State Farm Homeowners Insurance in Texas

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About State Farm Insurance

State Farm: Everything you need to know

Founded 1922
Home Office Bloomington, Illinois
Income  
Texas Homeowners Policies 1,162,624
Rank - Texas Top Ten Homeowner Insurance Policies 1st
Fortune 500 Rank 36

 

State Farm is a large group of insurance and financial services firms based in the US. The group’s parent company is State Farm Mutual Automobile Insurance Company, which is a mutual insurance company based in Bloomington, Illinois. State Farm is best known for offering property and casualty (P&C) insurance products, especially in personal lines. According to SNL Financial Data, State Farm insures more cars and homes than any other insurer in the US.

As well as offering P&C insurance, State Farm subsidiaries and affiliates also offer life and health insurance, annuities, mutual funds and banking products. In 2018, the firm was ranked 36th on the Fortune 500 list of largest companies. It has approximately 58,000 employees and sells its products through a 19,000-strong force of independent contractor exclusive State Farm agents.

Becoming a ‘good neighbor’

Consumers may know State Farm by its ‘good neighbor’ slogan. That premise started almost 100-years-ago when retired farmer and insurance salesman George Jacob “G.J.” Mecherle founded a single-line auto insurance company in 1922, aimed specifically at the farming community. The firm later expanded its client reach and started offering other product lines, such as homeowners’ and life insurance, followed by banking and other financial services. The ‘good neighbor’ catchphrase has been around since 1971, when American songwriter Barry Manilow wrote a jingle for the insurance giant, which included the phrase: “Like a good neighbor, State Farm is there.”

Product menu

Today, State Farm offers about 100 products and services, in five different lines of business: property and casualty, life and health, annuities, mutual funds, and banking products. As of December 31, 2017, the firm claimed to service around 83.4 million policies and accounts, of which:

- 44.1 million were in auto insurance
- Over 28 million were in fire insurance
- Eight million were in life
- Nearly 867,000 were in health

Away from insurance, State Farm claims to be the 101st largest bank in the US in terms of assets (holding nearly $16.7 billion), and has nearly 519,000 accounts in mutual funds. State Farm allegedly handles around 39,000 claims per day.


State Farm Homeowners Insurance Policy Coverage Comparisons

Named Peril State Farm Basic Form Coverage HO-A (H0-1) State Farm Broad Form Coverage HO-A+ (HO-2) State Farm Special Form Coverage HO-B (HO-3)
Fire Yes Yes Yes
Lightning Yes Yes Yes
Riot and Civil Commotion Yes Yes Yes
Explosions Yes Yes Yes
Wind and Hail Yes Yes Yes
Smoke Yes Yes Yes
Sprinkler Leak Yes Yes Yes
Sinkhole Collapse Yes Yes Yes
Volcano Yes Yes Yes
Vehicles and Aircraft Yes Yes Yes
Vandalism Yes Yes Yes
Water Damage No Yes Yes
Weight of Snow or Ice/Sleet No Yes Yes
Falling Objects No Yes Yes
Glass No Yes Yes
Collapse No Yes Yes
Theft and Burglary No No Yes
Full Glass Coverage No No Yes
Leaky Roof No No Yes
Pretty Much Everything Else* No No Yes

State Farm Homeowners Policy Exclusions

State Farm may exclude coverage for specific losses. Even the most comprehensive all-risk policy will exclude certain types of loss or damage.

Common exclusions include:
  • Flood
  • Earthquakes
  • Termites, insects, rats, or mice
  • Freezing pipes while your house is unoccupied
  • Losses if your house is vacant for the number of days specified by your policy
  • Wear and tear or maintenance
  • Wind or hail damage to trees and shrubs
  • Mold, except necessary costs to repair or replace property damage caused by a covered water loss and
    water damage resulting from continuous and repeated leakage or seepage.
State Farm may allow you to buy full or limited coverage for excluded perils, such as:
  • Flood
  • Earthquakes
  • Continuous and repeated leakage or seepage of water
  • Vacant property
  • Mold remediation

HO-C Policies in Texas

While most people find HO-B policies to be sufficient, there is one policy that covers more, the HO-C covers all perils and contents. There are the usual exclusions, but if you have great credit and need additional no-fuss coverage for personal property damages, it may be the way to go.



State Farm Average Texas Homeowners Insurance Rates

City Average Annual State Farm Homeowner Insurance Rate
Houston $4630
Dallas $3454
Fort Worth $3309
San Antonio $2624
Austin $2289
Mckinney $3302
Edinburg $3382
El Paso $1627
Denton $3467
Richmond $3761
Conroe $2520
Georgetown $2038
Brownsville $4175
Angleton $4214
Corpus Christi $3825
Belton $2245
Galveston $4274
Lubbock $3077
Laredo $2275
Beaumont $4292
Waco $2503


State Farm Average Texas Condo Insurance Rates

City Average Annual State Farm Condominium Insurance Rate
Houston $1688
Dallas $1176
Fort Worth $1085
San Antonio $1344
Austin $946
McKinney $998
Edinburg $1431
El Paso $1022
Denton $1048
Conroe $840
Georgetown $724
Brownsville $1844
Angleton $1884
Corpus Christi $1910
Belton $1054
Galveston $2337
Lubbock $1306
Laredo $1169
Beaumont $1884
Waco $1034

State Farm Average Texas Renters Insurance Rates

City Average Annual State Farm Renters Insurance Rate
Houston $353
Dallas $288
Fort Worth $281
San Antonio $336
Austin $204
McKinney $217
Edinburg $276
El Paso $185
Denton $228
Richmond $317
Conroe $227
Georgetown $147
Brownsville $358
Angleton $349
Corpus Christi $393
Belton $185
Galveston $423
Lubbock $242
Laredo $237
Beaumont $349
Waco $225

State Farm Average Texas Auto Insurance Rates

City Average Annual State Farm Auto Insurance Rate
Houston $1302
Beaumont $1192
Denton $1177
San Antonio $1157
Austin $1138
Dallas $1134
McKinney $1133
Edinburg $1124
Fort Worth $1122
Richmond $1096
Corpus Christi $1081
Brownsville $1075
Conroe $1048
Galveston $1037
Lubbock $996
El Paso $962
Georgetown $950
Laredo $935
Waco $924
Angleton $895
Belton $844
Houston $779
Beaumont $711
San Antonio $702
Edinburg $697
Denton $691
Brownsville $669
Austin $665
Dallas $663
McKinney $661
Fort Worth $661
Corpus Christi $656
Richmond $644
Conroe $617
Galveston $611
Lubbock $588
El Paso $579
Laredo $567
Georgetown $556
Waco $539
Angleton $524
Belton $492

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