Farmers Renters Insurance Review 2024
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Coverage options
Discounts
NAIC complaints
Farmers
Coverage options
Discounts
NAIC complaints
About Farmers renters insurance
Farmers renters insurance earned 4.5 out of 5 stars for overall performance. As one of the nation’s largest home insurers, Farmers offers a variety of useful features for renters, including several ways to lower your premium, a user-friendly app and the ability to manage your policy online. Its coverage is available in most U.S. states and may include up to $1,500 to help you recover from identity theft.
Based on this star rating, Farmers is among NerdWallet’s Best Renters Insurance Companies for 2024.
Where Farmers stands out
Highly rated app. The Farmers mobile app gets strong reviews from Apple and Android users.
Customer satisfaction. Farmers draws fewer consumer complaints to state regulators than expected for a company of its size.
Where Farmers falls short
Cost. Farmers renters insurance is more expensive than the national average, according to NerdWallet’s rate analysis.
State availability
Farmers offers renters insurance in every U.S. state except Alaska, Delaware, Florida, Hawaii, Maine, New Hampshire, Rhode Island, Vermont and West Virginia. Policies are also unavailable in Washington, D.C.
Farmers renters insurance coverage
Landlords sometimes require tenants to purchase a policy with a minimum amount of renters liability insurance, but otherwise, the coverage you choose is generally up to you. Below are the four types of coverage included in most standard renters policies:
Type of coverage | What it does |
|---|---|
Covers your clothing, furniture, electronics and other belongings. | |
Pays for hotel stays, restaurant meals or other expenses if you have to live elsewhere while your home undergoes covered repairs. | |
Pays out if you're responsible for injuries to other people or damage to their property. | |
Covers injuries to other people in your home, regardless of fault. |
For more details, see What Does Renters Insurance Cover?
In addition to these standard types of coverage, a Farmers renters policy may include:
Identity theft coverage, which offers up to $1,500 toward expenses related to identity theft. You can upgrade your policy to raise this limit and cover a broader range of expenses.
Refrigerated food coverage, which pays up to $500 to replace food spoiled in a covered incident. There’s a $50 deductible.
You can also choose to buy replacement cost coverage, which pays for brand-new replacements if your belongings are stolen or damaged. (A standard renters policy pays only the value of your items at the time of the claim.)
If you own expensive items such as jewelry, furs or firearms, a standard renters policy may not provide enough coverage. You can cover these items individually with a “personal articles floater.”
Farmers renters insurance rates
The average cost of Farmers renters insurance is $203 a year, or about $17 a month, according to NerdWallet’s rate analysis. That’s higher than the national average of $148 a year. Our analysis also found that Farmers’ average rates were higher than those of several other major insurers.
Company | Average annual cost |
|---|---|
$115. | |
$168. | |
$188. | |
$203. | |
USAA* | $142. |
*USAA renters insurance is available only to active-duty military members, veterans and their families. | |
Our sample rates were calculated for 30-year-old renters with a $500 deductible, $30,000 in personal property coverage and $100,000 in liability insurance. Your rates will be different.
Discounts
Depending on where you live, you may be eligible for discounts if you:
Buy auto, life or umbrella insurance along with your renters policy.
Haven’t smoked for at least two years.
Haven’t filed a claim for a specified amount of time.
Have a security system or fire alarm.
Are a doctor, nurse, engineer, dentist, teacher, police officer or firefighter.
Are a new Farmers policyholder.
Sign up for paperless billing.
Consumer complaints
Farmers received fewer than the expected number of home insurance complaints to state regulators relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners. (NAIC home insurance complaints also cover other home policy types, including mobile home, renters and condo insurance.)
» MORE: The cheapest renters insurance
Consumer experience
Website: You can get a quote or find a local agent on the Farmers website. Once you’re a policyholder, you can also use the site to make payments and to report and track claims.
App: Renters can use the Farmers app (available on iOS and Android) to pay bills, see policy documents and manage payment options.
Claims: You can file and track claims online. If you need help, you can call Farmers’ claim number at 800-435-7764 or use the company’s chatbot.
Customer service: Representatives are available at 888-327-6335 from 7 a.m. to 11 p.m. Central time weekdays and from 8 a.m. to 8 p.m. CT on weekends. You can also call your local agent or send a message through your online account.
Other renters insurance companies to consider
Not ready to make a decision? You may be interested in these other renters insurance companies:
» MORE: Farmers home insurance review
Methodology
Renters insurance star ratings methodology
NerdWallet’s renters insurance ratings reward companies for customer-first features and practices. Ratings are based on weighted averages of scores in several categories, including financial strength, consumer complaints, coverage options, discounts and online experience. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our full renters insurance rating methodology.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2021-2023. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
Renters insurance rates methodology
To find the average cost of renters insurance in the U.S., NerdWallet calculated the median rate for 30-year-old tenants from multiple insurance companies in every ZIP code across all 50 states and Washington, D.C. Sample tenants were nonsmokers with good credit and no recent claims, living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:
$30,000 in personal property coverage.
$100,000 in liability coverage.
$10,000 in additional living expenses coverage.
$1,000 in medical payments coverage.
We made minor changes to the sample policy in cases where rates for the above coverage limits or deductibles weren’t available.
We then compared the insurer's median rates to the median rates for other companies.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.
In This Review . . .
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