Back in medieval times, we had archers, catapults, and moats to protect against outside threats. Today, we have security cameras, alarm systems and floodlights.
But there’s more to security than your physical equipment. You need to consider how well you’ll be protected should the unexpected happen. As we always say, home insurance is home security. And you know who knows home insurance? Farmers.
At least that’s what the Farmers founders thought in 1928 when they figured farmers would pose a lower insurance risk than other clients. But thankfully, you don’t have to till the land to purchase a policy from Farmers today — they offer a wide array of coverages for folks from all walks of life.
Exactly how good is that coverage though? I’ve spent days investigating this provider to understand where they stand out from the competition, and where they fall short. If you’re wondering if Farmers homeowner’s insurance is right for you, you’re in the right place.
But before I get into the details of coverage, features, claims, and more, let’s get started by taking a quick look at Farmers pros and cons.
So there’s your 30,000-foot view. Before you start making any decisions, though, let’s have a look at the coverage offered by an average Farmers homeowners insurance package.
Farmers insurance offers three types of plans: Standard, Enhanced, and Premier. The first is best for new homeowners, the second for those who have been established in their homes for a few years, and the highest tier is for homeowners who want to ensure their personal property is comprehensively protected.
Now this can be a good thing or a bad thing. It’s good in the sense that it offers increased flexibility, but it can be a drawback as certain types of coverage are only available in certain tiers — not as add-ons.
That said, let’s take a look at what a typical Farmers homeowners insurance policy will cover.
Dwelling: This is the meat-and-potatoes of your homeowners insurance policy. If your home is damaged by weather, fire, vandalism, or some other threat, they’ll pay to fix it. Simple as that.
Liability coverage: Let’s say your rather litigious aunt slips down your icy patio stairs and wants to sue you for the pain and suffering her injury caused. Farmers will pick up the tab, or at least a percentage of it, depending on your policy.
Personal property protection: This covers your clothing, appliances, furniture, and electronics. If these items are ever stolen or damaged, Farmers can pay to replace them.
Pro Tip: Personal property protection typically doesn’t cover luxury items like jewelry, furs, or collectibles. Those items will likely require a separate policy. So if you own expensive luxury items, be sure to protect them using a fire-proof safe, and also consider taking out an insurance policy to back those items.
Loss-of-use coverage: If your home is majorly damaged — let’s say a tree falls through your roof — Farmers will pay for you to stay at the hotel down the road while the repairs are made.
These protections are all pretty standard, meaning that these are the coverages offered by most major home insurance providers. What about other additional protections, though? Does Farmers offer any other policy coverage worth purchasing? Let’s find out.
Contents replacement: Personal property protection only goes so far and will only reimburse you for the depreciated value of your item. What does this mean exactly? If you bought a laptop five years ago for $2,500 and it was stolen yesterday, you’re only going to get back its value in today’s marketplace — like $200 — which won’t get you very far if you need a new computer. If you want it to be replaced at original purchase value, though, consider this protection.
Flood insurance: We have yet to find a standard policy that includes protection from flooding; you need a separate policy for that. Luckily, Farmers offers them.
Pro Tip: This doesn’t mean you won’t be protected if your home is damaged by any kind of water. If a pipe bursts — and it’s not due to your own negligence — you’re covered. If the creek out back rises and comes through your door, you’re not covered.
Earthquake insurance: If you live near Los Angeles, it’s important to know that unless you purchase specific earthquake insurance, your policy isn’t going to protect you if the ground starts shaking.
Extended replacement: Similar to the contents replacement protection above, this coverage helps you pay the actual costs to repair or rebuild your home at current market prices. This takes into consideration the current material and labor costs in your local market.
So now that you’ve got a pretty good idea of the types of coverage offered by Farmers, let’s have a look at what all this might cost.
When anyone starts talking about homeowners insurance policies, the biggest question is what it’s going to cost. Unfortunately, it’s hard to give a concrete answer here. Your unique policy price depends on a tremendous number of factors, including your financial history and the value, location, and size of your home.
Pro Tip: The average cost of homeowners insurance is $1,312 per year or $109.33 per month. However, your experience may differ depending on several factors.
That said, I can help you narrow it down a bit! Depending on your source, the average cost of a home in America right now is around $350,000.1 Some sources say more, some say less. I took that knowledge and got a quote for an “average” home located in Atlanta, Georgia.
And it was, well, a little on the pricey side. For an “enhanced” plan — remember, that’s their middle-of-the-road tier — my quote was $3,693.02 per year or $306.92 per month. That’s steep when you consider the top-of-the-line quote I received in my Allstate review was only $91.
