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Last updated on May 26, 2020

Farmers Homeowners Insurance Review

Flexible coverage with multiple tiers to fit several budgets and needs ​
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Farmers

  • Multiple policy options
  • Many ways to customize coverage
  • Several discount possibilities
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How We Reviewed Farmers Homeowners Insurance

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7 companies compared

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4 features evaluated

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5 ratings analyzed

 

Farmers Insurance has been providing coverage to Americans for nearly a century, with great service too; Farmers comes in third by three points on J.D. Power’s most recent Property Claims Satisfaction Study. The company also offers a wide range of coverage for homeowners that’s easily customized to fit most needs and budgets. 

There are several ways for customers to save even more through discounts and rewards. Homeowners can choose from three tiers of coverage, with extra endorsements available for your preferred coverage tier. Farmers covers houses, condos, mobile and manufactured homes, and even seasonal homes. It can help with eco-friendly upgrades and also keep your possessions safe even when you’re away from home.

No matter how long you’ve been a homeowner or what type of home you’re covering, Farmers Insurance has policies to keep your home and belongings safe. Those looking for a truly customized home insurance policy will find Farmers suits them best. 

Pros

  • Declining deductible
  • Strong financial rating
  • Helpful mobile app

Cons

  • Premiums aren’t locked in
  • Coverage information is sparse on the website

The Home Insurance Factors We Analyzed 

Pricing

It’s important to remember that actual pricing varies due to individual situations. Farmers offers 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.
  • 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.

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.

Customer experience

Farmers ranked third, with a score of 893 out of a possible 1,000 points, on the most recent Property Claims Satisfaction Study from J.D. Power, which is above the industry average of 881. The National Complaint Index Report (NAIC) also shows Farmers homeowners insurance has fewer complaints than average. This reveals customers are happy in their dealings with Farmers.

The 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. You get a quote for each tier, and you can select your tier and customize the coverage to your needs. 

To help the customer experience, Farmers offers a mobile app. You can use this app to pay bills, view IDs and documents, get quotes, report claims, and more. To deal with an agent, you can message online, call the toll-free line seven days a week, or meet with one locally.

Coverage

Farmers offers flexible coverage options for their customers, including Guaranteed Replacement Cost. Coverage includes homeowners, condo, mobile or manufactured, and specialty homes. Farmers can help with lost passports or other valuable papers as well. 

A policy endorsement available is 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. 

To determine the amount of coverage you need, add up the cost of your assets and then subtract your total liabilities.

Deals, discounts, and add-ons

Farmers doesn’t offer as many possible discounts as some other home insurance companies. The ones it does have are for security systems, smoke-free homes, and policy bundling. Customers may also take advantage of claims forgiveness, claims-free discounts, and declining deductibles.

Additionally, 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.

Farmers Overview: Financial Strength, Availability, and History 

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. 

  • In business since: 1928
  • S&P Financial Strength Rating: A
  • Moody’s Financial Strength Rating: A2
  • AM Best Financial Strength Rating: A
  • States served: 50
  J.D. Power 2019 U.S. Home Insurance Study scoreJ.D. Power 2019 U.S. Property Claims Satisfaction Study ScoreNAIC Customer Complaints
Farmers3/53/5Fewer complaints than average
State Farm3/53/5Average number of complaints
Progressive3/5N/AMore complaints than average
Allstate3/53/5Fewer complaints than average

How We Evaluated Farmers Homeowners Insurance

Factors evaluated include the provider’s financial strength as indicated by organizations such as AM Best and Standard & Poors, customer service ratings and support, as well as average premiums.

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.

Farmers Homeowners Insurance FAQ

What other property insurance does Farmers offer?

Along with homeowners insurance, Farmers covers condominiums, mobile or manufactured homes, seasonal homes, investment properties, and vacant homes.

How much home insurance do I need?

The right amount of homeowners insurance depends on individual circumstances. To determine your coverage amounts, consider your home’s replacement cost, the value of your belongings, and whether you need extra coverage for extreme weather.

Where is Farmers home insurance available?

Farmers home insurance is available in all 50 states and the District of Columbia.

How does Farmers underwrite its home insurance policies?

Farmers underwrites its own home insurance policies. This means no dealing with third-party partners.

What does Farmers home insurance typically cover?

Farmers homeowners insurance offers standard coverage, which includes property and possession coverage, liability, medical payments, and loss of use.

About the Authors

Lorraine Roberte

Lorraine Roberte Contributing Writer

Lorraine Roberte is a South Florida-based personal finance writer. Her work has been published on sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.