Our verdict: Farmers homeowners policy might be costly, but it will give you the best customer support, additional perks, and the safety of your property, family, and belongings.
Farmers home insurance is an excellent choice for many different types of homeowners. The company was founded in 1928, and currently it serves about 10 million households and over 19 million active policies.
Farmers encompasses an array of insurance and exchange companies and has a network of 48,000 agents ready to assist you. So, let’s take a look at what one of the best insurance companies in the US offers.
Farmers Home Insurance Pros and Cons
We have listed Farmers’ unique strengths and weaknesses for you to get a better overview of the company. That should help you compare and weigh the main aspects and determine whether the company is a good fit for you.
Pros
- Diverse coverage options
- Many money-saving options
- Potential deductibles decrease over time
- Claim forgiveness prevents a rate increase
- Available in most states
- Large network of agents
Cons
- High prices
- Suboptimal website
Farmers Home Insurance Product Overview
Farmers offers three customizable packages with additional features, such as declining deductibles, discounts, and claim forgiveness.
However, Farmers’ policies and some add-ons are not available in all states, which is essential to consider when selecting your insurance company.
On the other hand, you may qualify for some of the long list of discounts that will significantly reduce your premium.
Farmers Homeowners Insurance Features
Let’s take a look at the different policies Farmers offers and their specific features.
Homeowners
That insurance features three customizable options. The availability of additional coverage depends on your location, and you can modify your limits.
- The Standard plan is suitable for new homeowners as it has all essential features at an affordable price.
- The Enhanced package has higher policy limits and a few extra features involved.
- The Premier option has the highest limit coverage and may include the Guaranteed Replacement Cost — a 100% reimbursement of rebuilding costs.
Farmers house insurance policies always feature:
- Declining deductibles
- Claims-free discount
- Claim forgiveness
Condo
In case your homeowner association has an insurance policy that doesn’t cover damage inside your apartment, Farmers has a good option for you.
The condo insurance covers damages caused by a fire and moving costs due to renovations. It also includes the expenses of a visitor getting injured on your property.
Mobile and Manufactured Home
Farmers Mobile Home insurance protects your mobile or manufactured home. It covers windstorm roof damage, landslide-related loss, debris removal, medical bills if someone gets injured, and similar issues.
This insurance also comes with ways to customize your policy, with coverages such as:
- ID theft
- Earthquake
- Water backup coverage and similar
Vacant Home
If you have a vacant property, you’re exposed to an increased risk of offenses like vandalism. Farmers Vacant Home insurance covers the expenses caused by intentional damage to the place while you’re waiting to sell or rent it.
Its 12-month policy includes a flexible payment plan and a pro-rata cancellation in case you find occupants for the property. It can be easily changed to a landlord or an owner-occupied policy if anyone moves in.
Vacation Home
To protect your cabin, lakehouse, or beach cottage against intentional damage, Farmers insurance homeowners policy for vacation homes is an excellent option.
You could purchase it even if you didn’t insure your primary home with Farmers. The coverage includes:
- Damage caused by ice and snow
- Injured guest
- Personal properties and more
Landlord
A rental property affects your portfolio and financial stability. So, you’ll want to consider purchasing home insurance for landlords.
The policy includes optional landlord liability and named perils. Farmers hazard insurance covers storm-related damage. Other optional coverages include:
- Loss of rent
- Personal property stored on-premises
- Personal injury
- Other structures
You can screen tenants via Farmers SmartMove service. It will streamline the selection process and get you the right person to live on your property.
Earthquake
The optional earthquake coverage includes:
- Structural repairs
- Rebuilding your house
- Costs of temporary housing
- Personal property loss
The cost of Farmers earthquake insurance varies based on your location. If you live in high-risk areas, the premiums are likely to be more expensive. Farmers offers this option to homeowners and renters.
If you live in California, you can purchase it via Farmers, but the provider will be the California Earthquake Authority.
Flood
An agent will run a flood zone determination on your property and evaluate whether it’s in a high or low-risk area. The Farmers flood insurance policy can be an excellent option depending on where you live.
Farmers provides two basic flood insurance policies. The Standard is suitable for high-risk zones and the Prefered — for low to moderate risk zones at a lower cost.
Overall, the flood coverage includes:
- Dwelling
- Electrical and plumbing systems
- AC, furnaces, and water heaters
- Permanent installs
- Detached garages for up to 10% of property coverage
- Various personal belongings
- Debris removal
- Increased compliance cost
Flood insurance is available in all 50 states to everyone participating in the National Flood Insurance Program. Farmers insurance for water damage covers costs in unexpected circumstances and if you have done all the maintenance on your pipes.
