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  Farmers Umbrella Insurance

Farmers Umbrella Insurance

in Umbrella Insurance from Farmers

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Farmers Umbrella Insurance

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in Umbrella Insurance from Farmers

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Highlights
Financial Strength Rating A

Farmers Umbrella Insurance Review

Umbrella insurance is another name for liability insurance. It is designed to protect your assets when you are hit with a lawsuit judgment. Another name for it is "excess liability coverage." It protects you when the liability coverage of your auto insurance, home insurance, or boat insurance is insufficient.

Farmers Umbrella Insurance FAQ

Does Farmers offer an umbrella insurance policy?

Yes, Farmers offers policyholders an umbrella insurance policy. Read below how Farmers compares to other insurance carriers

How does Farmers Umbrella Insurance work?

Let's say you are at fault in a serious car accident. The cost of the damages is $500K. However, your auto insurance liability coverage limit is $300k. If you have an umbrella insurance, it will kick in so you don't have to pay the balance out-of-pocket.

Where does Farmers Umbrella Insurance do business?

Farmers Umbrella Insurance is an insurance carrier based in Woodland Hills, CA. The company was founded in 1928 and offers umbrella insurance policies in 49 states (and Washington, DC).

What types of umbrella insurance does Farmers Umbrella Insurance offer?

Farmers Umbrella Insurance provides the following protections:

  • Serious bodily injury liability -- Say a guest falls on your property and requires surgery. The cost may exceed your homeowners insurance liability limit.
  • Landlord liability -- If a tenant sues you for damages while renting your property and the cost exceeds the coverage provided by your specialty homeowners insurance.
  • Property damage -- Your umbrella insurance also helps if you are at fault in an auto insurance accident and the damages exceed your auto insurance liability.
  • Slander or libel -- An umbrella insurance policy can also provide coverage if you are sued for something you wrote or said.
  • Malicious prosecution -- If you are counter-sued for wrongfully prosecuting someone, you can be left holding an expensive legal bill.

What minimum liability coverage does Farmers require before approving an umbrella insurance policy?

Most insurers will not allow you to buy an umbrella insurance policy unless you first purchase a substantial amount of liability coverage on your homeowners and auto insurance policies. Farmers requires you to have at least $300,000 in liability insurance before they will grant you an umbrella insurance policy.

What level of liability coverage can you get with Farmers Umbrella Insurance?

Most insurance companies set a minimum of $1,000,000 for umbrella insurance policies. Farmers offers umbrella insurance policies starting at $1,000,000 up to $10,000,000.

How much does Farmers Umbrella Insurance cost?

The cost of your umbrella insurance policy will vary depending on your risk profile. Your premium will probably range between $150 and $300 a year.

Your risk profile depends on factors like your net worth, where you live, your credit history, and your driving record. Owning a dog or vehicles that could damage others, such as a jet-ski or a snowmobile, can also increase your policy premium.

Does Farmers offer policy discounts on their umbrella insurance?

Farmers offers the following discounts.

Policy Discounts Options
Supported Options Unsupported Options
  • Good Student
  • Homeowner
  • Multiple Policy
  • Multiple Vehicles
  • Student Away at School
  • New Customer / Competitor Transfer
  • Claims Free
  • Advance Purchase / Early Shopper
  • Automatic Payment
  • Continuously Insured
  • Defensive Driver / Safety Course
  • Family Plans
  • Farm Vehicle
  • Full Payment
  • Good Credit
  • Higher Education
  • Low Income
  • Loyalty / Long-Term Customer
  • Military
  • Paperless Billing / e-billing
  • Affinity Relationship
  • Senior
  • Storage / Layup Discount
  • Young Driver Training
  • Teacher / Educator
  • Retired
  • Higher Deductibles
  • Non-Smoker
  • Mature / Experienced Operator
  • Motorcycle Endorsement
  • Original Owner
  • Young Applicant
  • Healthy Applicants

Insurance companies add and change the discounts they offer regularly. Check whether you qualify for any other discounts when you apply.

What is the financial strength rating of Farmers Umbrella Insurance?

The financial strength rating of an insurance company scores its ability to pay contracts and policies. Each agency has its own standards and rating scale and a company's rating can change any day. It's a good idea to check the financial rating of an insurance company before you purchase a policy. There are five main rating agencies. SuperMoney's financial strength rating is based, among other factors, on the average score from available ratings.

Farmers Umbrella Insurance scores an A or excellent financial strength rating, which is SuperMoney's second highest available score.

How to apply for Farmers Umbrella Insurance?

  • Visit the Farmers website.
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
  • Check the information is accurate and submit your application.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 49 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Policy Discounts
  • Claims Free
  • New Customer / Competitor Transfer
  • Student Away at School
  • Multiple Vehicles
  • Multiple Policy
  • Homeowner
  • Good Student
Auto Coverage  
Min/Max Liability Coverage $1,000,000 - $10,000,000
Personal Injury Protection  
Vacation Rental Liability  
Worldwide Coverage  
Required Minimum Limits $300,000
Financial Strength Rating A

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SUPERMONEY NET RECOMMENDATION SCORE

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Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.