Paul Sanchez
Farmers Insurance offers customizable homeowners insurance policies that cover damage to your home and belongings, as well as personal liability coverage. The specific perils covered vary from policy to policy, but generally include fire, wind, lightning, and hail damage, as well as some water damage. Flood and earthquake damage are typically excluded from standard policies, but can be added as separate coverage. Farmers also offers various discounts and optional features, such as personal property replacement cost coverage and emergency mortgage assistance. The company is rated highly for its overall performance, but its premiums tend to be higher than those of its competitors.
| Characteristics | Values |
|---|---|
| Water damage | Covered in some cases, e.g. sudden leaks, but not flooding |
| Flood damage | Not covered; separate flood insurance policy required |
| Fire | Covered |
| Lightning strike | Covered |
| Tornado | Covered |
| Break-in | Covered |
| Lawsuits over injury or property damage | Covered |
| Earthquake damage | Not covered; separate earthquake insurance policy required |
| Umbrella insurance | Additional liability coverage beyond the limits of home and car insurance |
| Green reimbursement coverage | Included in base policies |
| Personal property replacement cost coverage | Included |
| Extended or guaranteed replacement cost coverage | Included |
| Water backup or sump pump failure coverage | Included |
| Scheduled personal property coverage | Included |
| Ordinance or law coverage | Included |
| Equipment breakdown coverage | Included |
| Discounts | Yes, for non-smokers, certain professions, new homes, security systems, bundling with car insurance, etc. |
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What You'll Learn
Flood and earthquake insurance
Farmers Insurance does not include flood damage in its homeowners insurance policies. However, you can purchase flood insurance as a separate policy. Flood insurance can help cover losses from damage directly caused by flooding, which is defined as an excess of water on land that is usually dry. It provides two types of coverage: building coverage and contents coverage. Building coverage helps pay for damage to the physical structure of your home and things that are permanently installed. Contents coverage can help you replace your belongings, including furniture, computers, and clothing. It's important to note that flood insurance does not cover losses from burst pipes, overflowing bathtubs, or other damage caused by water that originates inside your home.
Farmers Insurance also offers earthquake insurance, which is not typically included in standard homeowners insurance policies. Earthquake insurance from Farmers provides coverage for structural damage, personal property loss, temporary living expenses, and additional structures. Structural damage coverage includes repairs to your home's walls, roof, foundation, and attached structures. Personal property loss coverage includes the replacement of furniture, appliances, electronics, and other belongings. Temporary living expenses cover the costs of housing and meals if your home becomes uninhabitable. Additional structures coverage protects detached garages, sheds, and fences.
The cost of flood and earthquake insurance will depend on various factors, including the location, value, age, and construction type of your home. It's important to speak with an insurance agent to understand your specific needs and eligibility for coverage.
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Personal liability coverage
The standard liability limits for homeowners insurance policies typically range from $100,000 to $500,000. However, if you require additional coverage, you can purchase a personal umbrella policy, which extends your liability limit in increments of $1 million. This type of policy can be beneficial if you have assets exceeding the liability coverage limit on your homeowners insurance.
Farmers Insurance offers personal liability coverage as part of its homeowners insurance policies. This coverage can help protect your financial assets if you are found legally responsible for injuries or property damage. It is important to review your policy carefully to understand the specific inclusions and exclusions of your personal liability coverage.
In addition to personal liability coverage, Farmers Insurance also provides optional add-ons to enhance your protection. These add-ons can be tailored to your specific needs and may include coverage for valuables, earthquake damage, or flood insurance through the National Flood Insurance Program (NFIP).
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Umbrella insurance
Homeowners insurance from Farmers can help cover the costs of repairing or rebuilding your home, replacing your belongings, and covering medical expenses if someone outside your household is injured on your property. However, the liability limits of your home insurance may not be sufficient to cover all expenses in certain situations. This is where umbrella insurance comes in.
The cost of umbrella insurance is relatively affordable, often less than $1 per day for $1 million in coverage. The price depends on factors such as your underlying insurance coverage, location, and risk factors. Umbrella policies are typically sold in $1 million increments, with Farmers Insurance offering coverage ranging from $1 million to $10 million.
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Water damage
Farmers homeowners insurance typically provides coverage for water damage caused by sudden and accidental events. This can include burst pipes, plumbing issues, or sudden leaks in the roof. If the damage is caused by a sudden leak from water pipes or plumbing fittings in your sink, shower, tub, or toilet, it is generally covered. For example, if a pipe inside an exterior wall freezes during an extreme cold snap and suddenly ruptures as it thaws, filling your home with water, this would likely be covered. Additionally, Farmers Insurance offers leak detection services, which can be essential in preventing extensive damage.
However, it's important to note that there are situations where coverage may not apply. Water damage caused by long-term neglect, lack of maintenance, or gradual water damage is typically not covered. For example, if you notice a small drip from your shower handle but ignore it, and the studs behind the shower tile become soaked and rot, the resulting damage would likely not be covered. Similarly, damage caused by flooding, sewer backups, or rising groundwater is generally not covered by home insurance, but separate flood insurance may be available.
To ensure you understand your coverage, it's crucial to carefully review your policy and be aware of any exclusions or limitations. Additionally, consider taking preventive measures, such as installing a leak detection device, to minimize the risk of water damage in your home.
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Discounts
Farmers Insurance offers customizable policies with a long list of discounts for policyholders to take advantage of. Firstly, bundling your homeowners and car insurance policies with Farmers could save you 10% or more, depending on where you live. Adding other policies, such as life, business, recreational vehicle, boat, RV, and umbrella coverage, may save you even more.
You can also save money by making home safety improvements, such as installing fire alarms, indoor sprinklers, and security systems. Farmers offers a security system discount, as well as a discount for nonsmokers. Additionally, Farmers provides a discount for those who own a new home (less than 14 years old) and those who pay their bills on time.
Farmers also offer discounts for members of certain professions, such as teachers, doctors, and firefighters. You can also save by agreeing to go paperless, installing a smart home system, and having a roof made from UL-approved asphalt or fiberglass shingles.
Furthermore, Farmers policyholders concerned about water conservation may save 20% on Flume's water-leak detection device.
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Frequently asked questions
Farmers Homeowners Insurance covers damage to your home and belongings from disasters such as fires, lightning strikes, windstorms, tornadoes, and break-ins. It also covers medical costs if someone outside your household is injured on your property. Additionally, Farmers offers customizable policies, including optional features like personal property replacement cost coverage, extended replacement cost coverage, and residence glass coverage.
Flood damage from rain, overflowing rivers, or other external water sources is typically not covered by Farmers Homeowners Insurance. To protect against flood damage, you will need to purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP).
Farmers ranks 8th among the best homeowners insurance companies in terms of overall performance and customer satisfaction. While Farmers offers solid coverage with customizable policies, its premiums tend to be higher than those of its competitors. Farmers is also not available in all states, so it may not be an option for everyone.
