Farmers home insurance review 2024

Our insurance editorial team took an in-depth look at Farmers home insurance and due in part to its higher-than-average home rates and lack of 24/7 customer service, the company homeowners Bankrate Score of 3.6 out of 5.0. While Farmers has several endorsement options available to tailor policies to homeowner needs, they tend to be priced higher than other insurance companies and are not available in every state.

Farmers offers standard coverages such as dwelling, personal property, and liability along with a variety of additional coverage types that cover specific types of damages.

You can add or change coverage through the Farmers Flex Personal Home program. The program's coverage options include extended replacement cost coverage and emergency mortgage assistance, which may cover up to three months’ worth of mortgage payments (up to $10,000) while your home is uninhabitable and being repaired after a claim.

Pros and cons of Farmers home insurance

Comparing home insurance quotes may be challenging, but a visual representation of a company’s benefits and drawbacks may provide some guidance.

Farmers home insurance cost

A homeowners insurance policy with Farmers for $300K in dwelling coverage costs an average of $2,525 per year, according to Bankrate’s study of annual homeowners insurance premiums. This is much more than the average cost of homeowners insurance in the nation, which is $2,151 per year for the same level of coverage. Your actual rates may vary significantly depending on your location and several other individual rating factors, such as the age and size of the property, proximity to a local fire station, your claims history, credit-based insurance score, coverage limits, deductibles and qualifying discounts.

Farmers home insurance discounts

Although Farmers may not be the cheapest homeowners insurance company, it does offer several discounts that could help decrease your premium, including:

• Rent to own discount: Renters who have a renters insurance policy for more than a year may get a discount when they buy a home and switch to Farmers homeowners insurance.
• New home discount: Farmers may automatically add this discount to your policy if your home is less than 14 years old.
• UL-approved roofing materials discount: Homes with roofs built with asphalt or fiberglass shingles that are approved by Underwriting Laboratories could qualify for savings.
• Green certifications discount: If your home is certified by Energy Star, LEED or the EPA, you could get a discount.

After reading Farmers insurance reviews, you might not feel that Farmers is the best fit for your insurance needs. If so, you might want to consider requesting quotes from the companies below:

Bankrate’s insurance editorial team includes licensed agents who are committed to helping you evaluate a homeowners insurance company on coverage offerings, price, availability and digital tools. We aim to use our real-world experience to bring you the information you may need to make an informed decision regarding your insurance policy.

Based on our assessment, Farmers insurance might be a good choice if you don’t mind spending a little extra for robust coverage options. With its wide array of insurance products, Farmers may also be best for shoppers who prefer to keep their policies with the same company. On the other hand, policyholders looking for the cheapest rates may want to look elsewhere, as Farmers tends to have higher-than-average premiums. Additionally, Farmers’ digital service may be lacking, according to the 2023 J.D. Power U.S. Insurance Digital Experience Study. The best way to determine if Farmers is a good company for you may be to request a quote.

Farmers customer satisfaction

Although cheap insurance is a priority for many, price might not be your only consideration when shopping for new coverage. Bankrate’s insurance editorial team understands that customer satisfaction may be top-of-mind for some, so we look to various third-party scores to evaluate this important metric.

One way we gauge an insurance company’s customer satisfaction is through studies conducted by J.D. Power. Each year, this rating company scores and ranks insurance companies in several subject areas, like overall customer satisfaction, claims satisfaction and digital experience satisfaction using a “best of” number on a 1,000-point rating scale. Financial stability is also a valuable consideration. AM Best analyzes financial strength and creditworthiness which is a strong indicator of a company's ability to honor outstanding claims.

Farmers customer complaints

How many customer complaints a homeowners insurance company receives is also a good indication of how customers feel about its service. The National Association of Insurance Commissioners (NAIC) produces an annual complaint index report assessing the frequency of complaints lodged against insurance companies. The index employs a baseline of 1.0. Scores below 1.0 indicate that a provider had fewer complaints than expected for a company its size and vice versa.

Other Farmers tools and benefits

Home insurance isn’t the only kind of coverage that Farmers offers. The company also provides insurance policies and endorsements across several additional insurance products.

• Life Compass: Farmers’ Life Compass feature allows you to complete a short quiz to help you understand which life insurance products may suit you based on your goals and financial situation. From there, you can request a life insurance quote online or bring the results to a local Farmers agent if you have more questions.
• Home Leak Detection: Farmers homeowners policyholders concerned about water conservation may save 20 percent on Flume’s water-leak detection device. This monitoring system can be installed without a plumber and comes with a mobile app to help monitor your home’s water usage and alert you of any issues. Farmers home policyholders in Michigan or Minnesota who have a Flume device may receive an additional discount on their home policy.
• Pet insurance: Farmers has partnered with Pets Best to provide pet insurance. They offer two levels of coverage: Accident-Only and BestBenefit Accident and Illness. The latter also has the option to add wellness routine care.
• Landlord insurance: Landlords renting out their own property to tenants may have unique liability exposure that a standard homeowners insurance policy won’t cover. In most policies, this includes increased liability and wrongful eviction coverage.
• Commercial insurance: Farmers provides businesses with a wide array of coverages including property, liability, commercial auto, workers’ compensation, commercial umbrella and group life plans.
• Financial products: In addition to its life insurance policies, Farmers offers customers an opportunity to invest through mutual funds, IRAs, college savings plans and annuities.

Frequently asked questions about Farmers

Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.