Paul Sanchez
State Farm is the largest homeowners insurance company in the United States, offering policies in 47 states and the District of Columbia. However, it does not write new policies in three states: California, Massachusetts, and Rhode Island. Despite this, State Farm remains a top choice for homeowners due to its affordable premiums, solid coverage options, and financial stability. The company's commitment to quality service is reflected in its above-average customer service ratings, and its ability to provide personalized service through its vast network of agents.
| Characteristics | Values |
|---|---|
| Number of States | 47 |
| District | Columbia |
| Average Monthly Premium | $170.89 |
| Average Monthly Premium for $300,000 dwelling and $100,000 personal liability coverage | $170.89 |
| Ranking in cheapest homeowners insurance companies | 2nd |
| California Premium | Raised by 17% |
| Discounts | Fewer than other companies |
| Flood Insurance Coverage | Available through the National Flood Insurance Program (NFIP) |
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What You'll Learn
State Farm writes policies in 47 states
State Farm is a top choice for homeowners insurance, offering affordable premiums, solid coverage options, and financial stability. It is the largest homeowners insurer in the United States, according to 2020 premium data from S&P Global Market Intelligence. State Farm writes policies in 47 states and the District of Columbia. However, it is not currently writing new policies in California, Massachusetts, or Rhode Island.
Homeowners insurance policies from State Farm provide coverage for your home and personal property in the case of a covered loss. It also provides liability coverage if an accident or injury occurs on your property. For example, if a tree falls on your house due to a covered event like a storm, your insurance will usually cover the damage, and tree removal is also covered. Additionally, if you have a garage or other structures on your property that are separated from your dwelling by clear space, these are typically covered at 10% of your dwelling coverage.
State Farm also offers manufactured home products in most states and provides condo insurance, which covers your condo's interior but not the structure. It's important to note that most homeowners insurance policies, including those from State Farm, do not cover damage caused by flooding. However, you may be able to purchase flood insurance separately if your community participates in the National Flood Insurance Program (NFIP).
State Farm's commitment to quality service is reflected in its above-average rating for customer service. Each policy comes with a dedicated agent, and the vast network of agents allows policyholders to benefit from personalized service. Discounts, savings, and eligibility may vary by state, and not all products are available in all states.
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$15.45 $16.95
Discounts vary state-to-state
State Farm is the largest homeowners insurer in the United States, offering coverage in 47 states and the District of Columbia. However, it is important to note that State Farm is not currently writing new policies in California, Massachusetts, or Rhode Island.
The availability of discounts on State Farm homeowners insurance varies depending on the state. While State Farm does offer discounts on homeowners insurance, the specific discounts, their names, percentages, and eligibility requirements can differ by state. For example, discounts on home security products may not be available in all states and may require a non-tenant homeowners policy.
To illustrate, State Farm offers discounts on premiums for customers who have installed protective devices such as fire, smoke, or burglar alarms, or eligible home monitoring systems. Additionally, using certain impact-resistant roofing products, like hail-resistant shingles, may qualify customers for a discount on their home insurance premiums. However, these discounts are subject to variation among states, and it is recommended to consult with a State Farm agent to determine the specific discounts available in a particular area.
Furthermore, State Farm provides discounts for bundling multiple insurance policies, such as home and auto insurance. This can result in significant savings for customers. However, it is important to note that purchasing only one policy is always an option, and customers should carefully consider their individual needs when making a decision.
State Farm's homeowners insurance covers various aspects, including dwelling coverage, which helps pay for repairs or rebuilding in case of damage, and personal property coverage, which replaces stolen or destroyed belongings. It is essential to review the specific coverage, forms, and exclusions of a State Farm homeowners insurance policy, as they can vary among states.
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Homeowners insurance covers the interior and exterior
State Farm writes homeowners insurance policies in 47 states and Washington, D.C. The company does not write new policies in California, Massachusetts, or Rhode Island.
Most homeowners insurance policies cover damage caused by fire, wind, snow, hail, tornadoes, and burst pipes. They also typically cover vandalism and theft. Additionally, homeowners insurance provides liability protection in case someone is injured on your property or you damage someone else's property.
