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As one of the largest insurers in the country, Farmers offers a number of useful features for tenants, including various options for customizing coverage, an easy-to-use app and the ability to manage a policy online. Although insurance rates for farmers’ tenants were above the national average in NerdWallet’s analysis, the company offers several discounts.
Farmers tenant insurance advantages and disadvantages
How farmers rent insurance tariffs
Farmers Insurance earned 5 out of 5 stars for overall performance. The ratings of NerdWallet are determined by our editorial team. The tenant insurance rating formula takes into account insurance coverage options and discounts, ease of filing a claim, website transparency, company financial strength, complaint dates from the National Association of Insurance Commissioners, and more.
Based on these ratings, Farmers is among NerdWallet’s Top Tenant Insurance Companies for 2021.
Availability of state insurance for farmers
Farmers currently offers tenant insurance in all states except Alaska, Delaware, Hawaii, Louisiana, Maine, Massachusetts, New Hampshire, North Carolina, Rhode Island, Vermont, and West Virginia. Policies are also not available in Washington, DC
Note: Farmers will begin selling tenant insurance in Louisiana on March 20, 2021.
Insurance coverage for farmers
Farmers tenant insurance includes the four types of basic insurance that most companies offer:
- Personal property coverage to pay for damaged or stolen items.
- Tenants’ liability insurance that pays off if you are sued for causing damage to other people or their property.
- Health insurance coverage for injuries to others in your home.
- Additional living coverage for living expenses elsewhere while your home is being repaired under a covered claim.
You can pay a little more to customize a tenant policy with the following additional types of coverage:
- Replacement coverage that pays off for brand new replacements if your belongings are stolen or damaged. (A standard policy only pays out the value of your items at the time of the claim.)
- Identity Shield, which helps with identity theft-related expenses.
- Personal items are used for valuables such as jewelry or art that are worth more than your policy’s standard limits for those items. Assessment may be required.
“MORE: What is tenant insurance and what does it cover?
Farmer and tenant insurance prices
The average cost of insurance for Farmers tenants is $ 208 per year, or just over $ 17 per month, according to NerdWallet’s rate analysis. That’s more than the national average of $ 168 per year. Our analysis also found that the average farmer rates were higher than those of our competitors State Farm and Allstate.
Our sample rates were calculated for 30 year old renters with a deductible of $ 500, personal property insurance of $ 30,000, and liability insurance of $ 100,000. Your own prices will be different.
“MORE: Tenant Insurance Quotes: What You Need To Know
Discounts for the insurance of farmers and tenants
Depending on where you live, you may be eligible for the following insurance discounts for Farmers tenants:
- Multipolicy discount if you take out car, life or roof insurance together with your tenant insurance.
- Non-smoking discount for households in which no one has smoked for at least two years.
- Discount for a security system or a fire alarm.
- Discounts for doctors, nurses, engineers, dentists, teachers, police and fire brigade.
Complaints about the insurance of farmers and tenants
According to the National Association of Insurance Commissioners for three years, farmers received significantly fewer than the expected number of complaints relative to their size about home insurance to state regulators relative to their size. (NAIC home insurance complaints also affect other types of home insurance, including mobile home, tenant, and condominium insurance.)
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Farmer tenant insurance consumer experience
Website: You can get a quote or find a local representative on the Farmers website. Once you are a policyholder, you can also use the website to make or schedule payments, and to report and track claims.
App: Renters can use the Farmers app (available for both iOS and Android) to pay bills, view policy documents, and manage payment options.
“MORE: Review of farmers’ life insurance
Farmers Renters Insurance FAQ
Does Farmers Renters Insurance Cover The Fire?
Yes, your tenant insurance will cover your belongings up to your insurance limit if they are damaged or destroyed in a fire, minus your deductible.
Are dog breeds excluded from coverage?
Farmers will evaluate tenant insurance applications individually and may not insure dogs with a history of bites. Policies vary by state, so dog owners may want to discuss the details with a local representative.
Does farmers’ tenant insurance cover hail?
Yes. If hail damages or destroys your belongings, it will be covered up to your insurance limit. Your deductible applies.
What other types of insurance do farmers offer?
Farmers also sell auto, homeowner, umbrella, life, and motorcycle insurance, among others. Read the NerdWallet’s Farmers Auto Insurance report to find out more.
Does Farmers Renters Insurance cover the theft?
Farmers renter insurance will cover your belongings if they are stolen, minus your deductible. This coverage also applies from home. So if your laptop is taken out of your car or your bike is stolen while you are on vacation, these items are covered. Note that farmers’ guidelines for theft tend to be lower for certain items such as jewelry and watches. As a result, you may need to purchase additional coverage for some expensive items.
Does the Farmers tenant insurance cover water damage or leaks?
It depends on if. Tenant insurance is designed for sudden accidents, so it covers damage from burst pipes and washing hoses, but not mold from a slow leak that your landlord never brought in for repair. Flood damage is also not covered; For this you need a separate flood insurance.