Farmers vs. Allstate: Home Insurance Comparison


Updated: October 3, 2024

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While comparing Farmers vs. Allstate homeowners insurance, MoneyGeek found that Allstate outshined Farmers in affordability, customer satisfaction and financial stability.

With Allstate, you may pay roughly $4,672 per year for homeowners insurance with $500K dwelling coverage. Meanwhile, Farmers offers a policy with similar dwelling coverage at an average of $8,040 per year, but cost should not be your only priority.

Our comparative analysis can help you determine which company is best for you.

Comparison Overview: Farmers vs. Allstate

We found that Farmers and Allstate both have above-average customer service, but Allstate outperforms Farmers for service, stability and affordability. Farmers has more discounts to help you lower insurance costs, while Allstate offers cheaper rates and more optional coverages. It is also more widely available. The table below can help you compare the two companies.

Feature
Farmers
Allstate

Total Score

85

90

Satisfaction

3.8

4.0

Stability

4.0

4.5

Affordability

4.6

4.8

Average Annual Premium

$2,228

$1,911

MoneyGeek ranked companies based on nationally recognized data from leading consumer reporting agencies, including J.D. Power for customer service, AM Best for financial stability and Quadrant Information Services for affordability. Learn more.

Which Company Is Cheaper Overall?

Based on our analysis of quotes from both insurers, Allstate’s average baseline premium is cheaper, costing $1,911 per year vs. Farmers’ average of $2,228 per year.

These figures are just the average cost of home insurance. Your actual rate may change based on certain factors, such as your home’s location and construction type.

Average Annual Homeowners Insurance Premium of Farmers vs. Allstate

homeInsurance
Farmers

Average Annual Premium

$2,228
homeInsurance
Allstate

Average Annual Premium

$1,911
Allstate’s homeowners insurance costs on average: $1,911:$317 saved

This is 14% less expensive.

Insurance companies consider various factors when determining the annual cost of home insurance. These include your home’s location, dwelling coverage amount, personal property amount, credit score, claims history, deductible and endorsements. However, your dwelling coverage amount and location tend to have the greatest impact on your premiums.

Which Company Is Cheaper Based on Dwelling Coverage Amount?

Dwelling coverage goes toward the cost of damages to the actual structure of your home due to a covered peril. Your dwelling coverage limit should reflect the current value to rebuild your home.

By comparison, Allstate offers cheaper rates than Farmers for policies based on dwelling coverage, from the baseline amount of $100K to $3 million.

Use our table below to see how dwelling coverage affects the cost of homeowners insurance.

Average Premiums for Farmers vs. Allstate
AllstateDwelling Coverage Amount$100,000Average Annual Premium$1,797
FarmersDwelling Coverage Amount$100,000Average Annual Premium$2,715
AllstateDwelling Coverage Amount$250,000Average Annual Premium$2,057
FarmersDwelling Coverage Amount$250,000Average Annual Premium$2,845
AllstateDwelling Coverage Amount$500,000Average Annual Premium$4,672
FarmersDwelling Coverage Amount$500,000Average Annual Premium$8,040
AllstateDwelling Coverage Amount$750,000Average Annual Premium$6,667
FarmersDwelling Coverage Amount$750,000Average Annual Premium$10,749
AllstateDwelling Coverage Amount$1,000,000Average Annual Premium$8,723
FarmersDwelling Coverage Amount$1,000,000Average Annual Premium$13,153
AllstateDwelling Coverage Amount$2,000,000Average Annual Premium$16,178
FarmersDwelling Coverage Amount$2,000,000Average Annual Premium$26,067
FarmersDwelling Coverage Amount$3,000,000Average Annual Premium$38,693
AllstateDwelling Coverage Amount$3,000,000Average Annual Premium$23,636

How Much Does Each Company Cost by State?

The cost of homeowners insurance can vary widely by state. Farmers offers its lowest average baseline premium in Alabama at $324 per year and charges its highest premium in Colorado at $6,207 per year. Meanwhile, an average Allstate homeowners policy is cheapest in Hawaii at $446 per year and most expensive in Michigan at $3,451 per year.

