Farmers homeowners insurance company is one of the largest in the U.S. As you shop for homeowners insurance companies, you will undoubtedly come across their name. To find the best homeowners insurance, you must evaluate the top companies based upon several criteria. Here is an overview of Farmers homeowners insurance company that will hopefully help you compare them to other companies in the insurance industry.
Farmers Homeowners Insurance Company History
The history of Farmers homeowners insurance company goes back to the 1920′s. In 1928, John C Tyler and Thomas E. Leavey, both with ties to ranchers and the insurance industry, founded Farmers Automobile Inter-Insurance Exchange. They used a loan from Bank of America and set up shop in Los Angeles, California. They began with the notion that farmers were less risky with their automobiles than normal citizens and thus should pay less for insurance. From these beginnings, Farmers moved into a large line of personal insurance products, including homeowners insurance.
Farmers suffered through three major natural disasters in 1989, 1991 and 1994. The 89′ San Francisco earthquake, 91′ Oakland fires and the 94′ Northridge earthquake cost the company billions of dollars in claims. Farmers homeowners insurance company made it through these disasters and after acquiring 21st Century insurance in 2009, Farmers is now the third largest personal insurer in the U.S.
Farmers Homeowners Insurance Company Policies
You do not need to be a farmer or rancher to purchase a Farmers homeowners insurance company policy. Anyone can purchase a policy as long as you meet certain minimum qualifications. Homeowners insurance policies from Farmers will be similar to most policies you find. You will have coverage for:
- Dwelling improvements
- Other structures on property
- Personal liability
- Personal property
Whether you rent or own, you can get an insurance policy for your home through Farmers. The standard perils, such as theft, fire, wind damage and water damage will be covered. You can also add additional coverage options for flooding, earthquakes, hurricanes and insurance for expensive personal collections such as jewelry or artwork.
Farmers Homeowners Insurance Company Additional Products
If you are looking for more than homeowners insurance, then you are in luck. In addition to homeowners insurance, Farmers also offers a wide array of personal insurance lines as well as annuities and mutual funds. If you live in one of the 41 states in which Farmers has a presence, then you have access to auto insurance, casualty insurance and life insurance. You can find insurance for your boat, motorcycle, classic car, even your business. Consider these other lines of insurance as you shop for homeowners insurance. If you purchase multiple policies from the same insurance company, you will be in line for significant discounts. That is the type of savings that can really add up over the months and years.
Farmers Homeowners Insurance Company Financial Stability
Even after suffering through several major disasters, Farmers homeowners insurance company is still one of the most financially stable insurers in the U.S. The most recent financial stability ratings are:
- A.M. Best: A (Excellent)
- Moodys: A2 (Good)
- Standard and Poor’s: AA- (Very Strong)
These strong financial ratings are based upon the assets owned by Farmers homeowners insurance company and the strong policyholder equity that it currently holds.
Compare Farmers Homeowners Insurance Company Rates With Other Providers
The only way to find out if Farmers homeowners insurance company is the best deal for you is to shop around and compare rates. Take the time to gather many homeowners insurance rate quotes to compare the rates of Farmers with other insurance providers in your area. It only takes about 15 minutes, and you will be glad that you did. You can save hundreds of dollars per year on your homeowners insurance simply by taking 15 minutes to shop around.