Farmers vs GEICO Home Insurance: Difference and Comparison

Insurance is an investment that caters security, safety, protection, and coverage in various aspects. It boosts confidence in the individuals.

There are various policies available to suit the need of every customer. The two most popular insurance companies are farmers and GEICO. Both the companies provide service mainly in the US.

Key Takeaways

  1. Farmers Insurance offers a wider range of coverage options and customizable policies, while Geico provides more competitive pricing.
  2. Farmers have a stronger network of local agents, offering personalized service and support, whereas Geico relies primarily on online and phone support.
  3. Geico has a more streamlined claims process and a better mobile app, allowing for efficient policy management and claim filing.

Farmers vs GEICO Home Insurance

Farmers Insurance Group is a US-based insurer offering coverage for homeowners, auto, life, business, and other types of insurance. GEICO is also a US-based insurer that primarily offers coverage for auto insurance. The company was founded in 1936 and has since grown to become one of the largest insurers in the country.

Farmers vs GEICO Home Insurance

Farmers Home Insurance is available in three main packages that are standard, premier, and enhanced. The insurance company operates through agents and local representatives.

The main area which is served by the insurance company is the United States.

On the other hand, the GEICO home insurance policies cover three major aspects that are property damage, personal property, and jewelry coverage.

The insurance company has an online signing-up process. There are a few agents to which are known as field representatives.

Comparison Table

Parameters of ComparisonFarmers Home InsuranceGEICO Home Insurance
Year of establishment 19281936
Geographic coverage Over 49 states Over 50 states
Mode of operationMostly through agents and representativesOnline as well as through agents and representatives
AdvantagesIt provides extensive coverage options, an online filing option for highly-rated claims service, and the company is available nationwide It has competitive rates, several discounts, easily accessible online tools, and numerous coverage options
DisadvantagesThe premium rates are comparatively higher, the website is not quite user friendly and the customer service is rated average The reviews about the company are average and there are no local agents for guidance

What is Farmers Home Insurance?

Farmers insurance group is a renowned insurer group of America. It provides insurance in various domains like automobiles, small businesses, homes, and other financial services.

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The company has over 48,000 agents and over 22,000 employees. It is a private insurance company. It was founded in the year 1928 by John C. Tyler and Thomas E Leavey.

The headquarters of the company is in Los Angeles, California, US. The main area which is served by the insurance company is the United States. The CEO of Farmers Insurance is Jeffrey J Dailey.

The parent organization of Farmers Homes Insurance is Zurich Insurance Group. The origin of Farmers insurance was to provide farmers and ranchers with lower insurance premiums.

Farmers home insurance provides various services like renters insurance, homeowners insurance, mobile home insurance, condominium, manufactured home insurance, seasonal and vacation homes, specialty home insurance, landlord and rental properties, and even flood insurance programs.

The NAIC score for Farmers is 1.31, while the average score for the industry of insurance is 1.0.

Farmers home insurance is available in three main packages that are standard, premier, and enhanced. All the packages can be customized according to the needs and demands of the users.

The standard package is best for homeowners who want a balance between features and affordability. The premier package has the highest limits and coverages and even a guaranteed replacement cost coverage.

The enhanced package can accommodate several policy limits with additional features.

What is GEICO Home Insurance?

GEICO is a private insurance company which has the full form as Government Employees Insurance Company. The company provides insurance and financial services in various domains.

The company was founded in the year 1936 in Texas, United States. The headquarters of the private insurance company is in Maryland, United States. The insurance company mainly provides services in the United States.

The CEO of GEICO is Todd Combs. The home insurance of GEICO is operated by an agency hence the policies and quotes are underwritten by providers which are third parties.

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This leads to variation in the coverage and pricing of the home insurance policies. The insurance company has over 40,000 employees.

The GEICO home insurance policies cover three major aspects that are property damage, personal property, and jewelry coverage.

The property damage provides coverage of the property from various structures like wind, fire, hail, water damage which has to be included in the policy. Personal property includes belongings that are stolen or damaged in the incident. The belongings can be appliances, furniture, dishes, and even clothing.

It also provides coverage for jewelry but in a limited manner. The jewelry can include diamond bracelets, engagement rings, and even wedding bands.

The policies of GEICO home insurance are highly customizable according to the threats and vulnerabilities of the users. It also has multi-policy discounts and home security system opportunities.

Main Differences Between Farmers and GEICO Home Insurance

  1. Farmers home insurance operates on users-based or telematics while GEICO home insurance does not operate on telematics or usage-based.
  2. The parent organization of Farmers Homes Insurance is Zurich Insurance Group while the parent organization of GEICO Home Insurance is Berkshire Hathaway.
  3. The financial strength rating given to Farmers Home Insurance is ‘A’ while GEICO has been given an ‘A++’.
  4. The JD power ranking given to Farmers is ‘excellent’ while the JD power ranking given to GEICO is ‘average’.
  5. The premium rates of Farmers are comparatively expensive while GEICO has cheaper premium rates.
  6. The customer satisfaction scores of the Farmer are better with fewer complaints while the customer satisfaction score of GEICO is lower with higher complaints.
References
  1. https://consumerfed.org/wp-content/uploads/2015/11/151118_insuranceinpredominantlyafricanamericancommunities_CFA.pdf
  2. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/defcon60&section=10

Last Updated : 13 July, 2023

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6 thoughts on “Farmers vs GEICO Home Insurance: Difference and Comparison”

  1. The article offers an unbiased comparison of Farmers and GEICO home insurance, providing readers with insightful knowledge about both companies.

    Reply
  2. The negative aspects of both Farmers and GEICO are well presented. This article is beneficial for people who are looking for a comprehensive understanding of both companies.

    Reply
  3. The article is quite detailed, and the author seems to have done thorough research on Farmers and GEICO home insurance. It’s amusing to see the comparison between the two main insurance providers.

    Reply
  4. This article is very informative for someone who is looking to purchase a home insurance policy. The detailed comparison between Farmers and GEICO helps in understanding the major differences and helps in choosing the best option for their needs.

    Reply
  5. The extensive comparison tables are very helpful. It makes it easier to understand the advantages and disadvantages of each home insurance provider.

    Reply

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