According to a new suit ... the hip-hop producer went with State Farm for a policy to cover his property in 2016, but after an unfortunate series of events -- a house fire and 2 subsequent thefts -- it failed to pony up the money he thinks he's owed ... specifically for the extinct cat head he says he lost.

As for why State Farm's to blame -- Mally claims he trusted his agent to get him properly covered a few months before his Vegas home caught fire and damaged his master bedroom, master bath, safe room and media room ... but the guy vastly underinsured him.

Mall claims the fire caused him to cut power to his home, which disabled his security system, and led to 2 separate thefts in the months afterward ... so he filed claims for property loss for the fire and the thefts.

Here's how he says he got screwed -- Mally claims his agent set his policy limits way too low ... and as a result, State Farm paid well over a million dollars LESS than his actual losses. For the thefts, Mall says the company also refused to cover various luxury items he owned ... like the tiger head.