Farmers Insurance

Farmers’personal service, optional riders and 24/7 claims service make this a company you should consider when looking for homeowner’s insurance.

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9.4
Grand Score
8
User Score
9.4
Grand Score
8
User Score
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Homeowner's insurance may be one of those things that we don't like to think about, but it is something that should not be ignored. If you have a mortgage, the bank or lender will require you to have sufficient coverage on your property. Even after you pay off your mortgage, itis a good idea to keep your policy. Replacing a home destroyed in a fire when you do not have insurance will make quite a dent in your wallet. 

If you have a homeowner’s insurance policy in place, you will have peace of mind knowing that you don’t have to worry about your home and its contents. Consider Farmers Insurance if you are looking for a new policy.

Grandfolk Scoring
Coverage 9/10
Limits to coverage 10/10
Cost 8/10
Claims 9/10
Deductible 10/10
Discounts/credits 10/10
Protective devices 10/10
Cancellation 10/10
Ease of enrollment 10/10
Waiting Period 7/10
Customer Support 10/10
Coverage
What is covered in a basic policy?
Your home, possessions, liability, medical and additional expenses
Limits to coverage
What is the maximum the company will pay?
This depends on the value that you place on your home and its contents
Cost
How much will I pay in monthly premiums?
Premiums will depend on your location and the options you choose
Claims
How do I submit a claim?
Contact your Farmers agent, then call the Farmers Claim Service
Deductible
How much will I pay in deductibles?
You can choose a fixed amount, percent deductible or split deductible
Discounts/credits
Does the company offer any discounts?
Yes, if you bundle, are a non-smoker, renovate or have safety devices
Protective devices
Are credits given for safety devices?
Farmers will give you credit for having some safety devices installed
Cancellation
Can I cancel my policy?
Yes, simply call the company and specify the date that you want to cancel
Ease of enrollment
Ways you can enroll
Online, by phone, or through a local agent
Waiting Period
How soon can the policy be used?
Check with customer service for specifics
Customer Support
Ease of access
Contact customer support online or by phone
Age Score:
10
50-65 Years
10
65-75 Years
8
75-85 Years
8
85-Above

Everyone should have homeowner’s insurance. As a younger senior, you may be at a point in your life where you are doing some traveling. Coverage for your personal property extends to anywhere you travel in the world. This can be a great relief if you lose a valuable piece of jewelry in another country. Before you go, you should do a home inventory that includes a listing of each item to be sure you have adequate coverage limits. 

Even if you don’t travel, you will be secure in knowing that your property is covered with a Farmers homeowner’s insurance policy in place. You may have developed a large body of artwork (or another type of collection) over the years. If so, you need to be sure that the items are valued appropriately with an optional policy to cover your personal treasures. 

Health Score:
10
Great health
10
Good Health
10
Fair Health
10
Poor Health

You never know what can happen when you least expect it. Seniors who have spent years building their lives and homes should be protected from losing the fruits of all that time and effort. A homeowner's insurance policy can provide great relief that even if the worst happens, there are options for covering the losses. 

In addition, if a senior has a chronic illness and is being cared for at home, it is likely that they have had to purchase or lease various pieces of equipment, such as a hospital bed, walker, oxygen tank, and perhaps other items. Without coverage, you may need to cover the cost of these items out of your personal funds if the unexpected happens. An inclusive policy can help protect your items in this situation. 

Pros:

  • With Farmers Insurance, you can likely find an agent in your neighborhood. This often results in more personalized attention.
  • You can register your policy online and view, manage, change and update it from almost any device.
  • Farmers offers several discounts to homeowners, including discounts for home improvements and renovations, being a non-smoker, updating major systems (plumbing, electrical and heating), protection of the home with security and fire protection devices, and bundling policies together.
  • Farmers also offers a personal liability umbrella policy, which provides additional coverage on top of your auto and homeowners liability limits.
  • The company website includes valuable information about how to create a home inventory and provides useful information about protecting your home, making smart upgrades to your home,staying safe in various kinds of weather events, and even disaster-proofing your valuables.
  • The company is responsive to suggestions from customers with disabilities who use the website.
  • Farmers covers different types of homes, including vacation homes, second homes and older homes.

Cons:

  • Discounts available vary depending on your home state.
  • Discounts apply to selected coverage perils and policy types, not to an entire policy.
  • Farmers has one of the most expensive premiums compared to its competitors.

