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Farm Bureau Home Insurance Review

In 1939, Iowa Farm Mutual Insurance Company was founded and this is where Farm Bureau Financial Services came from. At first, the company was only writing farm liability insurance but as the years went by, they expanded into personal lines coverage, including life, home, auto, and financial coverage.


This membership-driven insurance company is founded to help farmers obtain insurance coverage to meet their specific needs. They offer a huge range of products across multiple states. This review is for homeowners that are looking for affordable insurance rates, many discount options, and fast payout claims. Read more below.

The Truth


Farm Bureau only provides home insurance policies for their members, which means you have to be a member first before you can purchase insurance policies to them. Anyone can be a Farm Bureau member and it is available through the State Farm Bureau office and fees depend on which state you live. 


For an annual fee, the cheapest membership level typically costs $20 to $75. If you're an agricultural business owner or a worker, you can pay more to have a regular membership. Regular memberships can make you eligible to run for leadership positions and vote within the organization. 


They offer affordable rates with a lot of discount options. They also have a fast payout for the claims filed by customers compared to the national average and they provide in-person customer support. 


The Claim


Farm Bureau claims that they provide customized coverage tailored to each homeowner's needs. They also claim that they are committed to personal customer service, they make customers' bill payments easy and quick, and that filing claims in their company will not be stressful. 


Is their claim true?


Sort of. Customer complaints about Farm Bureau are lower than the national average, which would likely mean that their claims are true and that customers are truly satisfied with its service. However, there have been some negative reviews about its customer service and claims handling. They say that customer service can be hard to reach when policyholders try to file a claim and that after an initial claim, there have been several reports of cancelled policies. The best thing to do is to do more research about the company and look for more reviews to help you decide. 


Farm Bureau Home Insurance Products


The company's homeowners insurance is designed for single-family homes, which provides liability, basic structure, and personal property coverage. You can also add endorsements such as Guaranteed Replacement Cost and Equipment Breakdown to your homeowners insurance policy for a broader but more expensive coverage. 


Farm Bureau Discounts


The same as most home insurance companies, Alfa offers premium discounts to homeowners if they:


  • Installed fire and smoke alarms 
  • Installed security system, such as burglar alarms 
  • Purchased home insurance premium for a new home
  • Bundle auto insurance with home insurance
  • Have hail-resistant or new-installed roof

Farm Bureau Ratings


In the Clearsurance website, most of the customer reviews have 4 and 5 star ratings. They say that Farm Bureau has great customer service and has affordable rates. Others also said that the claims process was quick and efficient during hail storm where a lot of customers are filing claims for hail damage


Farm Bureau is not included in the J.D. Power 2018 U.S. Home Insurance Study, unlike State Farm, Geico, and All-State. When it comes to their financial strength, A.M. Best gave the company an A or Excellent rating, which means they can really pay out claims of their homeowners, even when multiple claims are filed to them each day. 


The Pros and Cons of Farm Bureau Home Insurance


To wrap up our review, here are the advantages and disadvantages of getting homeowners insurance in Farm Bureau.

Pros

  • Affordable

  • They have in-person support

  • Good customer reviews

Cons

  • Some negative reviews on customer support and claims handling

  • Only available in 19 states

  • No online quoting

Helpful Tip: Home insurance risks that can get your policy canceled


Home insurance policies can be canceled for a variety of reasons. Here are some of them:


  • For an occasional claim over a period of years, even if it's a major claim, you won't have your home insurance canceled. But, if you have too many claims during a policy year, even if it's just minor claims, your company might cancel your home insurance. 
  • Underwriters are doing some inspection at the time of a home insurance policy renewal. If they saw some disrepairs on your property, such as damaged and old roofs or unsafe and leaking pipes, they might cancel your policy rather than renew it. Perform your own inspection and do the repairs as soon as possible to avoid cancellations.
  • Most insurance companies have a grace period of thirty days where you can make a payment if you have not paid your home insurance policy premium by the due date. Your coverage will stay in effect without any interruptions as long as you can get your premium paid before your due date or during the grace period. However, if you have a poor payment history during your policy year, it might get canceled since payment history is also reviewed upon renewal of your home insurance policy. 

Insurance companies provide written notice to their customers before they cancel the insurance policy. Most states require 30 days of written notice prior to the date of cancellation so you will have time to shop for a new home insurance company before the current one gets canceled. 


Check Out Our Other Reviews


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ASI (American Strategic Insurance)
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Esurance
Farmers
GEICO
Hippo
Homesite
Lemonade
Liberty Mutual
MetLife
Nationwide
National General
Progressive
SafeCo
State Farm
The Hanover
The Hartford
Travelers
USAA


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