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As one of the nation’s largest insurers, Farmers offers a variety of useful features for renters, including several ways to customize coverage, a user-friendly app and the ability to manage a policy online. Although Farmers’ renters insurance rates were higher than the national average in NerdWallet’s analysis, the company offers several discounts.
Best for: Those who want a user-friendly smartphone app to help manage their policy.
Farmers renters insurance pros and cons
Various discounts available.
Rates higher than the national average in NerdWallet's analysis.
Users can manage their policies online or through the app.
How Farmers renters insurance rates
Farmers renters insurance earned 4.5 out of 5 stars for overall performance. NerdWallet’s ratings are determined by our editorial team. The renters insurance scoring formula takes into account policy coverage options and discounts, ease of filing a claim, website transparency, the financial strength of the company, complaint data from the National Association of Insurance Commissioners and more.
Based on these ratings, Farmers is among NerdWallet’s Best Renters Insurance Companies for 2022.
Farmers currently offers renters insurance in every U.S. state except Alaska, Delaware, 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?
You can pay a little extra to customize a Farmers renters policy with the following additional types of coverage:
Replacement cost coverage, which pays for brand-new replacements if your belongings are stolen or damaged. (A standard policy pays out only the value of your items at the time of the claim.)
Identity Shield, which helps with expenses related to identity theft.
Personal articles floaters to cover valuables such as jewelry or art that are worth more than your policy’s standard limits for these items. An appraisal may be required.
Farmers renters insurance rates
The average cost of Farmers renters insurance is $226 a year, or about $19 a month, according to NerdWallet’s rate analysis. That’s higher than the national average of $179 a year. Our analysis also found that Farmers’ average rates were higher than those of competitors State Farm and Allstate.
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 own rates will be different.
Depending on where you live, you may be eligible for the following Farmers renters insurance discounts:
Multipolicy discount if you purchase auto, life or umbrella insurance along with your renters policy.
Nonsmoking discount for households in which no one has smoked for at least two years.
Discount for a security system or fire alarm.
Discounts for doctors, nurses, engineers, dentists, teachers, police and firefighters.
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 best cheap renters insurance
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 or schedule payments and to report and track claims.
App: Renters can use the Farmers app (available on both iOS and Android) to pay bills, see policy documents and manage payment options.
Renters insurance buying guide
Before you compare renters insurance companies, gather key information such as the address of the rental and any safety and security features the unit has.
You should also figure out how much coverage you need. Take a quick inventory of your belongings: How much would it cost you to replace them? Include all furniture, electronic devices, clothing, jewelry and household items. This total is the minimum amount of personal property insurance you should have.
Your liability limit should be high enough to cover your net worth, while your deductible should be an amount you’d feel comfortable paying in an emergency.
When evaluating renters insurance quotes, make sure each rate estimate includes the same coverage limits and deductibles so you know you’re getting a fair comparison. While it’s tempting to buy the cheapest policy, you may also want to read reviews of your preferred company to make sure it offers good customer service.
» MORE: Farmers life insurance review
How to file a renters insurance claim
File as soon as it’s safe. The sooner you report a theft or damage to your home, the sooner your insurer can assign an adjuster and start working on paying out your claim. Some companies let you file claims online or through their app, while in other cases you may have to call your agent or insurer instead. Have your policy number handy.
Document the damage. Bolster your claim by taking photos or video of all damage. If something was stolen, report it to the police before you contact your insurance company. Your insurer may ask for a copy of their report.
Prevent further damage. After you’ve taken pictures of everything broken or destroyed, take steps to prevent additional damage, such as putting a tarp over a broken window to protect your belongings inside. Keep receipts for any supplies you buy, as your insurer may reimburse you later.
» MORE: Farmers home insurance review
Other renters insurance companies to consider
Not ready to make a decision? You may be interested in these other renters insurance companies:
Renters insurance 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 2018-2020. 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.
To find the national cost of renters insurance, NerdWallet averaged rates for 30-year-old men and women for 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 then compared the insurer's rates to the average rate for all companies in states where it offers policies and where its rates were available from Quadrant Information Services.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.