Bottom Line:

Farmers Insurance has built a strong company in its 90 years in the industry. It began as one of the few companies that paid its customers’ claims in cash, not IOUs, during the Great Depression. Since then, the company has steadily grown. In the early 2000s,its ratings were poor, and customer satisfaction was very low. The company turned a corner around 2010;it improvedits service and created interesting advertising campaigns. 

Farmers is now a large insurance group serving more than 10 million households and 19 million individual policies in all 50 states. Obrella rates Farmers among the best home insurance companies, Reviews.com ranks it best for condo owners, and TopTenReviews.com ranks it in the top ten. The Better Business Bureau has given Farmers an A+ rating. 

Unlike some other companies that sell policies over the phone, Farmers has exclusive agents, so you can develop a more personalized relationship with your agent. Clearly, Farmers is worth a look if you are in the market for homeowner’s insurance. 

Frequently Asked Questions:

How can I get a quote?

You can go to the website, enter your zip code and some basics about yourself, provide information about your home, answer some questions to see what discounts you qualify for, and you will get a quote. You can also change your limits and coverages online to see how these changes would affect your premium.

What kind of discounts does the company offer? 

Farmers offers several valuable discounts. The company offers a bundle discount if you have more than one policy with the company. It also applies a discount if you and members of your family are non-smokers. If you have recently replaced your roof, made major improvements to your home, or updated a major system (plumbing, electrical,or heating), you may qualify for a discount. Finally, if you have installed security and fire protection devices, you may get a discount for those, as well.

What optional supplemental coverages does the company offer?

Farmers offers several types of optional coverage that can be included with your policy. You can include coverage for Identity Management Services, which will pay for expenses related to identity theft; special coverage for personal collections or valuable property; Eco-Rebuild, which covers up to $25,000 for replacement with green contents and materials; and Contents Replacement Cost, which covers your losses based on current replacement costs, not a depreciated value. Finally, you can add coverage for loss of your trees and shrubs.

More Information:

Product Details

Overview: Farmers offers a standard base policy similar to those offered by most other insurance companies. The policy covers your dwelling and attached or unattached buildings or structures (such as fencing) on your property, the contents of your house, loss of use, personal liability and medical payments. Customers can decide the appropriate amount needed to cover their homes and belongings, as well as the amount of liability coverage they desire. 

Package Details: In addition to the standard base policy, Farmers offers some optional coverages that you can include as riders on your policy. These include Scheduled Personal Property Coverage for important valuables and collections,Identity Management Services, Contents Replacement Cost Coverage, Eco-Rebuild, and coverage for the trees and shrubs on your property. 

Other Services: A standard policy from Farmers will cover reasonable cosmetic damages to your home when you file a claim for the functional damages. In addition, Farmers will waive the surcharge for a home claim if you have not had a claim for six or more years. Farmers offers a Farmers Rewards Visa Card, which provides the cardholder various reward options. The company also sells pet insurance, life insurance, umbrella insurance, small business insurance and car insurance.

Additional Company Details

Contract Details:Farmers insurance policies can be purchased from a licensed insurance agent in your community. If you are unhappy with the product, you should contact the agent who sold it to you. You will receive a refund of any unused premiums. 

Warranty: If you are unhappy with the policy, you can cancel at any time.

Accreditations:Farmers Insurance was recognized as the 2014 Brand of the Year in insurance. It has also been recognized as a leader in catastrophe response and runs the number one corporate training center in the country, according to Training magazine. The company is BBB accredited and holds an A+ rating. 

Company Details: Farmers has been in business since 1928, one year before the Great Depression. The company’s two founders, John Tyler and Thomas Leavey,believed that farmers and ranchers experienced fewer risks with their vehiclesand should therefore get preferred rates. The founders went door-to-door to sell their first policies. In the 1970s,Farmers became the first major insurer to offer non-smoking discounts. 

In 1988, Farmers Group, Inc. was purchased by British American Tobacco Company andin 1998, the company was acquired by Zurich Financial Services. Farmers has responded to major disasters like the 1994 Northridge earthquake and the 1999 Midwest tornados,and is known as a leader in catastrophe response. In the 2000s,the company opened the University of Farmers, recognized as the number one corporate training center in the country by Training magazine. The company also has a record of corporate giving to disaster resilience, education and civic engagement.

Contact:

Farmers Insurance Group
4680 Wilshire Blvd.
Los Angeles, CA 90010
Tel: (866) 857-5052
Website: https://www.farmers.com

Donna McDurfee - Senior Advisor

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