State Farm Insurance Homeowner’s Policy Review

Company Overview

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You can never be too safe when it comes to protecting your family. This is especially true in the event of a natural disaster that can cause expensive damage to your home and property. You need a company you can trust for your homeowner’s insurance coverage. Does State Farm Insurance really measure up to its popular motto, “like a good neighbor, State Farm is there?” It seems that the popular theme song for the company may ring true.

State Farm Insurance has a reliable record in financial stability, customer service and claims.

State Farm Insurance was founded in 1922 by George J. Mecherle. Mr. Mercherle was a retired farmer and wanted to offer another option to farmers for automobile insurance. Since its early days, the company has expanded its insurance products to include homeowner's insurance, renters insurance, condo insurance, motorcycle insurance, life insurance and banking and financial services. State Farm has its headquarters in Bloomington, Illinois with over 17,000 agents and 67,000 employees serving the United States and Canada. There are 30 operations centers and over 300 claims offices. The CEO is Edward B. Rust, Jr. The company has an annual revenue of over $64 billion with an insurance division, mutual funds and it also operates its own bank. State Farm is a Fortune 500 company. State Farm Insurance writes over 77 million insurance policies.

Although State Farm Insurance withdrew from insuring property in Florida temporarily after extensive claims in the state, it now continues to write property policies in the state of Florida.

State Farm Insurance believes in being actively involved in the community. They have sponsorships throughout the United States and Canada, as well as safety programs, educational programs and service programs.

The State Farm Safety Patrol Program gives free roadside assistance to stranded motorists on participating highways. The service includes free fuel refill, engine oil and radiator refills.

Financial Strength and Customer Satisfaction

State Farm Insurance ranks highly in the financial strength category. A.M. Best rates State Farm Insurance with an A++ (Superior) rating. This is the highest rating possible. Standard & Poor’s also rates State Farm Insurance very highly with an AA rating. Financial ratings are based on a company’s ability to pay claims, meet other financial obligations and carry out superior operational performance. J.D. Power and Associates rates State Farm Insurance above average in the area of overall customer satisfaction.

Homeowner's Policy

You can purchase a State Farm homeowner’s insurance policy through its website or at a local agency. After you buy your policy, you will find full policy and claims services available either online or through a local agent’s office. There are many attractive homeowner’s insurance discounts and coverage options available.

What Is Covered?

Your State Farm homeowner’s insurance policy covers losses caused by fire or lightening, theft, freezing of your plumbing system and windstorm or hail damage.

There are also some things the policy doesn’t cover such as intentional bodily injury or property damage, business operations, aircraft maintenance, motor vehicles and some types of watercraft.

Check with a local agent to find out the specifics of what is covered under the homeowner’s policy. There are different types of homeowner’s policies available that the agent can tell you about. Some provide more coverage than others. There is the basic, broad form and what is called an all-risk policy. The all-risk policy provides coverage for any loss that is not specifically excluded from your homeowner’s policy.

Discounts

The discounts available with the homeowner’s policy include:

  • Home security devices
  • Fire sprinklers
  • Claim-free history
  • Multiple policy discount
  • Utility rating plans
  • Roofing material discount

Additional Coverage

With the State Farm home insurance policy you can also purchase additional coverage for personal insurance, flood insurance, home business insurance and identity restoration. If you are a renter, you can also buy a renters insurance policy. For other types of housing, you can buy a farm and ranch insurance policy or a manufactured home insurance policy.

Pros

  • 24/7 claims service online or by phone
  • Excellent financial stability
  • High customer satisfaction rating

Cons

  • There have been complaints of claims being denied unduly.
  • Discounts are not available in all states.

Company Contact Information

To find out more information about State Farm’s homeowner’s insurance policy or its other insurance products, you can visit the State Farm website or call 855-733.7333. You can also enter your zip code to find the nearest local agent.

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