Farmers Homeowners Insurance Pricing and Policies 2022

An exploration into the pricing and value of an insurance-industry giant

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SecureScore™: 7.5 / 10 This rating is derived from our editorial team's research, hands-on product testing, and customer surveys.
Rob Gabriele https://www.safehome.org/author/rob-gabriele/

We. Are. Farmers. Bum bah dum bah dum dum dah. Now it’s stuck in your head, too.

On top of having the catchiest jingle, Farmers Insurance is known for offering some of the highest quality coverages in the industry — particularly for homeowners. But what does that coverage look like, how much does it cost, and what is the overall value?

I’ve spent several days digging deep into Farmer’s offerings, reviewing data, and checking out customer reviews to bring you a complete picture of what they bring to the table, and what the tab will be at the end.

First let’s have a look at what Farmers homeowners insurance will cover, and how that coverage is broken down.

Farmers Homeowners Insurance Key Coverage

Farmers Insurance has an A rating from AM best, meaning they are squarely on the “solid” end of the spectrum when it comes to their ability to pay out the claims made by their customers. That’s certainly reassuring, but what exactly will they cover when it comes to your home? The list is pretty familiar.

A standard Farmers homeowners insurance policy covers:

  • Your dwelling and its contents
  • The attached and detached structures on your property
  • Your liability should someone become injured on your property
  • Your personal property excluding items like collectibles and furs
  • Additional living expenses should you have to stay elsewhere while your home is being repaired
  • Medical payments if guests in your home become injured

Pro Tip: What Farmers — and typically what any standard policy — won’t cover are certain natural disasters like floods or earthquakes. For those, you’ll need separate, add-on policies.1

This is all relatively standard for a major insurance provider,2 but where Farmers stands out is the way they structure this coverage. Let’s take a look at that now.

A Closer Look at Farmers Coverage Types

There’s more on this in my review of Farmers homeowners insurance, but briefly, they offer three different tiers of coverage for three different types of homeowners. There are a handful of other insurance providers who do this too — read my Allstate review for another take. This is helpful for customers who want to customize their coverage, and here’s how Farmers does it:

  • Standard: This is for homeowners who are just starting out — primarily first-time homebuyers. These are the most affordable packages that offer core protections with few flourishes.
  • Enhanced: This package is for homeowners who need a little more protection. Enhanced protections are a little more expensive but offer higher policy limits as well as features like covering the costs to replace your roof and other personal possessions without deducting depreciation.
  • Premier: This is Farmers’ Cadillac package. Designed for homeowners who want to leave nothing to fate, these plans offer the highest limits and coverage on personal property. These policies include features like Guaranteed Replacement Cost coverage, meaning that Farmers will reimburse you 100 percent of the cost of rebuilding after a covered loss regardless of the policy’s limits. Premier is, obviously, the most expensive option.

So now that you know what they cover and how those packages are organized, let’s get down to brass tacks. What’s all this going to cost?

Farmers Homeowners Insurance Rates

Before we get into things, be aware that it’s difficult to offer a general sense of how much an “average” homeowners insurance policy costs, regardless of provider. Your premium depends on a number of factors, including where you live, the value of your home, and your personal financial history.

That said, generally speaking, Farmers has some of the highest premiums around. And that was certainly my experience when I reached out for a quote.

FYI: Your homeowners insurance premium is significantly influenced by where you live. The state with the highest average is Maryland at $1,212 per year, and the lowest is Ohio, at $895 annually.3

I used an average, $300,000 property in the Atlanta, Georgia, area for my baseline, and I picked the Enhanced package because I wanted to be as middle-of-the-road as possible. The quote came back for $3,693.02 a year, or $306.92 per month.

Gulp!

That’s quite steep when you consider my Allstate home insurance quote was only $91 per month. Was Farmer’s coverage really worth three times as much as their competitor’s? To find out, let’s look at what that $307 per month was going to buy me:

Farmers Quote for $300,000 Home in Atlanta

Deductibles

Protection Value of Home
All Peril 1 Percent of Dwelling Coverage
Hurricane None
Wind and Hail 5 Percent of Dwelling Coverage

Property Coverage

Protection Limit/Coverage
Dwelling 100 Percent of Dwelling Coverage
Extended Replacement Cost 10 Percent of Dwelling Coverage
Separate Structures 10 Percent of Dwelling Coverage
Personal Property 55 Percent of Dwelling Coverage
Home Contents Coverage Yes
Loss of Use 20 Percent of Dwelling Coverage or 12 Months
Building Ordinance or Law Coverage 10 Percent of Dwelling Coverage
Roof Payments Replacement Cost Value
Marring to Metal Roof Mateteral No
Matching Coverage $10,000

Liability

Type of Liability Limits/Deductibles
Personal $300,000
Medical Payments to Others $1,000

To be fair, this is really good coverage. But if the sticker shock is still a bit too much to handle, Farmers allows you to tweak each particular category. That said, even when I purposefully tried to limit the coverage to draw down the premium, the needle didn’t move all that much.

