HOME & PROPERTY

Renters Insurance Cost Factors

Not only does the cost of renters insurance vary from company to company but it also depends on the coverages and deductible selected.

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Renters Insurance Rates Vary by Company and by:

  • the coverages you select.
  • how much coverage you buy.
  • the deductible you select.

Renters Insurance is designed to help protect you from losses. Losses are events that cause damage to property or injury to persons, whether covered by insurance or not.

Coverages

Personal Property

This coverage helps protect against losses to your personal property, while it is in your home or with you while you travel.

Coverage for your personal property may include losses caused by:

  • Fire or lightning
  • Weight of ice, snow, or sleet
  • Explosion
  • Aircraft and vehicles
  • Smoke
  • Sudden and accidental tearing or bulging of heating or cooling systems
  • Windstorm or hail
  • Theft
  • Riot or civil commotion
  • Falling objects
  • Vandalism or malicious mischief
  • Sudden and accidental water discharge from plumbing or appliances
  • Freezing of plumbing systems

Loss of Use

This coverage provides payment for certain losses when your home is damaged and uninhabitable because of an insured loss, including your additional living expenses for the shortest time required to repair or replace the premises, or for your household to settle elsewhere, up to 24 months.

Inflation Coverage

This coverage automatically increases the amount of your insurance coverages on your personal property as inflation changes the cost of living.

The changes are based on the movement of an inflation index and are reflected in the premium at each annual policy renewal.

Tip: Select replacement cost coverage from State Farm® to get the most protection for your money.

This coverage provides payment based on the cost to repair or replace the damaged property at the time of loss, if actually replaced.

Personal Liability

This coverage provides payment for your legal liability because of bodily injury or property damage caused by an accident

In addition, it may provide for the payment of your defense against these claims or suits.

Medical Payments to Others

This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and are accidentally injured.

Losses Not Insured

While State Farm's Renters policy provides comprehensive coverage, it does not provide coverage for every loss.

All property coverages are subject to the Losses Not Insured provisions of the policy.

Examples of losses not insured include but are not limited to:

  1. Water damage caused by flood or underground water.
  2. Earth movement including earthquake or landslide.
  3. Damage caused by nuclear hazard.

Please refer to the policy for a complete list of losses not insured.

Optional Renters Insurance Coverages

Coverages available for an additional premium include but are not limited to:

  1. Additional liability coverage
  2. Identity Restoration
  3. Earthquake damage
  4. Additional business property
  5. Incidental business liability

This page contains only a general description of coverages and is not a contract. Details of coverage or limits may vary in some states. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.