That said, Farmers automatically sets most of your values to maximum for each protection category. Here’s what that $307 per month would get me:
|Protection||Value of Home|
|All Peril||1 Percent of Dwelling Coverage|
|Wind and hail||5 Percent of Dwelling 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 Material||No|
|Type of Liability||Limits/Deductibles|
|Medical Payments to Others||$1,000|
However, Farmers makes it easy to play with the percentages of your coverages and recalculate your overall payment. For instance, I wouldn’t need a 10 percent separate structures protection — I don’t need $45,000 to fix my fence. There’s more on this in my guide to Farmers costs and services, but by tweaking these coverages, I was able to move the needle down, but not by much. This means Farmers is far and away the most expensive coverage I’ve encountered thus far.
That doesn’t mean, though, that there aren’t ways to save with the company. They actually offer some pretty significant discounts for qualifying customers.
Although Farmers is on the pricey side, they do offer ways to save. These include:
Declining deductibles: For every year you remain a customer, you’ll see $50 knocked off your deductible. The longer you stay with the company, the more you’ll save.
Service member deals: Are you a teacher, work in public safety, or a member of the military? Farmers has specific discounts for you.
Automatic payment discount: If you set up automatic payments through your Farmers account, you’ll automatically get a discount.
No claims: If you don’t make a claim for three years, you could be eligible for a 10 percent discount. Maybe think twice about calling up your agent if a shingle blew off your roof in last night’s storm.
If you do have to make a claim, though, Farmers makes it relatively easy on you. And their customer service, from what I can tell, is pretty solid. More on that below.
It’s pretty simple to make a homeowners insurance claim with Farmers, and there are multiple ways you can do it. It’s easy to do on their website or with their mobile app, or you can call 1-800-435-7764. Remember, the sooner you report your loss, the quicker you’ll be able to recover.
Pro Tip: If you were robbed or your home was vandalized, make sure you contact the authorities first. Your claims adjuster will want the police report.
Dealing with Farmers insurance seems to be relatively headache-free, too. Most of the reviews I encountered online were rated five stars. That isn’t to say there weren’t a few disgruntled customers out there, but that’s to be expected with a national organization.
Speaking of Farmer’s scope, where exactly can you purchase their homeowners insurance? Is it available to everyone?
Unfortunately, this provider isn’t available to everyone. Farmers insurance is only available in select states. If you live in any of the following states, their homeowners insurance is not available to you:
If you think Farmers is right for you, but you don’t see your state on the list? Give an agent a call; they’d be happy to help. If you’re not convinced yet, it might be helpful to see how they stack up against similar providers.
There are any number of ways to compare insurance providers. Below is a handy chart to show how Farmers looks against two of its competitors using some of the criteria I believe is most helpful.
|Available in 50 states||No||No||Yes||Yes||Yes|
|AM Best Rating||A||A++||A++||A+||A++|
|Home Security System Discount||Yes||Yes||Yes||Yes||Yes|
|BBB Rating||A+||Not Accredited||A+||Not Accredited||Not Accredited|
So are you ready for the verdict? Here’s how I think Farmers nails it, where they fall short, and what I think of their overall value.
The provider does a great job of making it easy to shop for homeowners insurance. Their quote process is easy, thorough, and customizable. Bonus points there.
I also really like how comprehensive those coverages are. If I selected Farmers as my homeowners insurance provider, I’d sleep easy at night knowing that no matter what happens, J.K. Simmons would show up and cut me a check.
I’ll come right out and say it: Farmers is pretty expensive. But you know what? So is a Cadillac. If you’re looking for some of the most comprehensive coverage out there, they might be a good choice. Just understand you’re going to pay for it.
It’s also disappointing that they’re not yet offering homeowners insurance in all 50 states. This means some of you are out of luck from the get-go if you’re interested in using them as your home insurance provider.
If you’re looking for the most comprehensive coverage on the market, you could do a lot worse. If you’re looking to cheaply check a box on your mortgage application, however, Farmers might not be the right choice for you.
That said, your home is likely the biggest investment you’re ever going to make. Do you really want to go with the cheapest option when you’re protecting it?
That said, you certainly don’t have to go with the most expensive option, either. I always recommend comparison shopping, and the best place to start that process is with our list of the top 10 best home insurance of 2023. There you’ll definitely find a policy for your unique situation and budget.
They offer some of the most comprehensive protections in the insurance industry.
In our research, they are one of the more expensive insurance providers. They do, however, offer several discounts and deals.
Farmers covers your dwelling, your attached and detached structures, and your personal possessions and they offer liability coverage.
Yes, they offer a mobile app where you can manage your policies and file claims.
You can file homeowners insurance claims with Farmers on their website, on their mobile app, through your agent, or by calling 1-800-435-7764.
The Ascent. (2021, Aug 5). Average House Price by State in 2021.
As Managing Editor for SafeHome.org, Rob Gabriele has written and edited over 1,000 articles in home security. His expertise is in smart home automation and home protection with thousands of hours of testing and research under his belt. Formerly a reporter and producer for the USAToday network, Rob has been a writer and editor for over 10 years. He holds a Master’s of Science with an emphasis on writing from the University of Montana, and he currently lives in the Reno/Tahoe area of Nevada.