Farmers vs. State Farm: Home Insurance Comparison

Farmers Insurance and State Farm are well-known names in the home insurance industry, although the latter is more popular. State Farm comes in at the fifth spot with a score of 91/100, while Farmers lands in the 19th spot with a score of 85/100.

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.

OUR COMPARISON AT A GLANCE

Comparison Overview
Cost Comparison
Customer Service Comparison
Optional Coverages Comparison
Discounts Comparison

Comparison Overview: Farmers vs. State Farm

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.

Feature	Farmers	State Farm
Total Score	85	91
Satisfaction	3.8	4.0
Stability	4.0	5.0
Affordability	4.7	4.7
Average Annual Premium	$2,227	$2,138
Number of optional coverages	7	12
Number of advertised discounts	13	7
State availability	Available in 49 states	Available in 47 states
Link to full review	Farmers Full Review	State Farm Full Review

Which Company Is Cheaper Overall?

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.

Average Annual Homeowners Insurance Premium of Farmers vs. State Farm

Farmers

Average Annual Premium

$2,227

State Farm

Average Annual Premium

$2,138

State Farm’s homeowners insurance costs on average:$89 saved

This is 4% less expensive.

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.

Which Company Is Cheaper Based on Dwelling Coverage Amount?

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.

Average Premiums for Farmers vs State Farm

Company	Dwelling Coverage Amount	Average Annual Premium
State Farm	$100,000	$1,917
Farmers	$100,000	$2,715
Farmers	$250,000	$2,845
State Farm	$250,000	$2,427
Farmers	$500,000	$8,040
State Farm	$500,000	$5,666
Farmers	$750,000	$10,749
State Farm	$750,000	$8,051
State Farm	$1,000,000	$10,202
Farmers	$1,000,000	$13,153
State Farm	$2,000,000	$20,611
Farmers	$2,000,000	$26,067
Farmers	$3,000,000	$38,693
State Farm	$3,000,000	$31,612

How Much Does Each Company Cost by State?

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.

Average Premiums for Farmers vs. State Farm

Company	State	Average Annual Premium
State Farm	AK	$1,176
Farmers	AL	$324
State Farm	AL	$1,482
Farmers	AR	$1,363
State Farm	AR	$1,680
Farmers	AZ	$1,416
State Farm	AZ	$1,224
Farmers	CA	$2,956
State Farm	CA	$1,681
Farmers	CO	$6,207
State Farm	CO	$2,833
Farmers	CT	$1,416
State Farm	CT	$1,665
State Farm	DC	$2,216
State Farm	DE	$817
State Farm	FL	$2,200
Farmers	GA	$748
State Farm	GA	$2,883
State Farm	HI	$1,013
Farmers	IA	$860
State Farm	IA	$1,052
Farmers	ID	$1,043
State Farm	ID	$2,020
Farmers	IL	$1,229
State Farm	IL	$1,787
Farmers	IN	$969
State Farm	IN	$1,037
Farmers	KS	$1,909
State Farm	KS	$1,726
State Farm	KY	$1,168
Farmers	LA	$3,277
State Farm	LA	$940
State Farm	MA	$1,705
Farmers	MD	$2,005
State Farm	MD	$1,509
State Farm	ME	$1,088
Farmers	MI	$2,754
State Farm	MI	$2,518
Farmers	MN	$2,229
State Farm	MN	$2,497
Farmers	MO	$4,437
State Farm	MO	$2,279
Farmers	MS	$1,496
State Farm	MS	$1,782
Farmers	MT	$2,990
State Farm	MT	$3,186
State Farm	NC	$2,404
Farmers	ND	$2,145
State Farm	ND	$2,703
Farmers	NE	$2,567
State Farm	NE	$3,464
Farmers	NH	$863
State Farm	NH	$982
State Farm	NJ	$1,107
Farmers	NM	$1,982
State Farm	NM	$1,548
Farmers	NV	$678
State Farm	NV	$1,186
State Farm	NY	$994
Farmers	OH	$698
State Farm	OH	$783
Farmers	OK	$2,148
State Farm	OK	$2,582
Farmers	OR	$559
State Farm	OR	$965
Farmers	PA	$798
State Farm	PA	$1,662
State Farm	RI	$765
State Farm	SC	$1,368
Farmers	SD	$2,066
State Farm	SD	$2,847
State Farm	TN	$2,230
Farmers	TX	$2,332
State Farm	TX	$3,994
Farmers	UT	$463
State Farm	UT	$1,055
Farmers	VA	$3,739
State Farm	VA	$1,191
State Farm	VT	$1,068
Farmers	WA	$1,142
State Farm	WA	$1,250
Farmers	WI	$1,981
State Farm	WI	$1,323
State Farm	WV	$955
State Farm	WY	$2,100

Which Company Has Better Customer Service?

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.

Farmers Vs. State Farm: Customer Service Scores

Score	Farmers	State Farm
MoneyGeek Score	85	91
Satisfaction Score	3.8	4.0
Stability Score	4.0	5.0
Affordability Score	4.7	4.7

Optional Coverages Offered by Farmers vs. State Farm

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.

Coverage	Farmers	State Farm
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.
Contents replacement cost coverage Covers the cost to fully replace personal property if it is damaged or destroyed by a covered loss.
Other optional coverages	Matching Energy efficiency upgrade	Mold Earthquake Loss assessment Energy efficiency upgrade Home systems Service line Home rental Vacancy

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.

Discounts Offered by Farmers vs. State Farm

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.

Discount	Farmers	State Farm
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.
Other advertised discounts	Claim forgiveness discount Paperless discount Deductible reward discount Affinity discount Roofing material discount Pay-in-full discount Automatic payment discount Responsible payment discount Earthquake discount	Continously insured discount Roofing material discount

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.

How Much Could Your Homeowners Insurance Premium Cost?

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.

Home Insurance Calculator

State

Alabama

Dwelling Coverage

$100,000

Deductible

$500

Liability

$300,000

Personal Property

$20,000

Credit Score

Excellent

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

About Mark Fitzpatrick

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.

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