State Farm vs. Geico 2021 | Tenant insurance

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Founded in 1936, Geico is an insurance company that offers a wide range of home, condominium, owner, flood, car, motorcycle, boat, pet, and various commercial insurance policies.

State Farm also offers a wide variety of insurance policies including home, life and pet insurance through its partner, Trupanion. The company also offers a range of banking and investment services.

A major difference between the two is that when you purchase home insurance from Geico, you are actually purchasing insurance from an unaffiliated insurance company. With State Farm, on the other hand, you can work with a local agent to purchase insurance directly from the company.

Geico and State Farm both include personal property, liability and loss of use risks covered in their standard insurance policies for renters. Geico and State Farm policyholders can add additional insurance options. For example, State Farm offers additional liability coverage, identity restoration, earthquake damage, additional business property, and corporate liability. Since Geico functions as a sort of middleman, additional insurance options vary depending on which third-party company you go with.

Geico offers discounts for bundling tenant insurance with auto insurance, if you live in a building with security systems and if there are fire extinguishers, smoke detectors or fire alarms installed for you. State Farm policyholders can save money if there is a security system installed in their unit. There is also a multi-font discount.

Geico and State Farm also have mobile apps that you can use to file a claim, get your IDs, make payments, manage policies, and contact an agent. The time it takes to process a claim usually depends on the complexity of the situation and the extent of the damage.

Geico and State Farm, as well as most tenant insurance companies, do not include coverage for damage from bedbugs or infestation in a standard tenant insurance policy. Bed bugs and other pest infestations are considered preventable through regular home or building maintenance and therefore are not considered an unforeseen disaster.

Like most tenant insurance companies, Geico and State Farm both include coverage for accidental water damage from indoor sources, such as broken or frozen plumbing, broken fixtures, or water from inside. other units in the building. Neither Geico nor State Farm covers damage caused by water from an outside source (such as flooding).

Generally, tenant insurance policies do not cover flood damage, including policies from Geico and State Farm. To distinguish from water damage, flood damage is generally defined as water from external or underground sources. Tenants concerned about flooding have the option of purchasing additional insurance coverage and may discuss these options with their Geico or State Farm agents.

Neither Geico nor State Farm include mold damage as a covered loss for tenant insurance, which is typical of a tenant insurance policy.

Renters’ insurance policies generally cover all of the same types of property damage. These include damage to personal property up to the policy limits for a covered event (the most common type of property damage in a renters’ policy) and personal liability protection resulting from accidental damage to the property. owned by someone else. Geico and State Farm both offer these types of coverage in standard tenant insurance policies.

Geico and State Farm both include fire damage as a covered event, as most tenant insurance companies do. This coverage includes damage or loss of personal property caused by fire or smoke, as well as additional living expenses for temporary relocation due to fire.

A renters insurance policy does not cover car theft, even if the car is stolen from the rental property. However, Geico and State Farm will cover personal items stolen from your car, whether it is on or off the rental property.

Renters’ insurance usually doesn’t cover regular moving expenses, no matter which company you use.

Your tenants’ insurance policy will help you find temporary accommodation if it’s related to a problem with your rental accommodation. Specifically, the additional living expense section of your Geico or State Farm tenant insurance policy will take effect if you are forced to temporarily move out of your rental unit due to a disaster. You will be covered for expenses in excess of your normal living expenses.

Bundling insurance, also known as multi-policy discount, is a common way to save money on insurance by purchasing multiple policies from the same company. Geico and State Farm are both among the tenant insurance companies that offer a discount for bundling tenant insurance with another insurance policy, such as auto insurance.

State farm “

AM best grade
A ++
Online tools
Online estimate / Online request
Multi-policy discount available

All prices shown are indicative only. You must contact the insurance company or insurance agent directly to obtain the applicable quotes.

Advantages:

  • Purchase insurance directly from State Farm

  • One of the most affordable companies in our ranking

The inconvenients:

As one of the largest insurers in the United States, State Farm has an extensive network of agents across the country. Those looking to customize their policies with add-ons can do so with State Farm’s long list of additional coverage options.

State Farm is on the more affordable end and is # 3 in our ranking of the most affordable insurance companies for 2021. Currently, there are only a few ways to get a discount on renters insurance. : by combining it with car insurance, or if there is a home security system installed in your house.

Fast facts:

  • Several discounts available

  • Can review a wide variety of policies in one place

  • Geico acts as an intermediary with third-party insurance companies

  • Coverage, coverage limits and premiums depend on the insurer

While a Geico agent is the primary contact to answer insurance questions and walk you through the process, the type of coverage, policy, add-ons, and terms may vary depending on the individual. third-party insurer with which you purchase insurance. In turn, it is important to understand what a specific policy and coverage entails and to get your questions answered before purchasing a policy.

Since Geico pulls a number of quotes from its pool of unaffiliated insurers across the country, you can view many different insurers and policies in one place.

Geico acts more as an intermediary between people and different insurance companies, and insurance policies are underwritten by third-party insurers. Therefore, the rates and types of coverage may vary. State Farm is ranked fourth in our ranking of the best insurance companies for renters of 2021 and is ranked third in our ranking of the insurance companies for the most affordable renters of 2021.

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US News Renters Insurance Guides

Further ratings on 360 reviews

For more information on other forms of insurance, see our other guides.

Why You Can Trust Us: 15 Tenant Insurance Companies Wanted

At US News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team uses that same unbiased approach to review the products you use every day. To build our reviews, we researched over 15 renters insurance companies and analyzed 12 reviews. Our 360 Reviews team does not take samples, gifts, or loans of any products or services that we review. All product samples provided for review are given after review. In addition, we maintain a separate sales team that has no influence on our methodology or recommendations.

US News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to purchase products, we may earn a commission, but this does not affect our editorial independence.

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