Farmers Renters Insurance Review

Customer service is one of the most important factors to consider when choosing the best renters insurance for you. Filing a claim can be a stressful experience, so you want a provider that will quickly and fairly process your claim.

Farmers ranked fifth on MoneyGeek’s analysis for customer service based on J.D. Power ratings for user satisfaction. The company also reported a below average customer complaint ratio, indicating that it receives fewer customer complaints than other renters insurance providers.

Farmers received an excellent score of 4.63 out of five for customer satisfaction based on J.D. Power ratings. For the J.D. Power rating system, insurance providers were assessed by the interview responses of 11,828 online participants on the basis of five factors — claims, price, policy offerings, interaction, billing process and policy information.

The financial stability of a company is a reflection of their ability to satisfy their financial commitments towards their customers by paying off their borrower’s claims. AM Best is one the leading organizations in the US that rates insurers based on their financial strength. Farmers received an A rating for financial stability from AM Best, indicating that the insurer has an excellent financial stability score.

How much you pay for renters insurance depends on the coverage limit you choose. Having insufficient coverage may lead to more out-of-pocket expenses, whereas choosing very high coverage limits may lead to higher premiums. You can use MoneyGeek’s calculator to check how much coverage you’ll need based on the value of your personal property.

On average, renters insurance typically costs $13 per month, or $159 per year. This is equal to the average cost of renters insurance with Farmers.

However your costs may differ depending on the value of your personal property and how much coverage you choose. You can contact a Farmers’ agent to request a personalized renters insurance quote.

The coverage amount you select will impact the cost of your insurance premium, so accurately estimating the value of your personal property can save you money. Typically, renters start with $20,000 worth of coverage, but you can use MoneyGeek’s personal property calculator below to determine the best amount for your needs.

Farmers offers seven discount opportunities, which is more than the industry average of five. It also offers a few discounts that are not provided by other insurers. These include a welcome discount, a good payer discount, a smoke free discount and an occupation discount.

The type and amount of coverage included in your policy will impact the cost of your renters insurance. On average, rental insurance providers offer seven coverages, but Farmers only offers three coverages.

The three coverage options offered by Farmers include scheduled personal property, personal property replacement, and identity theft coverage. Personal property coverage pays for damage to high value items, while personal property replacement covers the cost of replacing older items with new ones, though some limitations apply. Policies also include identity theft coverage that compensates for a loss up to the policy’s limits.

Farmers doesn’t have additional coverages, such as earthquake coverage, that are generally offered by other insurance providers. One advantage is that the company’s coverage options are included in the policy, so you don’t have to pay more to add them.

MoneyGeek provides important information on Farmers' additional coverage options, such as identity theft, scheduled personal property and personal property replacement cost.

Before you make a decision, make sure your provider has the standard renters insurance coverage. This includes personal personal liability, property coverage, additional living expenses and medical payments.

Depending on the location of your rental property, you may also need natural disaster coverages like earthquake, insect damage and flood protection coverage. Some of these coverages are not commonly offered. It’s important to decide which coverages you need based on your living situation before you purchase a policy.

Farmers provides its customers with several online tools to make it easy to apply for and manage their renters insurance. These include a tool to get quick quotes, a handy mobile app to help you seamlessly manage your account and an insurance calculator to calculate the total cost of your insurance. You can also easily set up payment plans, pay bills and file claims online.

Access to online tools improves the user’s experience, making it easy for renters to apply, manage and file insurance claims. Farmers offers its policyholders several free online tools and services, including calculators to estimate coverage and mobile apps to easily make payments and manage accounts.

In addition to renters insurance, Farmers also provides life insurance, auto insurance, business insurance and health insurance. If you have pets, Farmers offers pet insurance through its partnership with Pets Best.

To evaluate Farmers’s quality as a renters insurance company, MoneyGeek analyzed Farmers’ website, manually collected quotes and consulted consumer intelligence organizations such as J.D. Power, the NAIC and AM Best.