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Farmers home insurance review 2024

Updated Dec 21, 2023

At a glance

2.9
Rating: 2.9 stars out of 5
Bankrate Score
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Home

Rating: 2.9 stars out of 5

2.9

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Cost & ratings

Rating: 2.3 stars out of 5

2.3

Coverage

Rating: 4 stars out of 5

4.0

Support

Rating: 2.7 stars out of 5

2.7

About Bankrate Score

BANKRATE'S TAKE

Policyholders who value customized home insurance and robust coverage options, like life, pet or commercial insurance, might consider Farmers as their company of choice.

Who Farmers may be good for: Since Farmers offers online options that allow customers to view their policy, make payments and process changes, it may be a good option for policyholders who like the flexibility of directly working with an agent when they need it and handling things themselves when they don't.

 

Who Farmers may not be good for: Farmers may not be a good choice for policyholders who's main priority is customer service and affordability. It has lower-than-average customer satisfaction rates and tends to have higher-than-average policy premiums for both auto and home policies.

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New

What’s new with Farmers?

Starting in 2023, Farmers Insurance pulled out of Florida and is no longer offering auto, home or umbrella policies. Farmers is also limiting the amount of new home insurance policies it writes in California. This decision was made due to the increased risk of disasters and rising rebuilding costs.

Farmers home insurance

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 2.9 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 three packages for its Farmers Smart Plan insurance policy, which could be a good choice for homeowners who don’t want to go through the process of selecting each individual coverage of their policy. The Standard package is designed for new homeowners prioritizing affordability and basic coverage, while the Enhanced and Premier packages may be a good option for a homeowner wanting higher policy limits and more policy options.

Although you can choose from one of these three packages, it’s still possible to modify your Farmers home insurance policy limits and 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.

Pros
  • Pre-determined coverage packages may help streamline the policy purchasing process

  • Ample endorsements and perks available

  • Scored above industry average in the J.D. Power 2022 U.S. Property Claims Satisfaction Study

Cons
  • Higher-than-average premiums

  • Scored below average in the 2023 J.D. Power Insurance Digital Experience Study for service

  • Not available in all states

Farmers home insurance cost

A homeowners insurance policy with Farmers for $250K in dwelling coverage costs an average of $1,664 per year, according to Bankrate’s study of annual homeowners insurance premiums. This is 15 percent higher than the average cost of homeowners insurance in the nation, which is $1,428 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 proximity to a local fire station, your claims history, credit-based insurance score, coverage limits, deductibles and qualifying discounts.

Dwelling coverage limit Farmers average premium National average premium
$150,000 $1,117 $975
$250,000 $1,664 $1,428
$350,000 $2,232 $1,879
$450,000 $2,832 $2,343
$750,000 $4,586 $3,761

*All rates displayed are average annual rates.

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:

If you hold a renters insurance policy for more than a year, then buy a home and switch to Farmers homeowners insurance, you may get a discount.
Farmers may automatically add this discount to your policy if your home is less than 14 years old.
Homes with roofs built with asphalt or fiberglass shingles that are approved by Underwriting Laboratories could qualify for savings.
If your home is certified by Energy Star, LEED or the EPA, you could get a discount.
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Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Mortgage

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Compare Farmers with other insurers

After reading this Farmers insurance review, 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:

Badge 1 Featured

Farmers

Item
Rating: 3.4 stars out of 5
3.4
Info
Read review Read Bankrate's full Farmers Insurance review
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The Hartford

Item
Rating: 3.7 stars out of 5
3.7
Info
Read review Read Bankrate's full The Hartford Insurance review
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Liberty Mutual

Item
Rating: 3.7 stars out of 5
3.7
Info
Read review Read Bankrate's full Liberty Mutual Insurance review
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American Family

Item
Rating: 3.5 stars out of 5
3.5
Info
Read review Read Bankrate's full American Family Insurance review
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
$1,664
$1,973
No rates available
$1,168
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
694/1,000
707/1,000
656/1,000
568/1,000
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
547/1,000
515/1,000
538/1,000
549/1,000
AM Best rating
AM Best rating
AM Best rating
AM Best rating
A (Excellent)
A+ (Superior)
A (Excellent)
A (Excellent)

Is Farmers Insurance a good homeowners insurance company?

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.

NAIC reports receiving fewer complaints than average regarding Farmers' home insurance over the past three years. Paired with the J.D. Powers study, this data could indicate that Farmers home insurance customers are happy with the home company’s claims service, but it may be lacking in other customer service areas. As such, you may find it helpful to speak with friends or family insured with Farmers to get a better feel for the policyholder experience.

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

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Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Homeowners insurance rates

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

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

Bankrate Scores

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.

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Written by
Shannon Martin
Writer, Insurance

Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.

Edited by Editor, Insurance
Reviewed by Assistant Vice President & Claims Field Manager