Pros / You can customize your deductible for specific situations to get better coverage if you feel you are at increased risk for some types of claims or cheaper premiums if not.
Cons / The coverage for jewelry is much lower than that of most other rental insurance policies.
Verdict / Farmers renters insurance ranked average in price and coverage, making it a company worth considering, especially if you know an agent in your area. Its variable deductible feature makes it a strong choice if you are at a higher-than-average or lower-than-average risk of theft, wind or hail damage.
Farmers' renters insurance provides coverage comparable to other companies and at competitive prices. Its coverage for electronics is better than most, but the coverage for jewelry is much lower. The one feature that stands out, however, is the option to choose different deductions for special situations.
Farmers covered every state we considered, and it has thousands of local agents, making it a good choice if you prefer to do your claims processing in person rather than online. It has online tools as well.
We ran quotes for four different areas in the United States, each with unique situations – high crime, high risk, rural and suburban. In every case, Farmers' premiums were within the average of the home rental insurances we reviewed. We did not include discounts, so it's possible you may get a lower price than we did.
One thing you can do to decrease your premium is adjust the deductible. This is the amount you need to pay per claim before the insurance reimburses you. Most insurance companies have a blanket deductible of $500 to $5,000 you can choose from.
Farmers, however, allows you to customize it so that you can increase or decrease your deductible in cases of theft, wind or hail. If you live in a high-crime area, you could choose a higher general deductible but get a lower deductible specifically if someone steals your stuff. On the other hand, if you live in a high-wind area, you could increase it for cases of wind and hail. This allows you to get the best premiums while getting extra coverage for the events where you might be at greater risk.
Most insurance companies set compensation limits on specific high-value items like jewelry and electronics. Farmers offers a generous compensation limit for computers – $5,000 – but only $500 for jewelry, about half what most companies offer. In balance, we think this better matches the contents of a modern home, but if you have expensive pieces, talk to your agent about a jewelry endorsement.
The quotes process was easy to work online, and the agents we spoke to were knowledgeable and willing to assist.
Farmers' renters insurance has the advantage of variable deductions and high coverage for electronics. The premiums are comparable to those of other home rental insurances, and you can find agents across the United States.