Geico Renters Insurance Liability Coverage - SecureScore™: 7.5 / 10 This rating is derived from our editorial team's research, hands-on product testing and customer surveys.
Back in the Middle Ages we had archers, catapults and mortars to defend against outside threats. Today we have security cameras, alarm systems and lights.
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But there is more to safety than your physical equipment. You need to think about how well you are protected if something unexpected happens. As we always say, home insurance is home security. And you know who has home insurance? Farmers.
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At least that's what the founders of Farmers thought in 1928, when they realized that farmers had a lower insurance risk than other customers. But luckily, you don't have to stay in the field to buy a policy from Farmers today - they offer a wide range of cover for people from all walks of life.
But that deck? I spent days researching this provider to understand where they stand out from the competition, and where they fall short. If you're wondering if Farmers Homeowners Insurance is right for you, you've come to the right place.
But before I get into the details of the cover, the features, the claims, and more, let's start with a quick look at the pros and cons of Farmers.
So there's your 30,000 foot view. Before you start making decisions, however, let's look at the coverage that a typical farmer's homeowner's insurance package provides.
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Farmers Insurance offers three types of plans: Standard, Extended and Premier. The first is best for new homeowners, the second for those who have been in their homes for several years, and the highest level is for homeowners who want to ensure that their personal property is comprehensively protected.
Now this can be a good thing or a bad thing. It's good in the sense that it offers more flexibility, but it can be a disadvantage because certain types of covers are only available in certain levels - not as add-ons.
Residence: This is the meat and potatoes of a homeowner's insurance policy. If your home is damaged by weather, fire, vandalism or some other threat, they will pay to repair it. Simple as that.
Liability coverage: Let's say your fairly legal aunt slips down your icy patio stairs and wants to sue you for the pain and injury she suffered. Farmers will pick up the tab, or at least a percentage of it, depending on your policy.
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Personal property protection: This covers your clothes, appliances, furniture and electronics. If these items are ever stolen or damaged, farmers can pay to replace them.
Pro tip: Personal property protection usually does not cover luxury items such as jewelry, furs or collectibles. These items likely require a separate policy. So if you own expensive luxury items, make sure to protect them by using a fire safety, and also consider an insurance policy to support these items.
Loss of use cover: If your home is badly damaged – say a tree falls through your roof – landlords will pay you to stay at the hotel on the road while repairs are made.
All of these protections are fairly standard, meaning they are the coverages offered by most major home insurance providers. What about other additional protections, though? Does Farmers offer another policy coverage worth buying? Let's find out.
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Material replacement: Personal property protection only goes so far and only compensates you for the depreciated value of your item. What exactly does that mean? If you bought a laptop five years ago for $2,500 and it was stolen yesterday, all you have to do is get its value to today's market - like $200 - which won't be far if you have a new computer of yours If you want to replace it at the original purchase value, however, consider this protection.
Flood Insurance: We have yet to find a standard policy that includes flood protection; You need a separate policy for that. Fortunately, farmers send them.
Kind of water. If a pipe bursts - and it's not due to your own negligence - you're covered. If the lake backs up and comes through your door, you are not covered.
Earthquake Insurance: If you live near Los Angeles, it's important to know that unless you buy separate earthquake insurance, your policy won't protect you if the ground starts to shake.
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Extended Replacement: Like the material replacement protection above, this cover helps you pay the actual costs of repairing or rebuilding your home at current market rates. This takes into account the current material and labor costs in your local market.
So now that you have a good idea of the types of coverage that farmers offer, let's take a look at what this costs.
When someone starts talking about home owner insurance policies, the biggest question is what does it cost. Unfortunately, it is difficult to give a concrete answer here. Your unique policy price depends on a large number of factors, including your financial history and the value, location and size of your home.
Pro tip: The average cost of home owner insurance is $1,312 per year or $109.33 per month. However, your experience may vary depending on several factors.
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That said, I can help you narrow it down a bit! Depending on your source, the average cost of a home in America right now is around $350,000.1 Some sources say more, some say less. I took this information and got a quote for an "average" house in Atlanta, Georgia.
And it was, well, a little on the expensive side. For an "enhanced" plan -- remember, that's the middle of the road -- my quote was $3,693.02 per year or $306.92 per month. That's steep when you consider that the top-of-the-line quote I found in my Allstate review was only $91.
That said, farmers automatically set most of your values to a maximum for each defense category. Here's what that $307 a month gets me:
However, farming makes it easy to play with the percentages of your covers and recalculate your total payment. For example, I don't need 10 percent separate structure protection - I don't need $45,000 to fix my fence. There's more about this in my guide on costs and services for farmers, but by changing these covers I was able to lower the needle, but not by much. This means Farmers is the most expensive cover I've come across so far.
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However, that doesn't mean there aren't ways to save with the company. They offer significant discounts to qualified customers.
Reduction in rejections: Every year you remain a customer, you will see $50 off your rejection. The longer you stay with the company, the more you save.
Dealing with Service Members: Are you a teacher, public safety worker, or member of the military? Farmers have specific discounts for you.
Security upgrades: Have you recently installed a Ring video doorbell or Lorex security camera? As Oprah says,
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FYI: While it's hard to quantify exactly how much security cameras prevent crime, our home security experts agree that they do. If you're looking to invest in total home security, check out our list of the best security cameras or the best home security systems in 2022.
Automatic payment discount: If you set up automatic payment through your farm account, you will automatically receive a discount.
No claim: If you do not make a claim for three years, you may be eligible for a 10 percent discount. You might think twice about calling your agent if a shingle blew off your roof in last night's storm.
If you need a claim, but Bauerfänkerei makes it relatively easy for you. And their customer service, from what I can tell, is pretty solid. More on that below.
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Making a homeowner's insurance claim with Farmers is pretty easy, and there are several ways you can do it. It's easy to do on their website or mobile app, or you can call 1-800-435-7764. Remember, the sooner you report your loss, the sooner you can recover it.
Pro tip: If your home has been stolen or vandalized, make sure you contact the authorities first. Your claims adjuster will need the police report.
Dealing with farm insurance also seems relatively headache free. Most of the reviews I came across online were five stars. That's not to say there weren't many unhappy customers, but that's to be expected from a national organization.
Unfortunately, this provider is not available to everyone. Farmers insurance is only available in select states. If you live in one of the following states, your homeowner's insurance may not be available to you:
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If you think farming is right for you, but you don't see your state on the list? Call an agent; they will be happy to help you. If you're still unsure, it can help to see how they stack up against similar providers.
There are several ways to compare insurance providers. Below is a handy chart that shows how farmers stack up against two of its competitors using what I believe to be the most helpful criteria.
So are you ready for the verdict? This is how I am
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