Overview of Farmers Home Insurance

Farmers has been in business since 1928, and the blue sunburst and red shield in its logo make it a highly recognized brand. Farmers is the 4th largest home insurance company in the nation, commanding a respectable market share of nearly 6 percent. Also memorable are Farmers’ humorous commercials featuring award-winning actor J.K. Simmons as Professor Burke of the University of Farmers, a real place where Farmers’ agents learn the insurance business. The “Hall of Claims” commercials showcase outrageous-but-true situations for which homeowners have filed claims and Farmers Insurance has paid, including damage from deer in a swimming pool or a bear in a vacation home, all speaking to the company’s breadth of experience.

How Does Farmers Home Insurance Rate?

Consumer Satisfaction Rating

These ratings are from the J.D. Power 2016 U.S. Household Insurance Study – Homeowners Insurance. The highest score for each category is five stars. The Farmers Insurance Company subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.

Overall
Policy Offerings
Pricing
Billing & Payment
Contacting the Insurer
Claims
Customer Complaint Ratio

The National Association of Insurance Commissioners collects complaint information from state insurance regulators. The national median complaint ratio is 1. A score of less than 1 means a company has a less than average number of complaints, while a score higher than 1 means it has more than average. Find out more from the NAIC website. The Farmers Insurance subsidiary rated here may not be the subsidiary that underwrites your insurance policy. Check with your insurance agent for more information.

Last Updated: July 2017

Financial Strength Rating

A Best’s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best’s Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.

Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second “+” or a “-“ indicates the gradation of financial strength within the category. We can’t guarantee that the subsidiary of Farmers Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best’s Financial Strength Rating Guide for more information.

Best’s Credit Ratings™ are under continuous review and subject to change and/or affirmation. For the latest Best’s Credit Ratings™ and Best’s Credit Reports which include Best’s Credit Ratings™), visit the A.M. Best website at http://www.ambest.com. See Guide to Best’s Credit Ratings™ for explanation of use and charges.

Best’s Credit Ratings™ reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of MoneyGeek.com or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best’s Credit Ratings™. Best’s Credit Ratings™ are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company.

Source A.M. Best
Rating A

Effective Date: January 2017

Website Features
  • Rate calculator
  • Mobile app
  • Pay bill online
  • Make claim online
  • Household inventory tool

Pros and Cons of Farmers Home Insurance

Pros

  • The online quote tool sets recommended coverage limits but gives you absolute control to change these limits on all of the coverage options.
  • Farmers offers a wide range of discounts across the board, and even more in some states.
  • As one of the larger home insurance companies, Farmers offers numerous resources to help with claims in a disaster situation.
  • Farmers makes it easy to find numerous local agents through its website so you can speak directly to a representative in your area.

Cons

  • The online quote tool offers several coverage options without explaining what those coverages are or what the limits are for filing a claim.
  • Though it’s a large insurance company, there are several states in which Farmers home insurance is not available.
  • The mobile app will let you pay your bill or find your agent’s contact info, but you can’t use it to initiate the claims process.

Farmers Home Insurance Coverage

Farmers’ online quote tool provides three packages to choose from: basic, enhanced and premier. Each package has distinct features, with options allowing you to increase personal property limits and adjust replacement payments made on depreciated value or replacement value. Once you choose a package based on whether you want a lower premium or better protection, you’re then able to customize the individual coverages within the package limitations.

The package that you choose determines your level of standard coverage, but you can change the individual limits. In fact, the Farmers online quote tool gives you more control over your standard coverage limits than most other home insurance companies.

Dwelling

The software that Farmers uses to estimate the appropriate dwelling coverage comes up with a slightly higher amount of coverage than many of the other companies’ will. But the tool also allows you to set the coverage at less than 100 percent of the replacement cost.

Separate structures

The default setting will depend on the package you choose, but you can adjust it to anywhere from 5 percent to 200 percent of the dwelling coverage.

Personal property

The default coverage for personal property is determined by package selection, but you have the option to adjust coverage to anywhere from 40 percent to 200 percent of the dwelling coverage.