However, it's important to note that homeowners insurance does not cover all types of damage. For example, damage caused by flooding, earthquakes, or hurricanes is generally not included in basic homeowners insurance policies and may require separate coverage. Similarly, damage to separate structures on your property used for business purposes may not be covered under your homeowners insurance.
It's always a good idea to carefully review the specifics of your homeowners insurance policy, as coverage can vary. Endorsements or amendments can also be made to your policy to add, change, or remove certain coverages.
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Flood insurance is available through the National Flood Insurance Program
State Farm writes homeowners insurance policies in 47 states plus the District of Columbia. The exceptions are California, Massachusetts, and Rhode Island.
Now, onto flood insurance. Flood insurance is available through the National Flood Insurance Program (NFIP). The NFIP is managed by the Federal Emergency Management Agency (FEMA) and is delivered to the public by a network of more than 47 insurance companies and the NFIP Direct. Flood insurance is specific to flooding as most homeowners insurance, including State Farm's, does not cover flood damage. Flood insurance can cover buildings, the contents within a building, or both. The NFIP provides flood insurance to property owners, renters, and businesses, helping them recover faster when floodwaters recede.
The NFIP works with communities to adopt and enforce floodplain management regulations to help mitigate flooding effects. Flood insurance is available to anyone living in one of the 22,600 participating NFIP communities. The NFIP is the nation's largest single-line insurance program, providing nearly $1.3 trillion in coverage against floods and offering a wide range of publications, videos, graphics, and online tools to help policyholders, agents, and other servicers navigate the flood insurance process.
Flooding is the most common and costly natural disaster, with 90% of all presidentially declared US natural disasters involving flooding. It can happen anywhere it rains or snows, and even a few inches of floodwater can cause thousands of dollars' worth of damage. Therefore, it is important to protect your assets with flood insurance.
To purchase flood insurance, you can use the NFIP's insurance provider finder to locate an agent who can help answer questions and provide a quote for a policy. It normally takes 30 days from the date of purchase for the policy to go into effect, so don't wait until a flood is imminent to buy a policy.
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Homeowners insurance covers other structures on your residence premises
State Farm writes homeowners insurance policies in 47 states and the District of Columbia. The company does not write new policies in California, Massachusetts, or Rhode Island.
Homeowners insurance covers the main dwelling and other structures on your residence premises. This includes detached garages, pool houses, guest houses, greenhouses, and tool sheds. Fences are also considered other structures and are usually covered. If a tree falls on one of these structures due to a covered event, such as a storm, your insurance will typically cover the cost of tree removal.
There are several types of homeowners insurance policies offered by State Farm. The Broad Form Policy (HO-02) covers the home, other structures, and personal property on a named-peril basis. The Special Form Policy (HO-03) covers the home and other structures for any risk unless it is specifically excluded. The Comprehensive Form (HO-05) is similar to the Special Form Policy but also includes personal property coverage. The Modified Form Coverage (HO-08) is for homes where the cost to rebuild exceeds the market value of the property.
Homeowners insurance policies typically provide dwelling coverage, personal property coverage, and liability coverage. Dwelling coverage helps pay for repairs or rebuilding if your property is damaged. Personal property coverage helps replace stolen or destroyed belongings. Liability coverage protects you if someone is injured on your property.
It is important to note that most homeowners insurance policies, including those from State Farm, do not cover damage caused by flooding. However, you may be able to purchase separate flood insurance through the National Flood Insurance Program (NFIP). Additionally, certain types of property may have specific dollar limits, and there may be exclusions or limitations on what kinds of damages can be covered for other structures on your property.
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Frequently asked questions
State Farm writes policies in 47 states plus the District of Columbia.
State Farm is not currently writing new policies in California, Massachusetts, or Rhode Island.
State Farm is the largest homeowners insurer in the United States and has an A++ AM Best Rating. It is a top choice for homeowners insurance coverage due to its affordable premiums, solid coverage options, state availability, and financial stability.
