Farmers vs. State Farm: Home Insurance Comparison

Although both State Farm and Farmers have stellar reputations throughout the country, the former may be the better insurance option because of its lower rates, superior customer service and solid financial footing.

The typical annual premium for State Farm's $500K home insurance policy is $2,138, $89 less than Farmers' $2,227 annual cost. State Farm also offers more optional coverages, making it a great choice for homeowners who want several protections. However, Farmers offers more ways to save on your premiums than State Farm.

This guide details each company's pricing, coverage options and savings opportunities to help you determine which is best for you.

MoneyGeek has outlined the main features of each company in the table below to help you compare Farmers vs. State Farm homeowners insurance. Overall, State Farm’s strongest suits are in client satisfaction, affordability, stability and breadth of protection. On the other hand, Farmers offers several deals that make it a viable option.

According to MoneyGeek's analysis of price estimates from both companies, State Farm’s typical premium is lower than Farmers’ by $89. Your rate may differ based on various factors, such as your home’s location, your credit rating and how much it will cost to replace or rebuild your house.

Insurers consider numerous criteria to determine the cost of a homeowner's insurance policy. The two most influential factors are your home's neighborhood and location and the dwelling coverage level you choose.

Your dwelling coverage amount should be a realistic approximation of the overall cost of repairing or rebuilding your house. State Farm is more cost-effective than Farmers, from the minimum required home insurance of $100K to the maximum allowable coverage of $3M.

Use the data below to get a sense of how dwelling coverage amounts affect the cost of home insurance premiums.

Insurance rates for homes may differ from one state to the next. Farmers is the most affordable in Alabama, with an average baseline premium of around $324. But in Colorado, this cost jumps to $6,207. Meanwhile, State Farm’s insurance rates in Rhode Island are the lowest, while its rates in Texas are the highest, at $3,994.

Get an idea of how much Farmers vs. State Farm home insurance policies will set you back in your state by using MoneyGeek’s comparison chart provided.

You want to be sure you're getting the best deal on life insurance, but be sure to take a close look at what each company offers regarding customer service. Paying less may not be worth it if you'll have difficulty getting help when you need it most.

While State Farm is the preferred carrier over Farmers, with higher satisfaction, affordability and stability scores, Farmers’ customer satisfaction rating is comparable to State Farm’s.

Homeowners insurance offers coverage for your home's structure, its contents and your liabilities. If you need more security, you can always buy additional coverage. State Farm provides 12 optional coverages, while Farmers offers seven.

Farmers offers extended reimbursement, which State Farm does not. This coverage may appeal to homeowners who have made improvements to their homes and want to protect their investment.

On the flip side, State Farm offers sewage backup coverage, but Farmers doesn’t. This pays for the cleanup and repairs if your home’s plumbing gets clogged or backs up, which can happen when a pipe breaks or there’s a flood.

MoneyGeek compiled this information from each provider's website, but some carriers may provide services not shown on their sites.

You can save money on your insurance premium by qualifying for discounts. With 13 different discount options, Farmers far outshines State Farm, which only offers seven. However, State Farm provides a home renovation discount, while Farmers doesn’t.

Farmers offers almost all the same discounts as State Farm, except home renovation. This might be disappointing for homeowners who are considering a future remodel. However, Farmers provides rare discounts that only few in the industry offer.

MoneyGeek thoroughly examined each company's website to compile this information, but insurers may provide savings opportunities not advertised on their websites.

If you haven't decided which insurer to go with yet, take a look at MoneyGeek's review of the top home insurance providers, which include up-to-date price information. Numerous variables can affect how much you pay for home insurance. The price of repairing your house will likely be the most significant.

To better estimate your premium, use MoneyGeek's house insurance calculator.