Is State Farm a good insurance company?

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Asked August 22, 2011

1 Answer

State Farm was founded in 1922, and exists as a mutual insurer, meaning that it is owned by the policyholders themselves. The company has more than 98 billion dollars of assets, with more than 32 billion in insurance sales. State farm is considered to be the largest provider of home and auto insurance in the United States.

Financial Rating
A.M. Best gives State Farm an A++ rating, meaning the company is on sound financial footing. This rating was an upgrade performed in June of 2011, and included changing the long-term outlook from positive to stable. The company has strong growth potential and is expected to continue with this trend throughout 2011 and into 2012.

Customer Satisfaction
State Farm has a mediocre customer service rating, with the majority of complaints dealing with a slow or unsatisfactory claims process. Regardless of the online reviews, State Farm has a healthy satisfied customer base of around 38%, well above the level reported for other leading insurance companies.

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Company Availability
State Farm operates in all 50 states as well as the District of Columbia. This means that you can rest assured of finding the same company support and insurance underwriting anywhere in the country, an important aspect for people who are forced to move around regularly or planning a permanent move in the near future. Keep in mind that the rates will change from one state to the next, based on state laws and insurance demographics.

The Bottom Line
State Farm is one of the top insurance providers for a reason. The company has a long history of handling home and automobile insurance for customers all over the country, and has earned the respect of ratings organizations, including A.M. Best, Fitch's and Standard & Poor's. As an insurance provider or financial investment either one, State Farm has a lot to offer, and a track record which indicates your investment will be well protected.

Answered August 22, 2011 by Anonymous

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