Farmers vs. State Farm: Home Insurance Comparison


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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.

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

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COMPARE FARMERS TO OTHER HOME INSURANCE COMPANIES

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?

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

homeInsurance
Farmers

Average Annual Premium

$2,227
homeInsurance
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
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
State FarmAK$1,176
FarmersAL$324
State FarmAL$1,482
FarmersAR$1,363
State FarmAR$1,680
FarmersAZ$1,416
State FarmAZ$1,224
FarmersCA$2,956
State FarmCA$1,681
FarmersCO$6,207
State FarmCO$2,833
FarmersCT$1,416
State FarmCT$1,665
State FarmDC$2,216
State FarmDE$817
State FarmFL$2,200
FarmersGA$748
State FarmGA$2,883
State FarmHI$1,013
FarmersIA$860
State FarmIA$1,052
FarmersID$1,043
State FarmID$2,020
FarmersIL$1,229
State FarmIL$1,787
FarmersIN$969
State FarmIN$1,037
FarmersKS$1,909
State FarmKS$1,726
State FarmKY$1,168
FarmersLA$3,277
State FarmLA$940
State FarmMA$1,705
FarmersMD$2,005
State FarmMD$1,509
State FarmME$1,088
FarmersMI$2,754
State FarmMI$2,518
FarmersMN$2,229
State FarmMN$2,497
FarmersMO$4,437
State FarmMO$2,279
FarmersMS$1,496
State FarmMS$1,782
FarmersMT$2,990
State FarmMT$3,186
State FarmNC$2,404
FarmersND$2,145
State FarmND$2,703
FarmersNE$2,567
State FarmNE$3,464
FarmersNH$863
State FarmNH$982
State FarmNJ$1,107
FarmersNM$1,982
State FarmNM$1,548
FarmersNV$678
State FarmNV$1,186
State FarmNY$994
FarmersOH$698
State FarmOH$783
FarmersOK$2,148
State FarmOK$2,582
FarmersOR$559
State FarmOR$965
FarmersPA$798
State FarmPA$1,662
State FarmRI$765
State FarmSC$1,368
FarmersSD$2,066
State FarmSD$2,847
State FarmTN$2,230
FarmersTX$2,332
State FarmTX$3,994
FarmersUT$463
State FarmUT$1,055
FarmersVA$3,739
State FarmVA$1,191
State FarmVT$1,068
FarmersWA$1,142
State FarmWA$1,250
FarmersWI$1,981
State FarmWI$1,323
State FarmWV$955
State FarmWY$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.

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.

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.

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Calculator

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Rates updated:

Dec 06, 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.