Pros / Farmers offers insurance for many different kinds of homes, including vacation homes, vacant or rented properties, and older homes.
Cons / Farmers had the most expensive premiums of those insurance companies we evaluated.
Verdict / The actual coverage provided by Farmers is not as good as those from other companies, but it's worth pricing out if you own a second home or property that needs insuring.
Farmers offers home insurance for a variety of homes, including condos and farmhouses. It goes beyond what most companies offer, with policies suited to vacation homes, rentals and vacant properties. It's pricier than most companies, but if you have a home in one of these categories, it's worth getting a quote.
To test prices, we gathered quotes for a middle-class, single family home that is typical for the U.S. Farmers homeowners insurance was the most expensive of the companies we reviewed. It did provide some excellent coverage, however. For example, it covers the replacement value of lost or stolen firearms, electronics and jewelry without set limits, unless the item is of extremely high value, such as an antique or is custom made. Its loss-of-use compensation – the amount it pays you to live on should you need to vacate your home during repairs or rebuilding – was well above average of most companies that set monetary limits. A few companies on our lineup provide compensation for a set amount of time rather than a set amount of money.
Even so, the coverage was not so far above the norm that it made up for the price. Overall, the value in terms of coverage per dollar spent is below the average of the other top home insurance companies we reviewed.
Farmer's offers some special case scenarios that make it worth considering if your home or needs are out of the ordinary. For example, it can insure vacation or seasonal homes, vacant homes or homes you are renting. If your home is low-value, it can create a special policy to ensure you get the right coverage. It works with clients who have credit issues. Many agencies look at your credit when determining your insurance risk, so you may find a more forgiving attitude among Farmer's agents if your credit is poor.
You can get additions to your coverage for trees, identity theft and to rebuild with eco-friendly materials. Finally, if you get a Farmers Rewards Visa and pay your premium through it, you can earn rewards points at 3 points per dollar for insurance, home improvement and gas. Finally, if having a local agent is important, you can use the website to find an agent.
Farmers home insurance is more expensive than the other companies we tested, but it offers some unique coverages and benefits. It's worth pricing out, especially if you own a vacation home, vacant home or rental.