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Farmers Insurance

Here's What Property Owners and Home Buyers Need to Know About Farmers Insurance.

By Demir Barlas

History of Farmers Insurance

Farmers Insurance was founded in 1928 to serve the needs of rural drivers. It later expanded to include commercial and property insurance. Today, Farmers claims to be the third-largest issuer of property insurance in the United States. The company is headquartered in Los Angeles.

Policy Types Offered by Farmers Insurance

1. Homeowner's insurance: Farmers is somewhat different from other property insurance companies in that it lists renter's insurance and condominium owner's insurance under the homeowner's insurance category on its website. Don't be confused by this; despite Farmers' decision to group them under the same heading, these are three different forms of insurance.

Farmers' homeowner's insurance covers damage to your home that arises from what the insurance industry calls "common perils." These perils include fire, theft, vandalism, gale-force winds, smoke, etc. Like all insurance companies, Farmers does not protect either homeowners or renters from nuclear hazard, war or other uncommon perils not listed on your policy.

Farmers also covers you against liability so that, for example, if a neighbor has an accident on your property, Farmers will pay the medical bills and your court defense if the accident arose from your negligence. However, Farmers does not cover damage arising from floods or earthquakes, and it offers only limited protection against the theft of jewelry and other valuable personal items. Therefore, if you are a Farmers customer who lives in an earthquake or flood zone, you must purchase special insurance such as earthquake coverage or flood insurance against these perils. Also, if your house contains jewelry and other valuable possessions, Farmers offers supplemental insurance that you should consider.

2. Condominium owner's and townhouse owner's insurance: Unlike some insurers that cover only the inside of a condominium, townhouse or co-op, Farmers covers the entire structure. Before buying this kind of insurance, it is a good idea to learn what kind of coverage your homeowner association provides. If the existing insurance protects against external damage to the building, it may be better just to buy supplementary personal-article and/or liability insurance.

Farmers' condo policy is comprehensive, as it covers internal and external damage to the dwelling, including damage to building improvements. It also offers personal-article and liability insurance.

3. Renter's insurance: Farmers offers a renter's policy that offers a combination of personal article and personal liability protection. Thus, if there is any damage to your personal items due to common perils (fire, water leaks, theft, etc.), or if someone slips and falls on your kitchen floor, you'll be covered.

Farmers Insurance Costs and Fees

You can reduce your Farmers insurance costs by as much as 40% if you purchase multiple lines of insurance (auto, business, life, etc.) from the company. The easiest way of getting a quote is to visit Farmers' automated quote page and fill out your details. The exact rates will depend on the level of insurance wanted, your desired deductible, location and other such variables.

Farmers Insurance Claims Handling

Farmers has an online claims center that allows you to file and track claims.

Contact Information for Farmers Insurance

  • Online: Farmers.com (postal and e-mail addresses also can be found here)
  • Telephone: 800-327-6377

Photo: © Big Stock Photo

LifeWire, a part of The New York Times Company, provides original and syndicated online lifestyle content. Demir Barlas has nearly a decade of experience in business writing and editing, marketing communications and online community building. He holds a BA from Cornell University and an MFA from UCLA Film School.

At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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