Farmers Insurance has been providing coverage to Americans for nearly a century. It offers a wide range of coverage that are easily customized to fit most needs and budgets. Homeowners can choose from three tiers of service, with extra endorsements available for your preferred coverage tier. This company also stood out as the best for pricing options on our list of best homeowners insurance companies in the United States.
Farmers homeowners insurance policies provide several ways for customers to save through discounts and rewards. No matter how long you’ve been a homeowner or what type of home you’re covering, our Farmers home insurance review shows that the company is a great option to consider when shopping for homeowners insurance.
- In business since: 1928
- JD Power Score: 814/1000
- AM Best Financial Strength Rating: A
- States served: 50 states
Farmers Insurance has been operating in the U.S. since 1928. It’s been accredited with the Better Business Bureau since 1951 and holds an A+ rating. According to YouGov, Farmers is the ninth most famous insurance brand, and 39% of responders report having a positive opinion of the company.
|Declining deductible: You can earn up to $50 toward your deductible each year your policy remains in force.|
Helpful mobile app: Manage your insurance policy from your mobile device with Farmers intuitive app.
Identity theft coverage: You can add protection for losses due to identity theft, credit and public records monitoring and even identity or travel documents replacement.
|Coverage information is sparse on the website: The website is disorganized and hard to navigate to find the information you need.|
Limited discounts: Compared to other insurers, Farmers doesn’t offer many discount options.
The annual average cost of homeowners insurance premiums in the U.S. is $1,211, according to the Insurance Information Institute. But it’s important to remember that actual pricing varies due to individual situations. Several factors affect the cost of your policy. Some are in your control, such as renovations or accident risks like a pool. Others aren’t, such as your house’s age or geographical location.
Farmers offers flexible options for their customers with three tiers of coverage:
- Standard coverage: Focuses on essential home insurance features for protection at an affordable rate.
- Enhanced coverage: Includes higher policy limits and adds extra features, like foregoing depreciation on roof and content replacements.
- Premier coverage: Gets you the highest limits possible. If you meet the requirements, you can also get guaranteed replacement cost coverage under certain conditions. Premier coverage isn’t available in California.
Farmers also can help with lost passports or other valuable papers as well. It has a policy endorsement available with Identity Shield coverage. This covers losses due to identity theft, identity and travel document replacement, and credit and public record monitoring. For total protection, customers also have the option of adding weather-related coverage such as flood or earthquake insurance, that aren’t usually included in homeowners insurance policies. To determine how much home insurance do you need, add up the cost of your assets and then subtract your total liabilities.
The National Complaint Index Report (NAIC) shows Farmers homeowners insurance has fewer complaints than average. This reveals customers are happy in their dealings with Farmers.
Its application process is quick and easy. Farmers asks for your zip code and some brief information about you and the property you want to insure, allowing you to choose higher coverages for specific items, even at the lowest tier, making policies one of a kind. To help with having a broader customer experience, Farmers also offers a mobile app where you can pay bills, view IDs and documents, get quotes, report claims, and more. And if you want help from an agent, you can message online, call the toll-free line seven days a week, or meet with one locally.
Deals, Discounts, and Add-ons
Farmers doesn’t have as many possible discounts as some other home insurance companies. The ones it does have are for:
- Security systems
- Smoke-free homes
- Policy bundling
- Claims forgiveness, claims-free discounts and declining deductibles
- Certain professionals such as emergency responders, teachers, military members, and hospital staff are eligible for extra discounts
Farmers offers several add-ons to bolster customer coverage.
- Eco-Rebuild coverage allows you to receive up to $25,000 toward replacing appliances and other materials with more eco-friendly alternatives.
- Contents Replacement Cost Coverage reimburses you for the current cost of lost or damaged items, rather than their depreciated value.
We evaluated the company based on its customer rating and experience, financial stability, and coverage to write our Farmers Homeowners Insurance Review. To compare this company with home insurance companies across the board, we calculate a Reviews.com score based on the following:
- Customer Ratings: Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using J.D. Power Homeowners Satisfaction ratings.
- Coverage: As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options and add-ons available.
- Confidence: It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this using AM Best’s ratings, which specializes in assessing the financial strength of insurance companies.
- Customer Experience: The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the NAIC National Complaint Index.
|Company||Reviews.com Score (Scale of 1-5)||AM Best Financial Strength Rating||J.D. Power 2020 ScoreBased on a 1,000-point scale.||NAIC Customer Complaints|
|Farmers||3.5||A||814||Fewer complaints than average|
|State Farm||3.75||A++||829||Fewer complaints than average|
|Progressive||3.75||A+||797||Fewer complaints than average|
|Allstate||4||A+||829||Fewer complaints than average|
All information accurate as of 09/29/2020.
Farmers vs. Allstate
Farmers and Allstate are both reliable companies that provide great customer service. That is why these two companies made it to our best homeowners insurance companies for 2020. Farmers earned its place for having the best pricing options and Allstate because it offers the most customizable premiums.
In terms of our Reviews.com scoring, Allstate has a better score than Farmers, basically because Allstate has a variety of discounts for its policyholders that help lower the bill. But both companies are worth asking for a quote to check which one fits you best.
Farmers vs. State Farm
Both home insurance, Farmers and State Farm are part of our best homeowners insurance companies list. While Farmers stands out for providing multiple pricing tiers that can make their policies affordable, State Farm is usually on the higher end of the average premium costs.
Farmers app might be helpful for its customers, but State Farm’s web experience shines with a robust digital presence and its informative blog. As for discounts, both are very similar, in that they provide limited discounts for their customers. We would recommend comparing these two to make sure that you are getting the best price out there.
The Bottom Line
Farmers Insurance is a financially strong and nationally recognized provider. It offers flexible homeowners insurance coverage to fit a variety of budgets and needs. Its customer satisfaction ratings are also better than most with J.D. Power and the Better Business Bureau. Overall, Farmers offers customers a variety of great options to fit their lifestyles. Those looking for a customized but affordable home insurance policy will find Farmers suits them best.
Farmers Home Insurance FAQ
Along with homeowners insurance, Farmers covers condominiums, mobile or manufactured homes, seasonal homes, investment properties and vacant homes.
The right amount of homeowners insurance depends on individual circumstances. Consider your home’s replacement cost, your belongings’ value and whether you need extra coverage for extreme weather to determine your coverage amounts. We created a Homeowners Insurance FAQ guide to help you understand everything about home insurance.
Farmers home insurance is available in all 50 states and the District of Columbia.
Farmers underwrites its own home insurance policies. This means no dealing with third-party partners.
Farmers homeowners insurance offers standard coverage, which includes property and possession coverage, liability, medical payments, and loss of use.