the road. If they don't drive like crazy, their prices could go down.

For the rest of the family, State Farm's Drive Safe & Save app records everything from cornering and braking to "distracted driving moments." Responsible management can eliminate 30% of your policy.

All of this is great news for safe drivers. What would be even better? if wereviewed Lemonade's owner policieswe found incentives to drive less. Walking to the grocery store to buy a gallon of milk might save a little time, but personally I'm willing to save a few bucks by walking.

Did you know:In 2019, the National Highway Traffic Safety Association recorded 3,142 traffic fatalities caused by distraction.Lead.2

pension insurance

Average rental insurance rates are about $175 per year for $33,000 to $37,000 coverage. It's $15 a month, or about three iced sugar cookie almond milk lattes.

Because much of what you protect with renter's insurance is your personal property, it's important to explore State Farm's coverage limits. For example, if you have a lot of valuables or collectibles, or what would qualify as “commercial property” (see above), you may need to pay more for full coverage.

One thing you can count on is quality service. Along with another one of our favorite homeowner vendors, Lemonade, State Farm scored at the top of the J.D. Energy for tenant customersSatisfaction.3

Trupanion pet insurance

Uniquely, State Farm has separate plans for dogs and cats. What both policies have in common is Trupanion's inclusive coverage. They won't deny your race like some insurance providers we've looked at. There are also no billing limits and you have 24/7 access to medical experts.

Owner Tip:If you rent or own, you should take an inventory of your possessions, preferably before committing to a coverage limit. Taking inventory is ancient. You don't need a special app for this, just a pad and pencil. And you don't have to tell everything. laptops. Check. Beats Headphones. Check. The last five boxes of your kids' Happy Meals that you saved just in case. You can delete them from the list.

Policy grouping with State Farm

State home insurance policies and prices (5)

By bundling auto and home insurance together, we save about 35% on our State Farm offering.

You can bundle and save on just about any State Farm insurance product (see multiline discounts below), but the big fish in State Farm's multiline discount menu is the auto and home insurance package.

I kind of got excited about this discount, but if you look closely at the quote, State Farm sent me back a few paragraphs below the base price of the HO-3 was a special price for the package.

That price was $855 per year or $71.25 monthly. To put that number in perspective, that's more than $30 cheaper than the average homeowner's rate in the US and about $20 less than North Carolina's lower-than-average homeowner's insurance rate.

So if there is any doubt, yes, you can save a lot by bundling with State Farm.

FOR YOUR INFORMATION:State Farm is not the only real estate provider that accepts packages in the market. For more A++ package deals, check out our guide to the best home insurance packages of 2023.

State Farm special discounts

  • Multiple lines:State Farm sells over 25 different insurance products. If you subscribe to two of them, expect a discount on your rewards.
  • residential insurance:Protection devices range from quality locks and windows toSelf-monitoring home security systemsEalarm system. Along with our proximity to emergency services, our home's security status is an important factor for home insurers when calculating our homeowner rates.
  • Here:This is a special State Farm discount regardless of your home insurance. If you use impact-resistant materials to protect against wind, rain and hail, your premium will likely go down.
  • Pre-claims:Insurance providers always ask that you report your claims history yourself. A clean record means you're less responsible; hence this discount. That's the thinking anyway. However, do not try to gloss over your previous claims. They're nothing to be ashamed of and your provider will find out anyway.
  • Ting:Electrical fires (caused by poor wiring) accounted for 44,880 house fires and $1.3 billion in property damage between 2012 and 2016, the most recent years on recordYearly.4Ting makes smart sensors that detect bad wiring before it becomes a disaster. With State Farm home insurance, you get three years of home expenses.

Owner Tip:I'm not sure your home is as safe as it should be. take our fasthome safety testdiscover.

valor total

Sometimes value is in the eye of the beholder. With home insurance, value is the quality of coverage you get for the money you spend. Given the nature of the investment - one you hope you'll never have to use - homeowners are particularly, and rightly, aware of what they're paying.

State Farm understands that. That's why their HO-3 plans include RCV for your belongings (often extra) and building regulation insurance (sometimes extra). Adding a water backup, which can cost as much as $9 a month with other providers, costs as little as $2 with State Farm. The same goes for additional home replacement cost coverage - up to $65,000.

The end result is a well-stocked insurance plan at a reasonable price ($113 per month) that you can cut significantly ($75) by bundling your auto insurance. If you want to save even more, consider installing home security cameras - State Farm offers a discount on protected home. If interested, visit usLorex cost guide; They make some of the best cameras on the market.

The only hurdle we have to overcome with State Farm has nothing to do with its value as an insurance provider. We'd love to see State Farm revamp their online list generator. (We'd also like to be able to buy your packages online without an agent.)

That said, the current owner's pack champion is one of the best deals out there.

Common questions

Is State Farm cheaper than average?

Yes and no. State Farm's rates ($1,308 per year for a basic HO-3 policy) are among the lowest we've encountered this year. However, that doesn't mean they are below your state average, which can range from $700 to $2,600.

How much will I save if I bundle my State Farm homeowner's policy?

Quite. You can save up to $1,127 per year when you bundle your State Farm home and auto insurance. Personally, we've seen a 35% savings with our bundled offer.

Does State Farm have renters insurance?

Yes, and according to data analytics giant J.D. Power, is the second highest customer satisfaction across the country.

Will State Farm's Drive Safe & Save program reduce my premium?

Yes. If you use the State Farm Drive Safe & Save app to track your driving habits, you can save up to 30% on your premium.

Are state farm policies covered at replacement value?

Yes, they do, and that's a huge plus in our book.

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