Motorhome
Farmers provides insurance for your RVs and motorhomes. It covers direct and accidental damage to the property and the installed accessories. You can customize your policy with add-ons, such as:
- Total loss replacement
- Emergency expense
- Campsite liability
- Roadside assistance
Mobile App
Available for Android and iOS, the Farmers insurance mobile app lets you manage your policies, pay bills, view insurance proof, file claims, request roadside assistance, get quotes, and more.
The app supports fingerprint activation and recognizes your phone after the first login. Based on the latest reviews, this app is helpful and user-friendly. Some people, however, express difficulties registering and using it.
Financial Strength
When evaluating the financial aspect of Farmers’ insurance reputation, we need to consider several companies are operating under the Farmers Insurance Group. Moody’s gave an A2 rating of Farmers Insurance Exchange and reported the company’s gross premiums to be $15 billion.
Farmers Insurance Exchange is among the three largest subsidiaries. It’s recognized as a Fortune 500 company. A.M. Best ranks Farmers Insurance with an A- with a stable outlook.
Farmers currently serves about 10 million customers and has 19 million active policies. It’s been in business for almost 100 years.
Farmers Home Insurance Customer Service
Farmers’ official website has valuable information about its insurance policies. You can create an account and manage your insurance and claims from there. The “Resources” section is a great place to start if you have any questions.
You can also contact an agent to help you select the right policy for your budget. Finally, if you have any concerns, you can call customer support during working hours or fill out the request form.
The company has outstanding customer support. Its reps go out of their way to assist the customers, as shown by the reviews below:
- ValuePenguin — 70%
- ConsumerAffairs — 4.1
- NerdWallet — 4.5
- Clearsurance — 4
Farmers Homeowners Insurance Cost
Several factors affect your premium. For example, your location may require an add-on that increases the cost of your insurance policy. Any customization affects the price, as well as your prior claims and the state of your home.
The customization options and excellent customer support team set its policies apart from other providers. It is also why the company’s prices are higher than the national average.
According to some estimates, the average annual Farmers home insurance cost is around $2,000. It offers multiple discounts to lower your costs. For example, you may get a $50 decline in deductibles for each year the policy is in place.
If you’re looking for a more affordable alternative, you should consider other providers.
Discounts and Perks
Farmers’ website lacks efficient organization — you’ll find all discounts under the Policy Perks section. Not all perks, however, are available everywhere, and certain ones cost additionally.
Guaranteed Replacement Cost
If you wish Farmers to cover the total cost of rebuilding your home, consider purchasing this option.
Claim Forgiveness
Five years without a claim with Farmers grant you one claim without an increase in premium. This will help you keep a low Farmers homeowners insurance quote.
Declining Deductibles
For every year your policy remains active, you’ll earn $50 towards your home deductible.
Claim Free Discount
If you’ve been claim-free for at least three consecutive years, you’ll receive a discount on your policies.
Affinity
There are discounts available for specific occupational groups, such as teachers, firefighters, and doctors.
Multiline
Bundling policies is a standard way of receiving discounts. You may do so with the qualifying Farmers policies and save money.
ePolicy
If you accept the paperless method of managing your policies, you’ll qualify for this discount and save on Farmers insurance prices.
UL-Approved Roofing Materials
You’ll get a discount if you use UL-approved asphalt or fiberglass shingles.
New Home
If you purchase a home that’s less than 14 years old, you’ll have the right to this discount.
Protective Devices
Protect your home with a fire alarm, security systems, and internal sprinklers to become eligible for this deal.
Home Safety
Suppose your home is fortified against natural disasters, and you have an automatic gas or water shutoff system. In that case, you might be eligible for a discount lowering your Farmers insurance homeowners quote.
Connected Home
This discount is not available in all states, and you may choose it or two other deals. If you own a smart home with remote monitoring systems, you are eligible for this option.
Rent To Own
This discount is available to current renters policy owners if they purchase a home and switch to home insurance.
Preferred Payment
Some of the available Farmers’ insurance payment methods include full or automatic monthly payment plans.
Good Payer
If you always pay your bills on time, you should be eligible for this discount. Check with a local agent, to see how much you can save on your premium.
State-Specific Discounts
There are several additional discounts available only in particular states:
- California Earthquake Authority Discount
- Retirement community
- HOA gated community
- Fortified home
Farmers Homeowners Insurance Quote Rates Comparison
The price of your policy will undoubtedly affect your purchasing decision. Let’s take a look at how Farmers compares to a few other popular insurance companies.
Farmers vs. Liberty Mutual
Farmers offers expensive policies but quality service and customizable policies. The estimated average annual premium for home insurance is about $2,000 — significantly higher than the national average of $1,630.
