Farmers Homeowners Insurance Review
How We Reviewed Farmers Homeowners Insurance
3 competitors compared
6 features reviewed
5 ratings evaluated
Farmers Homeowners Insurance Review
Farmers homeowners insurance offers a wide range of insurance packages at different price points and coverage levels. Branded as “personalized” coverage, these packages allow you to add custom options and discounts to cater to your unique insurance needs. Whether you’re interested in insuring a vacation home, a condo, or a single-family home, Farmers has options for you. If you’re someone who really likes to tailor your services, we think Farmers would be a great option for your homeowners insurance policy.
With that in mind, you may want to consider another company if you value strong customer service. Farmers falls slightly behind the industry average in J.D. Power's customer satisfaction rankings, which evaluates customer service, the claims process, and more. And, as always, we recommend pulling quotes from a variety of other companies to make sure you're getting the best price for your specific needs. No matter where your priorities land when it comes to home insurance, we’ve got all the details for you to make the right call on Farmers.
Farmers claims that personalized attention and customization is a hallmark of the Farmers experience, with taglines highlighting “personalized coverage” and “personalized service.” Its history of almost a century in the insurance game also shows its range of experience. You may have even heard its slogan alluding to this: "We know a thing or two because we’ve seen a thing or two."
Is it true?
Although “personalized coverage” is pretty standard among most homeowners insurance policies, there are definitely some standout custom features that will impact your premiums and your coverage. Farmers calls these benefits “Smart Plan Home policies” (more on these below), all of which include optional add-ons like identity shield, eco-rebuild, and contents replacement in the event of a disaster.
When it comes to “personalized attention,” things become a little less clear. According to J.D. Power’s 2018 U.S. Home Insurance Study, customers rated Farmers a very mediocre three out of five in every category, including billing process, policy information, claims process, and price.
Although these average ratings are certainly not bad, they still leave a lot to be desired. Perhaps the huge size and popularity of the company impacts its ability to truly personalize attention to each customer; Farmers is the fifth-largest underwriter of homeowners insurance in the U.S., insuring 6% of all of the nation’s homeowners combined, according to data from the National Association of Insurance Commissioners (NAIC). We still think that Farmers has a lot to offer, but we recommend gathering multiple quotes from different insurance providers and weighing your priorities to see if Farmers is the best fit for your home policy.
Homeowners interested in widely available, customizable insurance policies
People who prioritize strong financial backing and customer service
|In business since||1928|
|Standout features||Diverse policy offerings
“Very good” claims filing process
24/7 claims center and mobile app
Agents available in all 50 states
Online policy management
No membership requirements
|A.M. Best financial strength rating||A|
|Moody's financial strength rating||A2|
|S&P Global financial strength rating||A|
One of the best features of Farmers homeowners insurance is the ability to trim down or beef up its coverage options. Farmers uses a "package" model for its policies, advertising Standard, Enhanced, Premier plans. (Note: The Premier plan is unavailable in California). Standard plans are “designed for homeowners who are just starting out” by offering affordable coverage with options to choose higher limits for your higher-value items. Enhanced plans offer mid-tier coverage with higher policy limits and a sprinkling of different additional features like roof replacement – something that can get extremely pricey if you don’t have proper insurance coverage.
Last but not least, the Premier (or Next Generation if you’re in California) package is the most comprehensive, offering the highest limits and Guaranteed Replacement Coverage for 100% of rebuilding costs if your home is damaged. Within each package, homeowners also have the flexibility to change policy limits and coverage options. Standard Farmers home insurance may appeal to a new homeowner, while the more established homeowner may want one of the higher-level packages to fully secure their years of financial investment.
Each Farmers home policy comes with features that can make coverage more affordable. Declining Deductibles, for instance, takes $50 off your deductible for each year your policy is in place.
In addition, the claims free discount helps you save if — you guessed it — you don’t file a claim. If you do file a claim, Farmers' claim forgiveness waives any premium surcharges after five years without another claim.
Farmers is available in all 50 states, and there are no membership requirements to join the Farmers insurance family. If you need more personalized help with your insurance policy, there is likely a Farmers agent close by.
Online policy management
One of the strongest positive aspects of Farmers insurance is its online policy management. You can access your account through its easy-to-use online portal, and you can manage your documents and file a claim outside of standard business hours – helpful for instances of severe weather wreaking havoc during weekend or evening hours. Additionally, you can use the Farmers app to view your policy on the go for even more convenience.
