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.
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 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 2021.
Farmers renters insurance state availability
Farmers currently offers renters insurance in every U.S. state except Alaska, Delaware, Hawaii, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and West Virginia. Policies are also unavailable in Washington, D.C.
Farmers renters insurance coverage
A Farmers renters insurance policy includes the four basic types of coverage that most companies offer:
- Personal property coverage to pay for damaged or stolen belongings.
- Renters liability coverage, which pays out if you’re sued for causing harm to other people or their things.
- Medical payments coverage for injuries to other people in your home.
- Additional living expenses coverage for the cost of living elsewhere while your home is being repaired after a covered claim.
You can pay a little extra to customize a 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 $208 a year, or a little more than $17 a month, according to NerdWallet’s rate analysis. That’s higher than the national average of $168 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.
Farmers renters insurance discounts
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 renters insurance complaints
Farmers received close to 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
Farmers 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 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.
» MORE: Farmers life insurance review
Farmers renters insurance FAQ
Does Farmers renters insurance cover fire?
Yes, your renters insurance will cover your belongings up to your policy limit if they’re damaged or destroyed in a fire, minus your deductible.
Are any dog breeds excluded from coverage?
Farmers evaluates renters insurance applications individually and may not insure dogs with a history of bites. Guidelines vary by state, so dog owners may want to go over the details with a local agent.
Does Farmers renters insurance cover hail?
Yes. If hail damages or destroys your belongings, they’ll be covered up to your policy limit. Your deductible will apply.
» MORE: Farmers home insurance review
What other types of insurance does Farmers offer?
Farmers also sells auto, homeowners, umbrella, life and motorcycle policies, among others. Read NerdWallet’s Farmers car insurance review to learn more.
Does Farmers renters insurance cover theft?
A Farmers renters policy will cover your belongings if they’re stolen, minus your deductible. This coverage applies away from home too, so if your laptop is taken from your car or your bike is stolen while you’re on vacation, these items would be covered. Note that Farmers’ policy limits for theft tend to be lower for certain items such as jewelry and watches, so you may need to buy extra coverage for some expensive items.
Does Farmers renters insurance cover water damage or leaks?
It depends. Renters insurance is designed for sudden accidents, so damage from burst pipes and washer hoses would be covered, but mold from a slow leak that your landlord never got around to fixing would not. Flood damage isn’t covered either; for that, you’ll need separate flood insurance.
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.