An ample range of insurance providers is available for Farm Bureau members, depending on the state they live in. A handful of states have their very own Farm Bureau insurance company that specializes in writing and selling policies. Moreover, another two Farm Bureau insurance companies operate regionally to serve the remaining ten states. You can get insurance from Farm Bureau in most states, but in some states, they use other insurance companies as underwriters.
Getting all your insurance policies from one provider could be a great choice for you. Farm Bureau has got you covered with an array of policies including home, car, life, farm, boat, umbrella, and business insurance. The best part is that you get to enjoy discounted rates when you opt for multiple policies.
To get down to the bottom of their insurance quality, we took to the internet and utilized their quote tool. Read along with us as we pick apart Farm Bureau regarding their coverage and policy premiums. We’ll review Farm Bureau as they compare to other insurers based on their claims process, customer satisfaction, and more!
Farm Bureau homeowners insurance coverages and premiums
With Farm Bureau’s quote tool, we can enter our home’s details manually. In doing so, it even allows us to choose our deductible between $500 and $5,000.
According to Forbes, Farm Bureau boasts an average premium of $2,131 for $300,000 worth of dwelling coverage. For the state of Arkansas, this makes them the second cheapest insurance company in the state. To test this theory, we took to their quote tool for the truth.
To keep rates as fair as possible for comparison, we chose our test home in Arkansas to get a quote from Farm Bureau. This Central Arkansas home was built with 1,220 square feet in 1982. It still has the original roof (yikes) and is in an area prone to flooding and high winds. Many insurance companies avoid older homes, structures, and locations like this. As a result, this home gets quoted $1,908 in annual premiums on average based on 6 insurance companies we tested. Farm Bureau came in a bit cheaper than average at $1,663.
Once the quote tool did its job, here is what we were provided with:
|Other Structures||$15,400 (10%)|
|Personal Property (Replacement Cost)||$77,000 (50%)|
|Loss of Use||$30,800 (20%)|
This quote provided us with the typical coverage you would see in a home insurance quote. We could change our dwelling and personal property coverages if needed, and we could toggle our personal liability coverage up to $500,000.
Farm Bureau even provides us with a new coverage: Coverage G. This coverage is what they call “Physical Damage” which we were given $500 worth of protection for. Coverage G refers to a type of blanket coverage for property that isn’t specifically outlined in the policy. This property usually includes farm equipment or tools that fluctuate in quantity from year to year.
When we look at Farm Bureau as they compare to their competitors, we notice that we certainly weren’t provided with the lowest rate. Here’s how they stand up to the competition:
|Insurer||Dwelling Coverage||Annual Premium|
So, Farm Bureau didn’t offer us the cheapest coverage or the most comprehensive dwelling coverage. We were offered lower rates with other insurers for nearly double the dwelling coverage. Moreover, we weren’t offered nearly as many endorsements or extra features to compensate for these extra few hundred dollars a year.
Despite our results, customers rave about their cheap rates with Farm Bureau. One customer even notated how their rates were 50% lower than their hiked-up rate from State Farm after being a loyal customer for decades.
Optional coverages from Farm Bureau
The only optional coverage we were given was Equipment Breakdown for $75 more a year. Other possible add-ons include optional perils and sewage backup.
Farm Bureau also has standalone flood insurance. With this, homeowners can enjoy coverage options that include their dwelling and/or personal property. Coverage is limited to $250,000 tops for the structure of the home, and $100,000 for the contents within.
Farm Bureau home insurance discounts
This was all after our discounts were applied to the annual premium. Farm Bureau provided us with 4 discounts upon receiving a quote. Our applied discounts were all a part of their Theft/Loss Control incentives. They include:
- Burglar alarm
- Fire extinguisher
- Fire alarm
Having any of these safety tools installed on your property could result in savings. This is due to the homeowner’s attention to security and safety to further prevent certain losses. Other discounts can be applied for:
- New homeowners – those who buy a home that is less than 25 years old may qualify for a 25% discount on their annual premium.