See how much you’ll pay for homeowners insurance with Farmers or Allstate based on your state using the table below.

Average Premiums for Farmers vs. Allstate
AllstateStateAKAverage Annual Premium$1,362
AllstateStateALAverage Annual Premium$927
FarmersStateALAverage Annual Premium$324
AllstateStateARAverage Annual Premium$2,298
FarmersStateARAverage Annual Premium$1,363
AllstateStateAZAverage Annual Premium$1,793
FarmersStateAZAverage Annual Premium$1,416
AllstateStateCAAverage Annual Premium$1,351
FarmersStateCAAverage Annual Premium$2,956
AllstateStateCOAverage Annual Premium$2,465
FarmersStateCOAverage Annual Premium$6,207
AllstateStateCTAverage Annual Premium$1,827
FarmersStateCTAverage Annual Premium$1,416
AllstateStateDCAverage Annual Premium$1,275
AllstateStateDEAverage Annual Premium$878
AllstateStateFLAverage Annual Premium$1,598
AllstateStateGAAverage Annual Premium$2,019
FarmersStateGAAverage Annual Premium$748
AllstateStateHIAverage Annual Premium$446
AllstateStateIAAverage Annual Premium$1,092
FarmersStateIAAverage Annual Premium$860
AllstateStateIDAverage Annual Premium$898
FarmersStateIDAverage Annual Premium$1,043
AllstateStateILAverage Annual Premium$1,045
FarmersStateILAverage Annual Premium$1,229
AllstateStateINAverage Annual Premium$798
FarmersStateINAverage Annual Premium$969
AllstateStateKSAverage Annual Premium$1,956
FarmersStateKSAverage Annual Premium$1,909
AllstateStateKYAverage Annual Premium$859
AllstateStateLAAverage Annual Premium$1,158
FarmersStateLAAverage Annual Premium$3,277
AllstateStateMAAverage Annual Premium$3,382
AllstateStateMDAverage Annual Premium$1,509
FarmersStateMDAverage Annual Premium$2,005
AllstateStateMEAverage Annual Premium$1,492
AllstateStateMIAverage Annual Premium$3,451
FarmersStateMIAverage Annual Premium$2,754
AllstateStateMNAverage Annual Premium$3,072
FarmersStateMNAverage Annual Premium$2,229
AllstateStateMOAverage Annual Premium$2,800
FarmersStateMOAverage Annual Premium$4,437
AllstateStateMSAverage Annual Premium$1,367
FarmersStateMSAverage Annual Premium$1,496
AllstateStateMTAverage Annual Premium$2,913
FarmersStateMTAverage Annual Premium$2,990
AllstateStateNCAverage Annual Premium$1,885
AllstateStateNDAverage Annual Premium$1,321
FarmersStateNDAverage Annual Premium$2,145
AllstateStateNEAverage Annual Premium$2,315
FarmersStateNEAverage Annual Premium$2,567
AllstateStateNHAverage Annual Premium$1,002
FarmersStateNHAverage Annual Premium$863
AllstateStateNJAverage Annual Premium$1,280
AllstateStateNMAverage Annual Premium$1,195
FarmersStateNMAverage Annual Premium$1,982
AllstateStateNVAverage Annual Premium$897
FarmersStateNVAverage Annual Premium$678
AllstateStateNYAverage Annual Premium$1,743
AllstateStateOHAverage Annual Premium$881
FarmersStateOHAverage Annual Premium$698
AllstateStateOKAverage Annual Premium$2,041
FarmersStateOKAverage Annual Premium$2,148
AllstateStateORAverage Annual Premium$782
FarmersStateORAverage Annual Premium$559
AllstateStatePAAverage Annual Premium$827
FarmersStatePAAverage Annual Premium$798
AllstateStateRIAverage Annual Premium$1,841
AllstateStateSCAverage Annual Premium$879
AllstateStateSDAverage Annual Premium$2,480
FarmersStateSDAverage Annual Premium$2,066
AllstateStateTNAverage Annual Premium$1,750
AllstateStateTXAverage Annual Premium$3,251
FarmersStateTXAverage Annual Premium$2,332
AllstateStateUTAverage Annual Premium$768
FarmersStateUTAverage Annual Premium$463
AllstateStateVAAverage Annual Premium$1,956
FarmersStateVAAverage Annual Premium$3,739
AllstateStateVTAverage Annual Premium$1,047
AllstateStateWAAverage Annual Premium$1,032
FarmersStateWAAverage Annual Premium$1,142
AllstateStateWIAverage Annual Premium$965
FarmersStateWIAverage Annual Premium$1,981
AllstateStateWVAverage Annual Premium$1,074
AllstateStateWYAverage Annual Premium$3,399

Which Company Has Better Customer Service?

