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You can protect your home, your personal belongings, and your bank account with a home insurance policy from State Farm or Farmers. To see what coverage, cost, availability, and customer service look like from both companies, read our State Farm vs. Farmers home insurance review.
State Farm and Farmers both offer comprehensive home insurance nationwide, but they differ in terms of customer service quality as well as the amount of coverage they offer for dwelling, other structures, personal property, liability, medical payments to others, and additional living expenses.
Company Comparison
| Provider | State Farm | Farmers |
|---|---|---|
| Provider | State Farm | Farmers |
| Other structures coverage limits* | 10% of dwelling | 5-200% of dwelling |
| Personal property coverage limits* | 50% of dwelling | 40-200% of dwelling |
| Monthly price** | $122 | $290.50 |
| Discounts available | 3 | 6 |
| Unique add-ons | Energy efficiency upgrade, service line | Eco-rebuild |
| Customer service | Hours vary by department | Hours vary by department |
| BBB rating | A+ | A+ |
*State Farm coverage information according to The Zebra
**Based on sample quotes our team received
Coverage Comparison
State Farm and Farmers each include all of the industry-standard coverage types: dwelling, other structures, personal property, medical payments to others, liability, and loss of use. They also offer several different endorsement, or additional coverage, options.
Farmers offers some perks that State Farm doesn’t, including a declining deductible, where you earn $50 toward your deductible each year your policy is in force. Other benefits include cosmetic damage coverage and claim forgiveness.
State Farm Coverage
State Farm works by calculating the rebuilding cost of your home and using that number for dwelling coverage and a percentage of that number for personal property, other structures, and loss of use coverage.
State Farm Coverage Amounts
| Type of Coverage | Coverage Options |
|---|---|
| Type of Coverage | Coverage Options |
| Other structures | 10% of dwelling |
| Personal property | 50% of dwelling |
| Loss of use | 20% of dwelling |
Note: These figures are based on a sample quote our team received from State Farm. To compare your coverage options and determine your liability, medical payments to others, and deductible amounts, contact your local State Farm agent.
You can customize your State Farm coverage to make it more comprehensive by adding the following endorsements:
- Personal injury
- Full replacement cost
- Service line
- Water backup and sump pump overflow
- Energy efficiency upgrade
- Earthquake
- Off-premises structures
- Home systems protection
- Cyber event, identity restoration, and fraud loss
- Adult day care
- Depreciated loss
Farmers Coverage
Farmers uses the rebuilding cost of your home to determine the cost of dwelling, other structures, loss of use, and personal property coverage.
Farmers Coverage Amounts
| Type of Coverage | Coverage Options |
|---|---|
| Type of Coverage | Coverage Options |
| Other structures | 5-200% of dwelling |
| Personal property | 40-200% of dwelling |
| Loss of use | 10%, 20%, or 30% of dwelling |
Note: These figures are based on a sample quote our team received from Farmers. To compare your coverage options and determine your liability, medical payments to others, and deductible amounts, contact your local Farmers agent.
Farmers endorsement options include:
- Eco-rebuild
- Personal articles floater
- Identity Shield
- Contents replacement cost
Cost Comparison
As of 2017, the national average for homeowners insurance was roughly $101 per month, according to the Insurance Information Institute. However, your individual insurance premiums will depend on a variety of factors, including the insurance provider, your personal information, the characteristics of your home, and where you live.
We requested quotes from State Farm and Farmers to gauge how these companies compared to the industry average.
State Farm Cost
After the rebuilding cost of the home used during the quote process was determined as $250,000, State Farm used a percentage of that total for other structures, personal property, and loss of use coverage. We selected $300,000 for liability and $1,000 for medical payments and deductibles, as that is what a standard homeowners insurance policy comes with.
State Farm Cost Breakdown*
| Type of Coverage | Amount of Coverage |
|---|---|
| Type of Coverage | Amount of Coverage |
| Dwelling | $250,000 |
| Other structures | $25,000 |
| Personal property | $125,000 |
| Loss of use | $50,000 |
| Liability | $300,000 |
| Medical payments to others | $1,000 per person |
| Deductible | $1,000 |
| Monthly cost | $122 |
*Quote and pricing information according to The Zebra
State Farm offers three different discounts to help lower your monthly premiums:
- Roofing
- Home alert protection
- Multiple line
Farmers Cost
Farmers calculates the coverage amounts the same way that State Farm does, using the rebuilding cost of the home to decide dwelling, other structures, personal property, and loss of use coverage.
Farmers Cost Breakdown
| Type of Coverage | Amount of Coverage |
|---|---|
| Type of Coverage | Amount of Coverage |
| Dwelling | $489,000 |
| Other structures | $48,900 |
| Personal property | $268,950 |
| Loss of use | $97,800 |
| Liability | $300,000 |
| Medical payments to others | $1,000 per person |
| Replacement cost | Yes |
| Deductible | $1,000 for all other perils, 1% of dwelling for hurricane/wind/hail |
| Monthly Cost | $290.50 |
Farmers provides the following discounts to help you save money:
- Claims-free
- Non-smoking
- Multi-policy
- Protective devices
- New home
- Roofing materials
To receive an instant quote from Farmers, click here, or use the tool below. If Farmers doesn’t offer coverage in your neighborhood, they’ll match you with the next best provider.
Our Conclusion
After reviewing State Farm and Farmers, the This Old House Reviews Team believes that State Farm is better for affordable coverage and Farmers is better for unique perks.
State Farm offers robust coverage and affordable policies at just $122 per month and many endorsements to help you customize your coverage. Unfortunately, you cannot receive a quote via an online tool; you have to speak with a local agent to receive a full quote.
Farmers is much more expensive, at $290.90 per month. However, you can receive a quote online, and the insurer offers several perks, like including cosmetic damage in its underlying policy, a declining deductible, and claim forgiveness.
Frequently Asked Questions
Are you required to have homeowners insurance?
No, most states do not require that you purchase homeowners insurance. However, if you want to get a mortgage, many lending institutions will require you to purchase some level of homeowners insurance.
Do Farmers and State Farm cover roof leaks?
It depends on whether the leaks are caused by a covered peril, like hail, lightning, or wind. If the leak is a result of poor maintenance, it most likely will not be covered.
Do State Farm and Farmers offer bundling discounts?
Yes, both insurance providers offer discounts if you bundle multiple policies.
Are State Farm and Farmers available in all 50 states?
Yes, both companies have local agents nationwide.
Which is cheaper, State Farm or Farmers?
It will ultimately depend on your individual home, but according to our sample quotes, State Farm is cheaper in general.
To share feedback or ask a question about this article, send a note to our Reviews Team at reviews@thisoldhousereviews.com.