Loss of use

You have three options for loss of use: 1) 10 percent of dwelling coverage limit for 12 months, 2) 20 percent for 12 months or 3) 30 percent for 24 months.

Liability

The liability coverage can be set between $100,000 all the way up to a whopping $2 million.

Medical payments to others

This is one of the only coverages that is fairly limited with Farmers, and is only available at the $1,000, $2,000 or $5,000 level.

Deductibles

Farmers splits up the deductibles for regular property damage and wind damage. For all peril, you can choose a flat dollar amount between $500 and $10,000, or make it a percentage of your coverage. For wind damage, choose between a $1,500 or $2,500 deductible, or choose a percentage ranging from 1 to 5 percent.

The additional coverage options that Farmers offers include the typical options you’d expect from most good home insurance policies as well as some less common additional coverages for your dwelling.

Building ordinance or law coverage

You can choose to add coverage of 10, 20 or 50 percent of your dwelling coverage, which provides expenses for upgrades that may be necessary to comply with local building codes.

Roof options

You may choose to add coverage for scheduled roof payments or to repair marring to a metal roof.

Home contents coverage

This option allows you to be reimbursed for the actual cost to replace damaged or ruined personal property, rather than the standard cost at a depreciated value.

Matching coverage

You can choose to give yourself some extra protection to make sure repairs will match the rest of the house. The coverage limits are $10,000 or $30,000.

Special limits on specific property

You can opt to add “floaters,” or additional pieces of coverage, on certain valuable belongings like jewelry, furs or photography equipment by choosing which package’s limits you want applied.

Identity management

As with most large home insurance companies, Farmers has an option to include identity theft coverage. Farmers coverage includes resolution assistance, advocacy services or replacement of documents.

Eco rebuild

When you’re rebuilding or repairing after a covered loss, this option can provide up to $25,000 to make your repairs with eco-friendly construction materials.

Trees and shrubs

Landscaping isn’t usually covered under your home policy, but this optional coverage can provide protection for plants and lawn up to a maximum of 5 percent of your dwelling coverage limit.

Available Discounts on Farmers
Home Insurance Coverage

Homeowners can receive discounts for certain behaviors or actions that reduce your risk of filing a homeowner insurance claim. Depending on what state you live in, you also may find a range of additional discounts available. Some of the discounts you may find are listed below.

Type of Discount Description
Bundle If you have both a home policy and an auto policy with Farmers, you can get a discount.
Home improvements Replacing your roof or renovating your house might earn you a home insurance discount.
Nonsmoker If your home’s residents don’t smoke, you may be eligible for savings.
Security and fire protection devices Burglar and fire alarms reduce your home’s risk, which may reward you with an additional discount.
System update If your home’s plumbing, electrical or heating systems have been entirely replaced, this could provide additional savings.
Affinity discount If you or your spouse is, or has been, an employed in a qualifying profession—such as a police officer, doctor or teacher— or a member of an approved group, you can get a substantial discount on your home insurance.
New home You may earn a discount if your home was built in the last few years.
UL-approved roofing materials Special roof shingles designed to withstand the weather and approved by Underwriters Laboratories may help you save money.
Home safety Certain home systems that monitor and protect against damage (such as water leak or gas valve shut-offs) or those with certain green features may provide additional discounts.
Claim forgiveness If you go for 6 or more years without filing a claim, Farmers will waive your surcharge when you need to file one.
Cosmetic damage coverage When you file a claim for functional damage, Farmers will cover costs to repair cosmetic damages up to a reasonable amount.

How to Make a Home Insurance Claim with Farmers

You can call or begin your home claim online. You don’t have to log in to file your claim online. Once the process is started, you can find your claim representative online, even if you don’t have your claim number handy. With the claim started, you can call or go online to find a vendor partner to handle repairs, talk to a claims rep to see about replacing your personal property or even find emergency housing.

How to Contact Farmers Home Insurance

States Served
Updated: July 28, 2017