While it’s important to prioritize affordability when shopping for a homeowners policy, you should also look into an insurer’s customer service. Getting efficient service while submitting and processing a claim can give you peace of mind during a stressful situation.

Based on our analysis, both Farmers and Allstate have strong customer service. However, Allstate earned slightly higher ratings in customer satisfaction, financial stability and affordability than Farmers.

Farmers vs. Allstate: Customer Service Scores
Score
Farmers
Allstate

MoneyGeek Score

85

90

Satisfaction Score

3.8

4.0

Stability Score

4.0

4.5

Affordability Score

4.6

4.8

Optional Coverages Offered by Farmers vs. Allstate

Typically, standard homeowners insurance includes dwelling coverage, personal property coverage, living expense insurance and liability insurance. You can purchase optional coverages if you want additional protection.

Allstate offers a wider range of coverages, with nine available options, while Farmers has seven. Both companies only offer the most common add-on coverages.

Coverage
Farmers
Allstate

Sewer backup coverage
Covers the cost of
water damage from
a sump pump,
drain or sewer overflow.

Identity theft coverage

Covers some of the
costs incurred due to
identity theft or fraud.

Extended reimbursement

Extends your limits for
certain coverages.

Scheduled personal property coverage

Covers the cost of
valuable items like
jewelry, furs, fine art, etc.

Building ordinance or law coverage

Covers the cost to
rebuild or upgrade a
home so that it
meets the most up-to-date
building codes after a
covered loss.

Farmers has some add-on coverages that aren’t offered by Allstate, like matching coverage and contents replacement cost. The former covers up to $30,000 in costs to replace existing undamaged property with similar materials that are used to replace covered damaged property, while the latter covers personal property at replacement cost.

Allstate offers home rental, cyber event or ID theft, backup of sewer or drain and mold and yard and garden coverage, all of which are not available with Farmers. These optional coverages can help you avoid spending too much out-of-pocket.

We collected this information by checking each insurer’s website, but there might be other options available.

Discounts Offered by Farmers vs. Allstate

Qualifying for discounts is a smart way to reduce insurance payments. Farmers is our winner for this category because it has 13 available discounts for its homeowners insurance policies, while Allstate only has 11. They both offer the same common discounts, but Farmers has more unique discounts.

Discount
Farmers
Allstate

Protective device discount

Discount for having
theft or fire protection
devices, such as alarms
or sprinklers.

Insurance bundling discount

Discount for bundling
your homeowners insurance
policy with another product,
like auto insurance.

Claims-free discount

Discount for going
several years without
filing a claim.

New home discount

Discount for homes that
have been recently constructed.

Home renovation discount

Discount for homes that
have been recently renovated.

Farmers offers discounts that Allstate does not, such as paperless, pay-in-full, affinity, roofing material and earthquake discounts. These can help you get savings based on your chosen payment method, professional association or materials used in your home.

Allstate provides loyalty, homebuyer and early payment discounts that are not available with Farmers. These discounts are beneficial if you stay with Allstate, are a recent homebuyer or prefer signing up for a new policy before your existing one expires.

We gathered this information on each company’s website, but the companies may have more discounts that are not advertised.

How Much Could Your Homeowners Insurance Premium Cost?

If you’re still undecided between Farmers vs. Allstate homeowners insurance, it’s wise to explore the best homeowners insurance companies based on your specific needs and situation.

Remember that how much you’ll pay for homeowners insurance may vary depending on numerous factors, including the cost of repairing your home. Use our homeowners insurance calculator to obtain a more accurate estimate of your premium.

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Oct 04, 2024

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About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.