Average ratings among consumers
Farmers insurance has decent ratings across the board from consumers, but it's definitely not perfect. In every single category in the 2018 U.S. Home Insurance study from J.D. Power, Farmers scored only three out of five points for customer service, claims filing, and claims payouts. If you’re looking for top-notch service and a completely seamless claims process, you may want to consider a company with higher rankings.
Less than perfect financial rating
Another less-than-fantastic aspect of Farmers insurance is its financial strength rating from A.M. Best. Farmers scored an “A” — not a bad score, but one that pales in comparison to the A or A++ scores of other companies. Its marks from Moody’s and S&P Global are also less than perfect at “A” and “A2.”
Financial strength ratings correspond with the financial health of the company as a whole, which may determine how well it's able to pay out on claims when the time comes. While Farmers' ratings are still pretty solid, a higher score adds more reassurance in a company's financial solvency.
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*Progressive uses multiple insurers to underwrite its homeowners insurance. As a result, claims and service ratings vary by state and are not included by J.D. Power.
Farmers vs. State Farm
Farmers matches State Farm exactly in customer satisfaction scores, both scoring “very good” in each category from Consumer Reports and earning three out of five power circles from J.D. Power. Where they diverge is in their resources and financial strength. State Farm scored an A++ with A.M. Best, far higher than Farmers’ A. In addition, State Farm’s Simple Insights blog is outstanding, helping customers navigate tricky insurance topics in an approachable manner. Compared to Farmers’ Learn from Experience page, State Farm's Simple Insights is far superior in the range of topics and number of helpful articles. If you're new to insurance or want more guided help, State Farm is worth checking out.
Farmers vs. Progressive
Farmers mostly differs from Progressive when it comes to policy underwriting. Progressive uses multiple underwriters, which vary by state. Basically, your claim will be paid by a company that partners with Progressive instead of Progressive itself. This fact makes it hard to evaluate Progressive as a whole, since each underwriter will have their own pros and cons when it comes to customer service ratings and claims processes.
Since we can’t directly compare Progressive to Farmers when it comes to their J.D. Power study scores or their Consumer Reports ratings, we turned to policy details. Progressive stands out for its Inflation Guard feature, which helps ensure that the money you’ll need for repairs will be sufficient even if the market’s construction costs rise; on the other hand, Farmers has unique offerings like eco-rebuild and identity theft protection for policyholders. Farmers and Progressive are otherwise very closely aligned, so we recommend getting a quote from both companies to take the price of each into consideration.
Farmers vs. Allstate
Farmers scores one rating below Allstate in A.M. Best’s financial strength analysis and falls a few points below in J.D. Power's satisfaction study. More importantly, Allstate offers almost double the number of advertised discounts, which can really add up when saving on your monthly premiums. However, your discount eligibility may vary, and Farmers still has impressively customizable coverage; we think both insurers are worth evaluating as you begin to gather quotes.
Farmers Homeowners Insurance FAQ
What does Farmers homeowners insurance cover?
Farmers homeowners insurance coverage will vary based on the specific policy and add-ons you choose for your home. However, each policy comes with protections for the following typical scenarios: fire damage, theft, medical payments for someone injured on your property, tornado damage, high-value item theft (even if you’re away from home), and lost passports or other valuable documents. You can even get help securing flood or earthquake insurance in most states. Optional features include up to $25,000 for eco-friendly materials and appliances for rebuilding after a fire, brand new item replacement, and identity theft protection with credit monitoring.
What is Farmers Friendly Review?
The Farmers Friendly Review is a free overview of your current Farmers insurance policy to make sure there no overlaps or gaps in coverage. You may need an adjustment to your coverage if you have a change in marital status, if you have a baby, or if you move into a new house. It’s recommended that you review your coverage with an agent at least once a year to be sure that you’re taking advantage of all available discounts and applicable coverage options.
How can I save money with Farmers insurance?
There are a few methods to save on your policy premiums. These include lifestyle changes, such as not smoking (which raises the risk of fire damage), and safety changes in your home, like having a fire alarm that automatically alerts the fire department or a security system that connects to the local police. You may also be eligible for discounts and extra savings if you’re in a certain career field, like teaching or firefighting. Check with your local agent for more detailed information on these discounts.