Here is our take on Farmers homeowners insurance.
Certainly, there are a lot of home insurance companies out there vying for your business. Most of them have very similar rates and do a pretty good job providing customer service and claims service. If you watch any TV or surf the internet, then it’s very likely you’ve seen the commercials about Farmers Home Insurance.
We consider Farmers one of the heavy hitters because they continually rank in the top ten for homeowners’ insurance and the company has a great reputation for settling claims quickly and fairly. Here, we’ll drill down into Farmers Home Insurance to help you decide if they’re the best solution for protecting your most valuable asset.
About Farmers Insurance
Farmers Insurance was established in 1928 with the mission to offer auto, truck, and equipment insurance to America’s hard-working farmers. Since this market had been previously underserved by other insurance companies, Farmers was able to succeed by demonstrating a willingness to focus on America’s Farmers and offer them the insurance protection they needed at affordable prices.
Since the company’s inception, Farmers has increased its insurance footprint across American by adding additional insurance products that the majority of hard-working Americans needed and help them manage their day to day financial risks.
As Farmer grew, the company acquired several highly rated insurance companies in its effort to expand its product selection and created an effective distribution system using highly trained and reputable insurance agents who would open an office near you.
- Bristol West Insurance Group – Acquired by Farmers in 2007, Bristol West provides auto insurance to Florida vehicle owners and has expanded operations to cover the U.S.
- Farmers New World Insurance Company – Offers and underwrites life insurance and annuities that are distributed by neighborhood Farmers Insurance agents.
- Foremost Insurance Group – Foremost is well-known for offering insurance on Mobile Homes, RVs, and specialty homes in the U.S.
- The 21st Century Insurance Group – 21st Century offers and underwrites auto insurance that is sold directly to consumers.
- Toggle – Toggle is a recently created online platform for renters insurance.
- Farmers Financial Solutions – This entity was created in 1999 to enable Farmers agents to offer a wide array of financial products.
Farmers Insurance Company Ratings and Financial Stability
For most homeowners in America, the family home represents their most valuable asset and as such, the insurance company you select to protect this asset should demonstrate that it is financially stable and will be available for the long term.
Farmers Insurance clearly demonstrates its financial stability through continuous high ratings from the national rating services.
- M. Best Rating: A
- Moody’s Investors Service Rating: A2
- S&P Global Rating: A
- D. Power Claims Satisfaction: 849 out of 1,000
Insurance Products from Farmers
Over the years, Farmers has continually added to its insurance portfolio to meet not only the needs of individuals and families but also local businesses:
Farmers Personal Line Products
|Auto Insurance||Homeowners||Boats ||Term Life||Annuities|
|Classic Car Insurance||Renters Insurance||Personal Watercraft||Whole Life||Variable Annuities|
|Motorcycle||Condo Owners||Motor Home||Universal Life||Variable Universal Life|
|Personal Umbrella||Manufactured Home||ATV - Off Road||Accidental Death||Mutual Funds|
|Specialty Home||Travel Trailer|
|Earthquake & Flood|
Farmers Commercial Lines
|Business Owners/BOP||Commercial Auto||Professional Liability|
|Commercial Property||Workers' Compensation||Tools & Equipment|
|General Liability||Commercial Umbrella||Transportation & Cargo|
|Business Crime||Employment Practices||Product Liability|
Farmers Home Insurance
Since all homes are not alike a cookie-cutter policy will not be the best solution for protecting your most valuable asset. To respond to the needs of different home styles, values, and construction, Farmers offers three different home insurance plans to meet the needs of every prospective customer.
