State Farm Homeowners Insurance Review
State Farm insures 15 million homes in America, offering policies that protect the home, personal contents as well as personal liability. State Farm is recognized for rewarding policyholders with discounts when they insure their homes and their automobiles through their insurance company. State Farm is the largest private insurance agency in Florida. They write policies for one out of every five residents in the Tampa area.
State Farm offers a unique Condo Unit Owner Policy, a policy that covers condominium owners that live in the condo at least part-time and are insured by a condominium association. Unlike their home insurance policies, State Farm limits condo owners from coverage of water damage, earthquakes, settling, nuclear hazards and animal damage such as from rodents or birds. Condo owners are also not protected when business takes place on the premises or if there are purposeful injuries administered on the premises.
State Farm can help protect those who rent their home by offering coverage against vandalism, fire or theft. Most landlords do not insure the contents of their rental property; they only insure the building. State Farm offers policies for renters that cost less than one dollar per day. They also provide coverage for personal injury or property damage to others while on your property. State Farm extends their reward discount to renters as well when they insure their rental property and their automobile through State Farm.
Their site also offers many resources to help protect your home, beyond the coverage that an insurance policy can provide. State Farm provides a loan and mortgage calculator to help you figure out the cost of your future home, including Florida homeowners insurance. They also provide a program called Possessions Matters, a computer application that helps you record the contents in your home in case of destruction. This can be downloaded for free on their website.
Unfortunately in February 2008, State Farm said they were no longer writing new homeowners insurance policies to Floridians, having spent $4.4 billion in 2005 because of eight destructive hurricanes that hit Florida. Though there are 900 State Farm agents in Florida, the new laws about capping homeowners insurance premiums and the continuing volatile climate in Florida have driven them to cut their policies. Current policy holders will not be affected by this new plan and policy holders that move within the state to a new home will also not be affected.
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