Definition: Quote farmers insurance, also known as Farmers Insurance Quote or FICA, is a type of property insurance policy that provides coverage for damage to a person's home caused by a claim made under the policy. The policy covers damage from natural disasters such as storms, earthquakes, floods, and fire, as well as property damage due to theft, vandalism, and other hazards. The quote farmers insurance policy typically includes limits of $100,000 or more for damage to a person's home, depending on the coverage level. The policy is typically issued by a third-party insurer who acts as an intermediary between the homeowner and the claimant and works with the homeowner to determine the extent of the damage. Quote farmers insurance premiums are charged based on the amount of damage covered under the policy and can range from 0.5% to 3% per year depending on the coverage level chosen. The premiums may be paid monthly or annually, but must be renewed periodically if the homeowner wishes to continue using the policy. Some quote farmers insurance policies also include provisions for property loss compensation and provide a limit of coverage for personal injury claims made by the claimant.
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