There are many perks to owning a condo. It’s your own residence that doesn’t require a lot of personal maintenance or upkeep. But when unexpected damage occurs, the solution is not as simple as calling your condominium association. Despite their master insurance policy, you will have to pay the cost to fix the damage to the interior of your condo and everything inside of it yourself.
Luckily, you can purchase condo insurance, which will protect you from vandalism, theft, lightning, and other perils. With this coverage, you can rest easy at night knowing you are not at great financial risk. The This Old House Reviews Team has created this extensive State Farm condo insurance review to help you determine if this company is the best fit for your needs.
State Farm is the largest home insurance provider in the country and offers robust coverage plans for both traditional residences and condos alike. State Farm’s condo insurance is available nationwide and includes all industry-standard coverages in addition to some attractive endorsement features.
We give State Farm a score of 96.60 out of 100 on key metrics like coverage, customer service, availability, and more. On the company’s Better Business Bureau profile, common complaints cite discount and other payment issues. Many positive reviews praise the professionalism of customer service representatives.
Pros & Cons
Compare the advantages and disadvantages of State Farm condo insurance.
State Farm Condo Pros & Cons
|Available nationwide||Few discounts|
|24/7 customer service|
State Farm offers all basic, industry-standard condo insurance coverage. The insurer provides coverage in the case of weather damage like lighting, wind, hail, weight of ice, snow, and sleet, as well as for non-weather damage like fire, theft, vandalism, riots, explosion, smoke, aircraft, and vehicles. State Farm also offers protection from other causes like abrupt and accidental discharge of water from a plumbing system, damage to heating or cooling systems, and artificially generated electrical current.
State Farm Condo Coverage
|Building property||Insures items of real property (including building alterations, additions, and installations) which are part of your unit|
|Personal property||Covers your personal property, like furniture and clothes (may also provide protection for personal property while you are away from home)|
|Loss of use||Covers the necessary increase in cost to maintain your living conditions during the repair period after your home becomes uninhabitable due to a covered loss|
|Loss assessment||Pays for your share, up to the limit of coverage you select, for losses you may be assessed for in the case of damage to the condominium (someone injured on common property; major damage to commonly owned buildings that is not fully covered by the condo association’s insurance)|
|Personal liability||Protects you if guests make a claim or bring a suit against you for property damage or bodily injury|
|Medical payments to others||Pays for medical expenses of people who are accidentally injured on your property|
State Farm offers a range of endorsements to help you customize your condo insurance coverage.
|Refrigerated products||Covers losses of the contents of a refrigerator or freezer in unit from power or mechanical failure|
|Counterfeit money and forgery expenses||Covers specific losses up to $1,000 associated with forgery or counterfeit money for credit cards and bank fund transfer cards|
|Claim expenses||Covers expenses State Farm may incur defending a lawsuit brought against homeowner|
|Fire department service charge||Pays up to $500 for fire department services (higher limits available in certain states)|
|First aid expenses||Covers cost of first aid expenses for people other than the insured for bodily injury covered within the policy|
|Debris removal||Covers a certain amount of expenses incurred to remove damaged property following a covered loss|
|Trees, shrubs, and other plants||Covers damage to outdoor trees, shrubs, and plants|
|Volcanic action||Covers loss to a covered building and its property due to volcanic blast, airborne shock waves, ash, or lava flow|
State Farm condo insurance is available in all 50 states.
How Much Does State Farm Condo Insurance Cost?
The exact cost you pay for State Farm condo insurance depends on a variety of factors, including your property value and its size, where you live, the coverage limits you select, the insurance deductible you choose, and more.
State Farm offers several discounts to help lower the amount you pay for condo insurance.
State Farm Condo Discounts
|Multiple line||Save by bundling condo insurance and auto insurance from State Farm|
|Home alert protection||Save if you have fire alarms, burglar alarms, smoke alarms, or another home monitoring system|
|Automatic sprinklers||Save if your unit has an automatic sprinkler system|
|Claim-free||Save based on your past claims history|
Reviews of State Farm Insurance
State Farm is not accredited by the Better Business Bureau, but the company holds an A+ rating from the organization. See what some real customers had to say about their experience with State Farm.
“I have been with this agent now for more than 20 years. I have never had an issue with anyone at this office and have stayed with them because of the wonderful customer service all of the staff at this location has provided me. I would refer anyone to them in a heartbeat. They have always been good for peace of mind and I have never worried about them not being there for me or my family. Kudos to an awesome agent and fantastic group of professionals.”
“They’ve denied both mine and my mothers automobile damage claims even though we pay thousands every year for full coverage. I had photographic evidence of the damage to my vehicle and the person who did it. The people are denying that they even hit my car now and the insurance company is siding with them. they flat out denied my mother’s vandalism claim with $5,000 worth of damage.”
State Farm is the largest homeowners insurance provider in the country, and its strong financial backing and proven track record extends to its condo insurance. State Farm offers comprehensive coverage alongside many endorsements nationwide. We give State Farm a 96.60 out of 100.
When considering condo insurance providers, it is always a good idea to get quotes from multiple companies in your area:
- Company name: State Farm
- Company type: Public
- CEO: Michael L. Tipsord
- Year founded: 1922
- Headquarters: 1 State Farm Plz, Bloomington, IL 61701
- State availability: 50
- BBB rating: A
The This Old House Reviews Team values accuracy, transparency, and trust. With that in mind, we created a thorough, objective rating system to score each home insurance company based on the following six factors:
- Coverage (30)
- State availability (7.5)
- Customer service (15)
- Technology (12.5)
- Reputation (20)
- Additional benefits (15)
Our Reviews Team has a full-time researcher who collects and regularly updates data points from every company to help us compare them on key factors such as coverage, service, and dependability. Read more on our methodology here.
Frequently Asked Questions
Does State Farm offer condo insurance?
Yes, State Farm offers robust condo insurance, including dwelling, personal property, personal liability, loss of use, medical payments to others, and loss assessment coverage.
What kind of insurance do you need for a condo?
For basic coverage, you will want dwelling, personal liability, personal property, loss of use, medical payments to others, and loss assessment. Your condo association will have a master insurance policy, but those typically only extend to common areas like hallways, sports courts, and pools.
Do HOAs provide condo insurance?
They do, but coverage is often limited to common and shared areas like the exterior structure, roof, hallways, pools, and sports courts. The individual unit owner is responsible for protecting their dwelling and its contents.
What is not covered by condo insurance?
Basic condo insurance policies typically cover the same standard perils as homeowners insurance does, like fire, theft, and vandalism. Like homeowners insurance, condo insurance typically does not protect policyholders from disasters like floods and earthquakes.
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