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Farmers Renters Insurance Review…

Farmers Renters Insurance Review

Farmers provides customers with home, auto, and life insurance products. You can add renters insurance as part of your Farmers bundle to save money on all your policies. Farmers renters insurance covers your rental, personal belongings, and even the guests who visit you, should they get injured.

Some of the more common incidents that you can face as a renter is a break-in where someone steals your valuables, a pipe bursting and damaging your belongings, or a fire. Farmers renters insurance would reimburse you for your losses in those events and more.

Personal liability is another important aspect of your Farmers renters insurance coverage. If a guest slips and falls in your home, Farmers would pay for their medical bills. You can’t predict what can go wrong, and Farmers renters insurance allows you to personalize your rental insurance coverage amounts to protect your property and guests.

Pros
Cons
24/7 claims center and mobile app
Available in all 50 states
Customize your deductible to maximize savings
Rates may increase each year
Average customer satisfaction ratings

The Renters Insurance Factors We Analyzed

Customer experience

Farmers comes in at No. 8 in the J.D. Power Property Claims study. It’s rated by customers as average overall, although it scores above average in the repairs process and settlement categories.

Although Farmers has a widespread network of 48,000 exclusive and independent agents available to help, managing your policy online is one of Farmers’ strengths. Customers can access their accounts through the user-friendly online portal to pay bills, manage documentation, and file a claim. The claim filing can also be done through the mobile app which comes in handy when something goes wrong outside of business hours. Getting a quote can be done through its website using its online quote page.

Coverage information

Farmers renters insurance has several coverages to protect you and your property:

  • Personal property to cover losses or damages to your belongings
  • Liability to protect you against lawsuits
  • Medical payments to cover the cost of medical bills for guests who may be injured in your rental
  • Additional living expenses coverage to help with the cost of housing and food if you’re forced to move out while your residence is repaired
  • Replacement cost coverage to pay for the cost of replacing older items with brand new equivalents
  • Identity Shield to pay for the efforts to recover your identity and notify the credit bureaus if your identity is stolen

The customizable deductible feature helps you adjust your deductible to save on your premium. Most rental insurance policies have a standard deductible between $500 and $2,500 to choose from.

Farmers also allows you to customize your policy by event, so you can reduce or increase the amount for certain events such as wind, hail, or theft. Perhaps you want an overall $1,000 deductible but would like a $500 deductible for wind because you live in a windy area where damage is more likely. This allows you to get better premiums by not having to overpay on all instances of loss while getting the extra coverage you need on more likely events.

Deals, discounts, and add-ons

Farmers offers home, auto, and life insurance products that can be bundled with renters insurance for multi-policy discounts. According to Farmers, you can save on your rental insurance when you:

  • Inform your agent that you’re a professional such as a nurse, doctor, teacher, engineer, police officer, or firefighter
  • Live in a household that has been smoke-free for at least two years
  • Have an approved security system and/or fire alarm installed

Farmers Renters Insurance Overview: Financial Strength, Availability, and History

Farmers was established nearly 100 years ago to bring affordable auto insurance to farmers. The small operation grew into one of the largest and most respected insurers in the country. Farmers’ mission is to offer personalized service, and the company’s 48,000 independent offices nationwide are there to provide it. With good financial strength and customer satisfaction scores, it is a reliable pick for renters insurance.

  • In business since: 1928
  • S&P Global financial strength rating: A
  • Moody’s financial strength rating: A2
  • A.M. Best financial strength rating: A
  • States served: 50

The Competition

Overall Rank
Reviews.com Score
Customer Experience Score
Financial Strength Score
Farmers
6
3.1/5
3/5
3.3/5
USAA
1
4.8/5
5/5
4.3/5
State Farm
2
3.8/5
4/5
3/5
American Family
3
3.6/5
3/5
2.3/5
Allstate
4
3.3/5
3/5
4/5
Nationwide
5
3.3/5
3/5
4/5

All information accurate as of January 10, 2020.

The Bottom Line

Farmers wants to make the insurance experience as personalized as possible. The company provides customer service in several ways. You can ask questions or file claims through the large network of local offices and independent agents, phone support, online chat, the mobile app, and the clear and easy-to-navigate website.

Besides a personalized customer experience, their individualized service includes rental insurance products that can be customized according to your needs. There are no preset rental insurance plans, so you can choose what suits your needs best. You can also adjust your deductible to cover the events you’re most likely to be affected by without overpaying for a standard, lower-deductible plan. While we always recommend pulling quotes from multiple insurers to see which offers you the best price, Farmers’ track record makes it a worthy contender.

Farmers Renters Insurance FAQ

How much does renters insurance cost from Farmers?

The Zebra reported that the average annual cost of renters insurance from Farmers is $181, which falls in the middle of the price ranges. However, many factors can affect the cost of renters insurance, such as location, property values, deductible amount, and types of coverages included. To find out how much renters insurance will cost you, compare a few quotes from different companies.

What is typically covered under Farmers renters insurance?

Farmers covers the traditional theft, fire, natural disasters, personal injuries, and electronic devices, but it also adds identity theft protection to its policies.

Can you cancel Farmers renters insurance?

You can cancel your Farmers renters insurance by visiting your local Farmers agent or calling customer service at 1-888-327-6335. If you prepaid your premium for the year, Farmers will prorate and refund the unused portion.

How long does it usually take to buy Farmers renters insurance?

Buying renters insurance is a quick process if you have your documents and information in order. Visit Farmers for an online quote and enter the following information:

  • Address and ZIP code of your rental
  • Details about your home, such as the number of smoke detectors, if there’s an alarm system, square footage, etc.
  • The total value of your belongings

If you agree with the quote, you can continue on to purchase the rental coverage.

Does Farmers renters insurance cover roommates?

Renters insurance only covers the individuals listed on the policy. If your roommate is not listed on your policy, they and their belongings will not be covered. Likewise, if they have coverage and did not list you on their policy, you will not be covered.

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