Farm Bureau Insurance Review 2021: Car, Home, and Life

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In 1939, Iowa Farm Mutual Insurance Company opened its doors in Des Moines, Iowa. In its infancy, the company sold liability insurance to local farmers. As the company grew and opened offices in other states, it expanded its insurance product line to include coverages for cars, homes, life, health and business. Today, the company is known as Farm Bureau Financial Services and employs 4,000 field agents in Arizona, Iowa, Idaho, Kansas, Minnesota, Montana, North Dakota, New Mexico, Oklahoma, South Dakota, Utah, Wisconsin and Wyoming.

Farm Bureau Insurance is known for its superior car and home insurance products. It also offers protection for your business, farm and recreational vehicles. There are 16 regional claims centers in Tennessee and over 350 claims professionals to help when you need it most. Fantastic coverage coupled with exceptional customer service makes Farm Bureau Insurance a popular choice for your insurance needs.

Farm Bureau Car Insurance

Farm Bureau offers a wide array of auto insurance coverage, for a wide range of vehicles. Whether you drive an SUV, a farm truck or minivan, you can find coverage options:

Coverage Options

  • Liability insurance, which covers the cost of repair or replacement of another person’s automobile or other property when you are at fault in an accident. Liability coverage also pays for the injuries of other people but does not cover the injuries of the insured.
  • Comprehensive coverage for theft of or damage to your car not caused in an accident.
  • Medical and no-fault coverages, which pay for your medical expenses following an accident, regardless of who was at fault.
  • Uninsured and underinsured coverage, which includes the medical expenses of you and your passengers if an uninsured or underinsured driver is at fault in an accident.

Cost of Farm Bureau Insurance

Like other auto insurance premiums, the cost of coverage depends on a variety of factors, including your chosen level of coverage, or if you add options to your policy. The national average cost for full coverage is $1738 a year, based on data from Quadrant information services. Below are the average rates for annual minimum coverage and full coverage with Farm Bureau.

Minimum Coverage Full Coverage
$373 $1,479

Quadrant information services, 2020

Farm Bureau auto insurance discounts

Farm Bureau Insurance offers many ways to reduce the cost of your premium, including:

  • Bundle your Farm Bureau automobile and homeowners policies through the Farm Bureau Member’s Choice program for a single deductible.
  • The claim-free discount rewards drivers who do not have a history of insurance claims.
  • Students who maintain a B average or higher may qualify for a good student discount.
  • Drivers under the age of 25 may qualify for a safe driver discount with a good driving record.
  • The safer you drive, the more you save, with some users reporting up to 30% off their premiums.
  • Low mileage discount for policyholders who do not drive more than 7,500 miles per year.
  • Multiple car discount.
  • Loyalty discounts for Member’s Choice members.

Ask which discounts you qualify for when you get a Farm Bureau Insurance quote.

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Farm Bureau Home Insurance

Farm Bureau’s homeowners policies let you add coverages to protect your home, personal property and properties connected to your home.

Types of Coverage

  • Guaranteed replacement cost coverage can pay up to 125% of your homeowners policy’s limit to repair or replace your home.
  • With personal property coverage, you can protect valuable items such as electronics, cameras and jewelry.
  • Residential equipment breakdown coverage can help pay for the replacement of air conditioners, computers, electronic equipment and hot water heaters.
  • Other building insurance covers the cost of repairing or replacing unattached garages, sheds or other buildings, along with their contents. This benefit kicks in if the damage or loss to an additional structure exceeds the $2,500 limit of your core policy.
  • Umbrella coverage can protect you from liability if someone dies or sustains an injury on your property. Umbrella coverage takes over after you exhaust the liability limit on your core homeowners policy.

Farm Bureau Home Insurance Discounts

As with automobile policies, Farm Bureau home insurance offers policyholders several ways to reduce the cost of their homeowners policies.

  • Bundling your policies covers all your possessions with a single deductible. If you bundle Farm Bureau car, boat and homeowners policies, one deductible will apply if all damage from the same calamity.
  • When you buy a new home or replace the roof on your current home, you may qualify for homeowners premium discounts.
  • Add a burglar alarm system to your home and you may qualify for a protective device discount.
  • Renew your homeowners policy and you may qualify for a longevity credit.

