Farmers Insurance offers renters insurance for customers in all 50 states. But across the board, Farmers has average ratings at best. The company offers standard coverages for personal property, liability, medical payments and loss-of-use. Customers can also customize their policy with electronics and identity theft coverage.
Farmers isn’t rated highly in terms of the price of their policies. Discount options are limited when compared to other companies as well. In addition, we found that Farmers doesn’t provide many tools or resources.
When it comes to customer service, Farmers is rated quite poorly, receiving just a 2-star rating from J.D. Power’s 2019 U.S. Renters Insurance Study. Additionally, Farmers has an above-average complaint rate from NAIC. Because of that, Farmers may not be a great company for someone who values good customer service.
The Renters Insurance Factors We Analyzed
Farmers’ customer service leaves something to be desired. Their customer service interactions scored 2-stars in the J.D. Power study, which is below average. However, the company’s overall satisfaction score in the J.D. Power 2019 Property Claims Study earned 3-stars, which is about average.
In terms of customer experience, we found Farmers’ website somewhat difficult to navigate. For instance, the site describes the situations that renters insurance would cover, but doesn’t actually list out the specific types of coverages. Online tools or resources are also limited, although Farmers does have a mobile app.
On the plus side, Farmers has good financial strength and ratings. The company has an A rating from AM Best, which is considered ‘excellent.’
Strong financials is a good indicator as to whether a company will be able to reimburse you after a covered loss.
Farmers offers renters insurance with the standard coverages you’ll find from most providers, including personal property, liability, medical payments, and loss-of-use coverage. For even more protection, customers can choose to purchase additional coverage for electronics and identity theft restoration.
We like that Farmers offers replacement cost coverage for certain policies, if you’re willing to pay more for your premium.
While Farmers does offer good basic coverages, other companies offer additional endorsements or add-on policies. For example, Nationwide offers nearly twice as many coverage options as Farmers.
Deals, discounts, and add-ons
Discounts are available for customers who bundle their policies, have safety systems installed in their home, and those who live in a smoke-free home. In certain states, professionals such as doctors, nurses, engineers, teachers, and first responders may qualify for a discount.
Some customers will be able to claim these discounts, but it’s also important to note that Farmers doesn’t offer the cheapest rates to begin with.
In J.D. Power’s 2019 Renters Insurance Study, the company got a 2-star rating for price. American Family, on the other hand, earned the top spot with a perfect 5-star rating.
Farmers Renters Insurance Overview: Financial Strength, Availability, and History
Farmers was founded in 1928. Today, they’ve sold over 19 million individual insurance policies to customers around the country. The company employs more than 48,000 exclusive and independent agents.
Farmers also consistently earns strong financial ratings. Overall, the general public has a good perception of Farmers. The company has an A+ rating from the Better Business Bureau (BBB) and only 9% of people have a negative opinion of the company, according to YouGov.
- In business since: 1928
- S&P Global financial strength rating: N/A
- Moody’s financial strength rating: N/A
- A.M. Best financial strength rating: A
- States served: 50
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All information accurate as of January 10, 2020.
The Bottom Line
Farmers wants to make the insurance experience as personalized as possible. The company provides customer service in several ways. You can ask questions or file claims through the large network of local offices and independent agents, phone support, online chat, the mobile app, and the clear and easy-to-navigate website.
Besides a personalized customer experience, their individualized service includes rental insurance products that can be customized according to your needs. There are no preset rental insurance plans, so you can choose what suits your needs best. You can also adjust your deductible to cover the events you’re most likely to be affected by without overpaying for a standard, lower-deductible plan. While we always recommend pulling quotes from multiple insurers to see which offers you the best price, Farmers’ track record makes it a worthy contender.
Farmers Renters Insurance FAQ
Farmers doesn’t disclose the average cost of their renters insurance premiums. However, your insurance rate will be personalized based on a number of unique factors, including where you live, your age, the value of your items, your deductible, and more.
Farmers’ renters insurance policies include basic coverage for personal property, liability, medical payments, and loss-of-use coverage.
Optional add-ons include replacement cost coverage, policies for electronics, and identity theft restoration.
Farmers doesn’t include information on its website about cancelling policies. However, most insurance companies require customers to cancel their policy with an agent. We recommend calling your agent or visiting them in person to learn what’s required in order to cancel your policy.
Farmers sells renters insurance policies to customers in all 50 states.