State Farm Insurance review 2024

In Bankrate’s 2024 analysis of auto insurance carriers, State Farm received a high Bankrate Score of 4.3 out of 5.0. Our State Farm insurance review looked at average premium data along with coverage offerings, discount availability, financial strength ratings and customer satisfaction scores. State Farm, which works with an extensive nationwide network of local agents, consistently outranks the industry average in J.D. Power customer satisfaction studies, and its A++ (Superior) financial strength rating from AM Best is the highest possible.

State Farm offers auto insurance in all states except Massachusetts and Rhode Island. In terms of coverage, State Farm’s offerings are fairly basic; beyond standard coverage like liability, comprehensive and collision coverage, State Farm offers just a handful of common endorsements, including ridesharing coverage, roadside assistance and travel expense coverage. Available discounts from State Farm vary based on location, but many states have a long list of discounts for auto insurance.

Pros and cons of State Farm car insurance

Like most car insurance companies, State Farm presents a mix of advantages and disadvantages. Understanding State Farm’s strengths and weaknesses may help you determine whether this carrier is a good fit for your insurance needs:

With nearly 18 percent of the market share, State Farm is the most popular provider of homeowners insurance in the U.S. That may be partly due to its nearly nationwide reach — policies are available in all states except California, Massachusetts and Rhode Island — but State Farm’s Bankrate Score of 4.2 indicates that the company’s success is due to more than sheer size.

High customer satisfaction scores and an excellent track record with claims (per J.D. Power) set State Farm apart from the crowd of home insurance companies. In addition to standard homeowners coverage such as dwelling, personal property, liability and additional living expense coverage, State Farm offers homeowners many opportunities to customize their policies. State Farm’s personal articles coverage offers additional financial protections for items like jewelry, keepsakes, equipment and medical devices that might not be fully covered by a traditional home insurance policy. Policyholders can also take advantage of replacement cost coverage, an electrical fire prevention program in partnership with Ting and State Farm’s Premier Service Program, which helps eligible policyholders find reputable contractors following a covered loss.

Pros and cons of State Farm homeowners insurance

If you’re looking for home insurance quotes, you may want to include State Farm in your search. The pros and cons listed below give a quick snapshot of State Farm’s strengths and weaknesses when it come to homeowners insurance:

State Farm’s life insurance offerings earned two 2024 Bankrate Awards: Best Term Life Insurer and Best Universal Life Insurer. The carrier also outranked all other companies for overall customer service in the 2023 J.D. Power U.S Individual Life Insurance Study and made Bankrate’s list of the best cheap life insurance companies for 2024.

Strong digital tools, a nationwide network of local insurance agents and A++ (Superior) financial strength ratings from AM Best make State Farm an attractive option for individuals seeking a strong life insurance policy. In addition to term life and universal life insurance policies, State Farm offers whole life insurance. If you’re not sure which type of life insurance is right for you, State Farm’s online calculator can help you pick a policy — or you can work with your local State Farm agent.

Our State Farm insurance review covers the strengths and weaknesses of State Farm’s auto, home and life insurance offerings — but how does State Farm compare to the competition? Here’s a quick look at how State Farm stacks up against two major competitors:

State Farm comes by its vast market share honestly: for auto, home and life insurance, State Farm is a good option for many customers. Generally affordable rates and strong financial strength ratings put State Farm ahead of the competition in many areas. State Farm’s biggest strength might be its high customer satisfaction scores, as evidenced in J.D. Power studies and low customer complaints for auto and life insurance. However, a rising rate of complaints from State Farm’s home insurance customers could be a red flag for some customers.

What are real-life customers saying about State Farm?

To get a closer look at how actual customers rate their State Farm experience, Bankrate’s insurance editorial team pored over forum postings to hear from real policyholders sharing insights with other consumers. We found a wide range of responses, from frustrated ex-State Farm customers sharing about negative claims experiences to loyal customers reporting low rates and excellent service over decades.

Reddit

Perspectives on State Farm across Reddit’s personal finance forums. While plenty of customers related negative experiences and frustration with State Farm’s handling of claims, many others highlighted low rates and great local agents as reasons they’ve stayed with State Farm.

Bogleheads.org

Investing forum Bogleheads.org had more broadly positive views of State Farm. Most of the users who provided insights reported being long-time customers, and named low prices and discounts as some of the reasons they’ve stayed with State Farm rather than switching to another insurer.

State Farm company details

To get in contact with State Farm, current policyholders can reach out to their State Farm agent or use the mobile app to initiate a claim, contact service or summon roadside assistance. You can also use the phone numbers below to reach State Farm’s service lines:

• Customer service: 1-800-782-8332
• Claims: 1-800-732-5246
• Emergency road service: 1-877-627-5757
• State Farm agency locator available at: statefarm.com/agent/

State availability

• Car and life insurance: All states except MA and RI
• Home insurance: All states except CA, MA and RI

State Farm tools and benefits

In addition to its auto, home and life insurance offerings, State Farm provides other insurance and banking products that might be advantageous for some customers.

• Landlord and renters insurance: If you own a property that you rent out to tenants, you might be interested in State Farm's renters and rental property insurance. For property owners, State Farm’s  landlord insurance offering includes standard dwelling coverage as well as coverage for loss of rent due to a covered peril. For renters, State Farm also writes some of the best rental insurance policies.
• Umbrella insurance: Umbrella insurance may help protect your finances by paying additional liability coverage for home and auto policies in the event of a major liability claim or lawsuit.
• Identity theft protection: For around $25 per year, you may add identity theft protection to your home, condo or renters insurance policy. Policies are available in all states except for North Carolina.
• Boat insurance: State Farm’s standard boat insurance policy includes liability coverage in addition to protection from sinking, storms, theft and other perils.
• Condominium insurance: You can purchase condo, or HO-6, insurance from State Farm if you cannot get insurance through your condo association.
• Personal banking: State Farm offers a suite of personal banking and investment products through its partnership with US Bank, like credit cards, checking accounts and consumer loans.

Frequently asked questions about State Farm

Bankrate utilizes Quadrant Information Services to analyze July 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region.

Auto

Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket, single at-fault accident and single DUI conviction.

Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.

Homeowners

Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Auto Bankrate Score

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.

Home Bankrate Score

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.