Farm Bureau Life Insurance

Auto and homeowners insurance covers your property and belongings, while life insurance provides coverage for your family if something should happen to you. Options for Farm Bureau life insurance include whole, term and universal life policies. Here is a quick overview of each of the options:

  • Whole life – The All life whole life option from Farm Bureau provides options to pay your premiums over a period of time or pay just a single premium for coverage that lasts your whole life. The whole life policies earn cash value that can be used for big expenses, such as education or a down payment.
  • Term life – Farm Bureau offers term life insurance you can purchase in 10, 15, 20 or 30 year increments. You can add several riders — or benefits — such as children’s term life insurance and waiver of premiums.
  • Universal life – Universal life from Farm Bureau features policies that build accumulated value, based on your premium payments, that you can borrow against for big life purchases. Several optional coverages can be added to the policy to fit your budget and lifestyle.

Reasons Why Farm Bureau is a Great Option

Even though Farm Bureau services just nineteen states, it partners with other companies like Alfa Insurance, American National Insurance and Nationwide Insurance to provide discounted insurance to customers outside of its network.

There are extra perks for a Farm Bureau policyholder too. You can use your membership to receive attractive discounts for things like hotels, pharmacies, rental cars, farm equipment and even theme parks.

Farm Bureau is often the cheapest of most insurance companies, but some areas can be more expensive than the competition. Always price-shop your coverage before making a decision.

Remember, if you choose a Farm Bureau insurance quote for both your auto and home insurance coverage, you can bundle your policies for even greater savings. One premium provides an extra convenience in today’s busy world.

Farm Bureau Ratings, Reviews, Customer Satisfaction and Complaints

J.D. Power and Associates conducts an annual study of insurance companies and ranks insurers based on billing process and policy information, customer interaction, policy offerings, policy pricing and overall customer satisfaction.

In the J.D. Power 2020 U.S. Auto Insurance Study, Farm Bureau Insurance ranked number one in the Southeast and Texas regions, with five-star ratings in all categories. Farm Bureau of Indiana ranked second in the North Central region and Farm Bureau Mutual ranked 8th in the Central region.

The Better Business Bureau gives Farm Bureau Insurance customer service and claims an A+ (Superior) rating. The BBB rates companies based on the number of consumer complaints it receives about a company, the size of the company, the way a company responds to complaints, the amount of time a company takes to resolve a complaint, whether or not a company makes an effort to resolve a complaint, a company’s complaint resolution rate and the length of time a company takes to resolve a complaint.

Most BBB complaints filed against Farm Bureau Insurance by auto and homeowners policyholders involve issues with billing and customer service. Consumer Affairs also shows cause for concern, with an overall satisfaction rating of just two out of five stars from consumers. Many complaints refer to the difficult quote process and the subpar customer service during claims filing. Additionally, many customers report issues with billing concerns like early policy cancellations and overcharges.

AM Best financial rating BBB Rating JD Power 2020 Auto Satisfaction ratings by region
Farm Bureau Property & Casualty A A+ #1 Texas and Southeast regions, #2 in North Central, #8 in Central

Additional Policies Offered by Farm Bureau

Most people want to protect more than just their home and car. Farm Bureau has one of the largest selections of insurance products available, including:

  • Farm vehicle
  • Motorcycle and recreational vehicle
  • Residential equipment
  • Condo
  • Mobile home
  • Term life, universal life, and whole life insurance
  • Agricultural-related business, commercial business, and crop and livestock
  • Home-based business insurance
  • Disability and long-term care insurance
  • Business succession, employee benefits, and workers compensation insurance

Frequently Asked Questions

What is the best auto insurance company?

The best auto insurance company depends on your needs for coverage, budget and digital tools (such as an app and user-friendly website). Bankrate’s analysis of the best auto insurance companies in 2021 shows State Farm scores a 3.93/6, the highest overall Bankrate rating. This is based on strong customer service reviews, financial strength, coverage options and competitive premiums.

What is the best home insurance company?

The best homeowners insurance is based on a number of factors, including your location and property type. Bankrate’s analysis of best home insurance companies found Amica ranked highest based on coverage options, customer satisfaction and financial ratings.

What is the best life insurance company?

Look for a life insurance company that has a great reputation for customer satisfaction, strong financial ratings and a well-established position in the marketplace. An analysis completed by Bankrate shows MetLife ranks the highest in overall financial ratings, customer satisfaction and life insurance options.