Liberty Mutual’s prices in certain states are lower than Farmers insurance rates. They range from $1,044 to $4,308 annually.
Both companies offer significant discounts to help you save on home insurance premiums.
Farmers vs. Allstate
Allstate is known for its high home insurance costs. The average annual premium is around $1,730, depending on your location, policy add-ons, home age, and other factors. Allstate, however, offers a long list of discounts and deals that might lower the price.
Therefore, a Farmers home insurance quote may be higher than Allstate’s. Some Farmers’ discounts aren’t available in all states, while Allstate offers deals without such restrictions.
Overall Competition Comparison
Besides the premium prices, you should also consider the financial stability, policy availability, and customer support of the company you’re going with. Let’s see how Farmers compares to other providers in these regards.
USAA vs. Farmers Insurance
USAA serves only military personnel, veterans, and their families in all US states. In comparison, Farmers home insurance is available to all customers in the states it covers, but not all coverage options are nationwide.
A.M. Best gives USAA the highest possible rating for customer satisfaction, an A++. Moody and Standard & Poor evaluate its financial stability highly, and it is among the top 200 companies on the Fortune 500 list.
Besides insurance policies, USAA offers additional financial products to all customers, regardless of their employment. USAA has a good overall customer service rating, despite some mixed reviews
Based on this comparison, unless the military employs you, you should consider Farmers.
Farmers Insurance vs. State Farm
Farmers is a direct provider of about 19 million active policies, praised for the impeccable customer support. Its primary disadvantage is the limited availability of some policies across the US.
A.M. Best gives State Farm the highest possible rank of A++. Its insurance policies are available in all states except Massachusetts, New York, and Wisconsin.
Both State Farm and Farmers are financially strong companies and are excellent choices.
Allstate vs. Farmers Home Insurance
Fitch Ratings evaluates Allstate’s financial strength with an A+ rating. Its policies are available in all states, and it has a solid network of agents all over the US. Due to the company’s strong financial performance in 2020, the predictions are optimistic for 2021 as well.
Allstate has an average rating in claim satisfaction surveys, and it received a low number of customer complaints. Generally, its policies are more affordable than Farmers’, but the cost depends on multiple factors.
Based on Allstate and Farmers home insurance reviews, both companies provide excellent customer support. However, Allstate’s coverages are available nationwide, giving it an advantage.
Expert Thoughts
Farmers provides a great customer support service and highly customizable policies. It is known for offering industry-leading products and serving its customers via multiple companies under one name.
Farmers has an affirmed A2 rating from Moody’s and the optimal A.M. Best rank regarding the company’s financial strength.
The company is ideal for both new homeowners and more experienced policyholders. Still, if you’re looking for a more affordable option and nationwide coverage, Farmers might not be the right fit.
People Also Ask
Farmers Insurance Group is among the best insurers on the market due to its high-quality customer service. Its policies are fully customizable, divided into three tiers for specific types of customers.
The company’s premiums are expensive compared to the national average and the competitors. On the other hand, you’ll enjoy many discounts and perks. However, not all features are available in every state.
There are three types of home insurance policies you can get from Farmers. The Standard package is an excellent first-time purchase. The Enhanced plan features more diversified coverage and additional benefits. The Premier option has the highest possible limit coverage.
These policies cover property, replacement of stolen possessions, medical payments for guest injuries, additional living expenses, replacement of essential papers and documents, and others.
The cost of your home insurance policy depends on several factors. Your location, the age of your home, your prior claim status, and others affect the final costs. The average Farmers premium is about $2,000 — significantly higher than the national average.
Discounts can reduce your costs if you are eligible. Farmers provides excellent customer support to earn its high prices.
State Farm is among the largest insurance companies in the US, with a network of about 19,000 agents, offering personalized service. Its policies are available in all states besides Massachusetts, New York, and Wisconsin. Overall, the costs are affordable and the insurance comes with many discounts.
Farmers insurance policies are suitable for every type of homeowner. It provides various coverage options and outstanding customer support. However, its insurance rates can be costly, depending on your location and add-ons.
The home insurance availability and cost vary across the states. If you live in a high-risk area, you might have trouble obtaining an affordable home insurance policy.
Farmers provides services in all states besides Alaska, Hawaii and the District of Columbia. Also, some customizations of your policy are not available nationwide. The lack of features in some locations can influence your choice of provider.
Filing your claim with Farmers insurance starts with contacting a representative. They are available 24/7 on the phone, or you can do it online.
It’s crucial that you report the incident as soon as possible to allow Farmers to minimize further damage. Then, a claims representative will lead you through the process and help you with the payments of your Farmers home insurance.
