ABOUT STATE FARM HOMEOWNERS INSURANCE
State Farm Bank is an online financial institution that offers a variety of banking products and services. It’s a subsidiary of State Farm Mutual Automobile Insurance Company and is headquartered in Bloomington, Illinois. State Farm Bank offers checking and savings accounts, certificates of deposit (CDs) and credit cards — all through an alliance with U.S. Bank. It also offers personal loans through LightStream and home loans through Rocket Mortgage.
Compare our top 6 Home Insurance companies
EverQuote Home Insurance Services
Levels Of Coverage : 4
Maximum mileage: 130,000
Waiting period: 30 days and 1,000 miles
Availability: Most states (not MA)
Nationwide Homeowners Insurance
Levels Of Coverage : 12
Maximum mileage: Unlimited
Waiting period: 30 days and 1,000 miles
Availability: Most states (not MA)
State Farm Homeowners Insurance
Levels Of Coverage : 5
Maximum mileage: 250,000
Waiting period: 30 days
Availability: Nationwide
Levels Of Coverage : 3
Maximum mileage: 120,000
Waiting period : 30 days
Availability : Nationwide
Farmers Homeowners Insurance
Levels Of Coverage : 2
Maximum mileage: 120,000
Waiting period: 300,000 miles
Availability: price-locked
American Family Homeowners Insurance
Levels Of Coverage : 3
Maximum mileage: Unlimited
Waiting period: 30-days
Availability: nationwide
How does State Farm homeowners insurance work?
You can only purchase State Farm homeowners insurance through its network of independent agents. Once you receive a quote, you can choose from three broad tiers of coverage: Essential, Expanded or Premium. You can select add-ons, including flood insurance or earthquake coverage. Once you purchase State Farm homeowners insurance, you’re covered if your home is damaged due to natural disaster, theft or other covered incidents.
What does State Farm homeowners insurance cover?
The standard State Farm homeowners insurance plan provides multiple benefits, including:
- Dwelling coverage protects the overall structure of your home, including floors, countertops and built-in appliances.
- Dwelling extension covers structures that are detached from your primary property.
- Personal liability coverage helps pay for legal fees and medical bills if you’re held responsible for someone being injured on your property.
- Medical payments coverage helps take care of medical expenses for a guest injured on your property.
- Loss-of-use coverage handles the cost of a hotel and other necessary expenses if you need to find alternative housing while your home is undergoing repairs.
- Personal property coverage reimburses you for damaged personal items.
State Farm also has add-ons for those who need extra coverage. Flooding and earthquake coverage are two of the most commonly used add-ons. State Farm add-ons include:
- Flood insurance provides coverage for natural flooding, which isn’t provided under standard homeowners insurance.
- Earthquake coverage is not provided on typical homeowners insurance policies but can be added for an additional cost.
- Full replacement cost covers the actual cost to rebuild your entire home.
- Home systems protection helps replace several types of home systems, including water filtration systems, air conditioning systems and power generators.
- Off-premises structures coverage lets you add structures you own that aren’t located on your primary home’s property to your policy.
- Personal injury liability coverage helps pay for legal costs if someone is injured at your home and the injured party sues you.
- Sump pump and drain backup covers water damage caused by a faulty sump pump or drain backup.
- Service lines coverage provides financial protection if underground lines that belong to you need repair or replacement.
- Umbrella coverage is an extra layer of coverage that protects your assets in a lawsuit. This is a helpful add-on for those with high net worth.
- Identity theft coverage helps you pay legal fees if your identity is stolen.
- Energy-efficient upgrade coverage helps pay for the cost if an appliance breaks and you replace it with a more energy-efficient version.
- Mold coverage helps cover the costs of mold removal.
State Farm home insurance cost
Most policies with State Farm cost between $1,500 a year and $3,000 a year. That comes out to between $125 and $250 a month. More valuable homes typically have annual premiums of $4,000 a year or more. Important factors that affect the cost of your State Farm homeowners insurance include the level of coverage, the value of your home and where you live.
The best way to get a price on homeowners insurance is to request a quote through the State Farm website or to speak to a State Farm agent.
State Farm homeowners insurance discounts
You can benefit from a variety of discounts with State Farm that keep your policy more affordable.
- Multipolicy discount: Combine your homeowners insurance policy with your State Farm auto insurance policy to save up to 20%.
- Home alarm discount: State Farm provides discounts if your home is protected with a smoke, fire or burglar alarm.
- Roofing materials discount: Installing impact-resistant roofing earns you lower premiums with State Farm.
- No-claim discount: The company provides discounts for those who haven’t made recent claims. You can qualify for this discount even if you’re switching from another company.