Farmers Standard Home Insurance Plan
The Standard plan offers traditional homeowners insurance coverage that is found in the HO3 form. This package of coverages mitigates the financial risk for the dwelling, other structures, personal belongings (contents), personal liability, medical payments, and loss of use.
|Type of Coverage||What it Covers||Typical Limit of Coverage||Deductible Applied|
|Dwelling||Covers the structure of the home and any attached/built-in appliances||Claims are generally based on replacement cost of the home (land or lot not covered)||Yes - Flat amount or % of structure value|
|Other Structures||Covers any structures on the property not attached to the house such as fences, barns, workshops||Usually 10% of dwelling limit. Can be increased if needed.||Yes|
|Personal Property||Personal belongings inside and outside of your home||50% of dwelling limit but can be increased or decreased as needed||Yes|
|Loss of Use||Pays for temporary relocation expenses while the home is under repair||20% of dwelling limit||Yes|
|Personal Liability||Pays for medical expenses and legal expenses if found liability for injuries or property damage to a third-party||Typically available limits are $100,000 to $1 million||No|
|Medical Payments||Pays medical expenses for third-party injuries regardless of fault||Typical limits are $1,000 to $10,000||No|
Farmers Enhanced Home Insurance Plan
Farmers’ Enhanced Home Insurance Plan is popular with homeowners who are established and are aware that there are certain risks that a traditional policy will not accommodate sufficiently. The Farmers Enhanced package offers higher policy limits and provides additional features like promising to cover the complete cost to replace your roof and contents without considering the depreciation of the property.
Farmers Premier Home Insurance Plan
The Premier package of coverage comes with the highest limits and coverage on personal property (contents) and can include guaranteed replacement cost coverage for your home if specific requirements are met. When guaranteed replacement coverage applies, Farmers will reimburse 100% of the cost of rebuilding after a loss due to a covered peril on the same premises, regardless of your policy’s maximum coverage limits.
Farmers Home Insurance Discounts
Like other national insurers, Farmers offers valuable discounts that will reduce your cost of insurance:
|Multi-Policy||When you purchase auto, life, or other insurance policies along with your homeowners' policy, Farmers will credit your policy with the multi-policy discount.|
|Claim-Free Discount||For applicants who are claim-free for 3 or more years on a homeowners or renters insurance policy, you are eligible for an additional discount.|
|New Home Discount||Applicants who insure a home that is less than 12 years old will receive the Farmers' new home discount.|
|Protective Device||Homes with an alarm system for burglary and fire and have storm shutters are eligible for Protective Device discounts|
|Declining Deductibles||Farmers Home insurance customers will receive a $50 reduction in their deductible for each year your policy is active.|
|Claim Forgiveness||Farmers policyholders who have been claim-free with Farmers Insurance for more than 5 years will not experience a price increase as a result of their first claim.|
|Non-Smoker||If your home has been smoke-free for at least two years you can qualify for Farmers' non-smoker discount.|
|UL Approved Roofing Materials||Homes that have a roof constructed from materials that are considered impact-resistant by the Underwriters Laboratories will receive additional discounts from Farmers.|
The discounts available from Farmers Home Insurance will depend on the state your home is insured in.
Farmers Insurance Customer Feedback
Thanks to the internet, consumers can discover whether a company they are considering is keeping the promises they make to their customers. Be careful, however, many companies get negative ratings from disgruntled former employees or from competing agents who want to tarnish the reputation of an insurance company. Here’s what we found:
- S.News.com: 3.8 out of 5 stars (360 reviews)
- com: 3 out of 5 stars (97 reviews)
- com: 4 out of 5 stars (402 reviews)
- com: 4 out of 5 stars (168 reviews)
Total Rating from 1,027 Reviews: 3.7 out of 5 Stars
Frequently asked Questions
Is Farmers competitive for home insurance?
If you qualify for most of the available discounts, Farmers Home Insurance typically is one of the better companies with the lowest rates.
Does Farmers home insurance cover flood damage?
All flood damages are covered under a separate flood policy that can be purchased from Farmers through the National Flood Insurance Program. Even if your home is not in a hazardous flood zone, flooding is still possible in neighborhoods with outdated infrastructure.
Does Farmers offer business insurance?
Farmers offers a comprehensive portfolio of commercial insurance products. If you are a small business owner, the Farmers BOP (business owners policy) is one of the best and most affordable one in the marketplace.
What about life insurance? Can I get mortgage protection coverage with my Farmers Home Insurance?
Not only can you get both policies from Farmers, you can qualify for additional discounts for buying multiple types of insurance. Protect your home – protect your mortgage!