Pro Tip: Keep in mind that Farmers also offers standard plans with much more affordable premiums. If you need insurance on a budget, that’s a good place to start. If it’s still a little too steep, though, you might check out our review of State Farm. They offer reasonable protections for folks looking to save.

Let’s get a little more context, though. How do the rates at Farmers compare to some of their biggest competitors?

Farmers Rates Compared to Competitors

After scouring the internet, it appears Farmers is consistently one of the most expensive providers of homeowners insurance in the industry. Here are the prices I found:

Provider Estimated Monthly Rate
State Farm $110
USAA $125
Farmers $147.50

Of course, your experience might differ; these are estimates and averages we’re working with here. But when you’re shopping around for your perfect policy, expect Farmers to be one of — if not the — most expensive option.

To be fair, the company does offer some pretty significant savings for certain customers. Let’s take a look at some of those.

Farmers Deals and Discounts

Although they’re likely going to be your most expensive option, if you fit into one of these categories, Farmers might end up being a more attractive choice for you.

Security enhancements: If you’ve installed a home security system in your home, you’re likely entitled to a discount on your premium.

No claims: If you don’t make a claim for three consecutive years, you’re entitled to a discount, even if you’re a new customer.

Claim forgiveness: If you go five consecutive years without making a claim, your rates won’t go up once you do make a claim.

Career-based savings: If you work in public safety, education, or the military, Farmers wants to thank you for your service by offering you a discount.

Pro Tip: If you’re a member of the U.S. armed forces, you should also check out my USAA homeowners insurance review. Their comprehensive policies are only available to military members and their families.

Declining deductibles: No matter what, you’ll earn $50 toward your deductible every year your policy remains active. The longer you’re a customer, the more this benefits you.

And there’s one other major way to save with Farmers. Since they’re such a large company, they offer a wide assortment of other insurance offerings. And you know what that means? Bundling. If you’ve been around the block, you know this is really the best way to save a lot of money on your total insurance bill. So what exactly can you bundle with Farmers?

Other Policy Types Offered by Farmers

If you’re looking for overall savings, you’ve got plenty of options. They offer quite a few different policy types, and the more you have with this provider, the more money will stay in your wallet. Among their offerings include:

  • Car insurance
  • Motorcycle insurance
  • Life insurance
  • Boat insurance
  • Pet insurance
  • Business insurance
  • Condo insurance
  • Renters insurance

I could go on. Basically, if you can reasonably put the word “insurance” behind it, it’s a good bet Farmers covers it.

Farmers offers a huge list of different insurance types.

Farmers offers a huge list of different insurance types.

So that’s a lot to take in, but what’s the takeaway? Should you consider them as your home insurance provider?

Overall Value

Right off the bat, I’m going to have to ding Farmers for their high costs and the fact that they’re not available everywhere. That said, they do offer comprehensive coverage that won’t leave you out in the storm should disaster strike.

If yours is only a consideration of dollars and cents, they might not be the best choice. However, if you’re thinking long term and want the best possible coverage for your dollars and cents, you might want to give Farmers a second look.

If you’re not convinced they are the right provider for you, head over to our list of the top homeowners insurance providers of 2022. You’re certainly going to find something for every situation and every budget there.

Farmers FAQs

What does Farmers Insurance cover?

The provider offers a huge array of insurance types, including homeowners, auto, motorcycle, condo, rental, landlord, and life insurance.

Is Farmers homeowners insurance worth it?

They are consistently one of the most expensive homeowners insurance providers in the industry; however, their coverage is one of the most comprehensive.

Does Farmers offer additional insurance options for homeowners?

Yes, they can insure for almost any peril and nearly every possession.

How do I file a claim with Farmers?

You can file a claim by speaking directly to your agent, visiting the Farmers website, using their mobile app, or calling 1-800-435-7764.

Does Farmers Insurance offer discounts?

Yes, Farmers offers many discounts, including for teachers and public servants, as well as for customers who’ve installed security systems in their homes.

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Citations
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  1. Insurance Information Institute. (2021, Nov 30). Spotlight on: Flood insurance.
    https://www.iii.org/article/spotlight-on-flood-insurance

  2. Insurance Information Institute. (2022). What is homeowners insurance?.
    https://www.iii.org/article/what-homeowners-insurance

  3. Insider. (2021, Feb 8). How much the average homeowner pays for insurance in the US, by state and home value.
    https://www.businessinsider.com/personal-finance/average-homeowners-insurance-cost