- Homeowners with companion services – those with auto insurance through Farm Bureau could qualify for a discount.
- Those who work as farmers: an occupational discount is available for full-time farmers.
- Those who are retired: a retired person over age 55 can receive a discount on their annual premium.
- Homeowners with an augmented roof: you could receive a discount when your roof is new or made of certain wind and hail-resistant materials.
- Loyal customers: you can receive a discount when you renew your policy with Farm Bureau.
These are the typical discounts you would see with a home insurer. We’ve been met with more discounts in our journey for the best home insurance company. On the other hand, they offer more discounts than some far more popular insurance companies, like State Farm. You can visit our other reviews to see how Farm Bureau compares to its competitors.
What customers think about Farm Bureau
Farm Bureau, like most reputable insurance companies, has found ways to give back to its communities. In March of 2023, a tornado destroyed hundreds of homes in Central Arkansas. Farm Bureau’s subsidiary company in the state was the only insurance company seen providing hot meals and resources for newly unhoused residents in the area.
Customers know when their insurer truly cares for their well-being. This is the case with Farm Bureau as well, with only 0.2 complaints registered in 2022 on NAIC’s National Complaint Index.
Even across the internet, the lowest star rating for Farm Bureau according to customers is between 3.5 and 4. Many of them cite great customer service and lower rates than their national competitors.
The BBB reflects a counter-view of these praises, however. While they dictate an A+ rating, they also show an average of 1.5 stars from 7 customer reviews. Of these negative reflections, the majority of issues with the Farm Bureau seem to be with individual agents. Many customers are upset with the lack of care, concern, or sense of urgency that comes from agents hired by the Farm Bureau.
Farm Bureau’s claims process
Farm Bureau allows you to file a claim using typical avenues. These include calling them (1-866-275-7322) or logging into your account online.
Unlike insurers of this stature, Farm Bureau has a mobile app. From here, you can file and track a claim, check your policy details, and get in touch with your agent.
Some customers understandably take to internet forums to express their slow claims process. However, there are actually some insureds that praise their easy, quick, and painless claims process. They recall being able to choose their own contractors and being provided with ample solutions to cover the issue at hand.
Farm Bureau’s financial standings
Farm Bureau and its subsidiaries cover decent ground in financial stability. Across AM Best, all Farm Bureau ancillary companies surround “A” ratings. For example, Farm Bureau of Arkansas stands at “A-”, while Farm Bureau Property & Casualty lands at a solid “A”. These ratings are for financial strength, but Farm Bureau’s long-term issuer credit stands firm at “A+”.
Weiss Ratings views Farm Bureau in nearly the same light. Some of their secondary companies are scored as low as a “C” for the state of Texas, and as high as an “A-” for the state of Michigan.
As for Farm Bureau Property and Casualty, Weiss Ratings has provided a solid “B” rating, meeting all their criteria in the middle for this insurer as a whole. This score reflects the Farm Bureau’s ability to display good financial security and retain the necessary resources to deal with a variety of economic conditions.
Weiss believes Farm Bureau may need to be re-reviewed for its ability to maintain adequate financial strength in the event of a severe recession or major financial crisis.
Farm Bureau is not accredited by the BBB, but they do have an A+ rating due to their ability to quickly address complaints. They are also unrated by Demotech at this time.
Overall, Farm Bureau is a decent adversary in the insurance game. Even though our comparative rates were a little higher for less coverage, many customers were impressed with their lower premiums. Not to mention, their coverage options still took care of our basic needs.
Their customers are relatively happy, especially when you look at the ratings for other insurers. They mainly cite a reputable insurer that has some issues with some of their agents.
If you prefer to bundle your services, Farm Bureau may be the company for you. Especially if you like dealing with a home insurer that doesn’t give you too many problems.