Farmers Insurance is a major U.S. insurance provider offering homeowners, auto, life and other insurance products through its network of agents. Its homeowners insurance is designed to help protect a property's structure, personal belongings and household finances against covered losses.
A standard Farmers homeowners policy can include dwelling coverage, other structures coverage, personal property coverage, personal liability protection and loss-of-use coverage. These protections can help pay for repairs to a covered home, replacement or repair of eligible belongings, liability claims and temporary living expenses following certain covered losses. Exact protection depends on the policy, coverage limits, exclusions and applicable state requirements.
Farmers also offers several ways for eligible homeowners to reduce their premiums. Discounts can be available for bundling policies, claim-free histories, ePolicy enrollment, protective devices, new homes, qualifying home-safety improvements and certain payment arrangements. Farmers states that eligible customers may save 10% or more by bundling home with another qualifying Farmers policy, although discounts vary by state and policy.
Homeowners may also qualify for discounts related to connected-home technology and safety features. Farmers specifically lists qualifying plumbing leak detection and shutoff devices, automatic gas shutoff systems, fire alarms, security systems, internal sprinklers and certain fortified construction features among potential discount opportunities.
Farmers provides replacement-cost and actual-cash-value options for personal belongings depending on the policy. Replacement-cost coverage can pay the amount needed to replace covered personal property without deducting depreciation, subject to the applicable policy limit and conditions.
Homeowners should also understand what is not normally covered by a standard policy. Risks such as flood and earthquake damage are typically excluded and may require separate insurance or endorsements. Wear and tear and maintenance-related problems are also generally not covered.
Farmers may be a good option for homeowners who want comprehensive protection combined with multiple discount opportunities and access to an insurance agent. Before purchasing, customers should compare the premium, deductible, dwelling limit, personal-property protection, liability limits, replacement-cost provisions, exclusions and available endorsements with competing insurers.
