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Farmers Renters Insurance Review

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California-based Farmers Insurance is an American insurance company that offers a variety of insurance coverages, including homeowners, auto, life, business, and renters. Founded in 1926, the company has solid financials, a large agent network, and a relatively low instance of consumer complaints. Farmers offers all the standard renters insurance features, and a robust array of options.
 
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How is Farmers rated?

Breakdown

4.5/5
Coverage Options
4.5/5
Add-Ons & Discounts
4.0/5
Customer Service
4.5/5
Financial Strength

Overall Rating: 4.4 / 5 (Excellent)

Farmers gets good marks from us because it offers a more complete renters insurance selection than many of their competitors. Coverage is particularly strong, extending to medical bills regardless of liability, identity theft protection, and personal property, (furniture, clothing, electronics, appliances, etc.), anywhere in the world. Their renters product is further bolstered by excellent financial strength, and a quick online quote process.

Farmers Coverage

Coverage Options - 4.5 / 5

Renters insurance covers all the standard options, including coverage for personal possessions, personal liability, and additional living expenses. With a Farmers policy, personal possessions are covered anywhere in the world. Some standout features not common to all renters insurance include medical payments for visitors who are injured as a result of your or a pet's activities, regardless of liability. The identity shield option is also a plus, which includes credit monitoring, identity resolution, and compensation for time and loss.
Basic Coverage
Personal Property
Personal Liability
Loss of Use / Additional Living Expenses
Optional Coverage
Identity Theft Restoration
Off-premises Event Coverage
Property Valuation Methods
Replacement Cost
Actual Cash Value

Pricing & Discounts

Add-Ons & Discounts - 4.5 / 5

Farmers offers better additional options than most when it comes to renters insurance. As home level discounts go, the company will credit you for having safety systems such as sprinklers and fire alarms installed in your home. When it comes to policy level options, Farmers will only provide a discount when you bundle renters with auto insurance. Interestingly, the company does not appear to offer claims free or auto payment discounts for renters insurance.
Annual Premium
Starting at $150
Deductible Options
$100 - $5000
Property-Level Discounts
Burglary Protected
Fire Protection
Sprinkler System

Customer Experience

Customer Service - 4 / 5

Farmers has an A+ rating with the BBB, and a TrustPilot score of 5.6. They also have less than the national average of formal complaints according to the NAIC (.54). Customers often site their flexible and customizable options, which is rare for renters insurance, and the fact that the company will also give you an actual online quote instead of just trying to funnel you to an agent.

Customer Ratings

TrustPilot Rating
5.6 out of 5
BBB Rating
A+

National Association of Insurance Commissioners

NAIC Complaint Ratio
0.54
NAIC Total Complaints
73
*The NAIC complaint ratio (in this case 0.54) is a ratio of the number of complaints a company received to the its total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Financial Strength Ratings

Financial Strength - 4.5 / 5

Farmers renters insurance is just one service provided through the many companies that are part of the Farmers Insurance Group of companies. The conglomeration currently serves more than 10 million families across the US, offering home, auto, life, and renters insurance among others. Operating for almost 90 years, Farmers maintains a formidable reputation in financial services, boasting a very strong to excellent financial outlook across the three main rating agencies.
Underwriter
Farmers Insurance Exchange
Standard & Poor's Financial Rating
A+
Moody's Financial Rating
A2
AM Best Financial Rating
A
Company Type
Underwriter
*The above information reflects the financial strength of the underwriter of the Farmers renters insurance policies: Farmers Insurance Exchange.

Contact & Additional Information

Homepage URL
https://www.farmers.com
Company Phone
(800) 435-7764
Headquarters Address
4680 Wilshire Blvd, Los Angeles, CA, 90010
Year Founded
1928

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Customer Comments & Reviews

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P
Phoenix
9/26/2017
They get away with stringing customers along because we allow it. It's time to fight back and get the coverage and respect you deserve.

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