Texas Farm Bureau insurance review 2024
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At a glance
Bankrate's take
Policyholders in Texas looking for top-notch customer service or who prefer an in-person agency experience might consider Texas Farm Bureau as their company of choice. Customers should note that the carrier comes with an annual membership fee, although it provides additional perks.
Who Texas Farm Bureau Insurance might be good for: Texans who want personalized service may appreciate Texas Farm Bureau’s insurance coverage.
Who Texas Farm Bureau Insurance might not be good for: Those who live outside Texas, or who don’t want to pay an annual membership fee before buying insurance may want to consider other insurers.
New
AM Best has placed the company under review with negative implications due to a decrease in its surplus. Existing or future companies may want to monitor the situation to ensure the company maintains a strong financial outlook.
Texas Farm Bureau car insurance
Texas Farm Bureau has offered insurance products to Texans since 1952. Now headquartered in Waco, Texas, the carrier has grown to include over 850 local agents, 300 claims personnel and 300 offices across the Lonestar State. Since Texas Farm Bureau does the bulk of its business via local agencies, this carrier could be optimal for those who prefer the personalized service that an in-person insurance experience may provide.
The company is part of the American Farm Bureau Federation and requires an annual membership fee, although the rate varies depending on where you reside. Membership is open to all Texas residents and includes several benefits, including discounts on products and services as well as access to insurance policies. Many states across the country have their own Farm Bureau agencies, but Texas Farm Bureau insurance is only available in Texas.
Texas Farm Bureau offers a full line of auto insurance coverage, from the minimum liability coverage needed to drive legally in Texas to a full coverage policy with add-ons, including rental reimbursement, roadside assistance and ridesharing coverage. Although Texas Farm Bureau’s auto endorsement options may not be as robust as some carriers, it also offers death indemnity coverage, which is not always available with other providers. This optional coverage pays a death benefit to a beneficiary or beneficiaries should you die as a result of a qualifying accident in your vehicle.
Pros and cons of Texas Farm Bureau car insurance
Finding the best car insurance company may not always be easy, but Bankrate’s insurance editorial team is here to help. Creating a list of pros and cons may help you determine if a specific provider can meet your individualized needs.
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Earned third place for overall customer satisfaction in Texas in the J.D. Power 2023 U.S. Auto Insurance Study
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Plentiful offices located across Texas
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Rideshare and death benefit coverage options available
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No gap insurance available
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Accident forgiveness is not available
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Customer service is only open Monday through Friday during normal business hours
Texas Farm Bureau car insurance cost
Bankrate analyzed proprietary premium data from Quadrant Information Services, and according to our research, the national average cost of car insurance is $2,314 per year for a full coverage policy and $644 for a minimum coverage policy. However, your rates may be more or less than the average, as auto insurance is highly personalized. Car insurance companies may use a variety of rating factors to determine how much to charge for coverage, including your location, vehicle, age and in some states (including Texas), your credit information.
Premium data for Texas Farm Bureau car insurance is unavailable, so the best way to compare rates may be to request a quote online, in person or over the phone.
Texas Farm Bureau car insurance discounts
Discount information is limited on Texas Farm Bureau’s website, but it does list a few opportunities that may help you save on your car insurance, including:
For more information regarding discount eligibility and savings amounts, please contact a Texas Farm Bureau agent.
Texas Farm Bureau home insurance
According to our analysis, Texas Farm Bureau could be best for Texans looking for the cheapest homeowners insurance company who prefer to do business in person with an agent.
Homeowners insurance with Texas Farm Bureau comes with many of the standard coverage types you’d expect, such as dwelling, liability and personal property. To find out if the company offers any additional endorsement options, you will need to reach out to Farm Bureau directly — the company’s website does not list any coverage options outside of those that come standard with a typical homeowners policy.
Pros and cons of Texas Farm Bureau home insurance
When comparing home insurance quotes, a pros and cons list may help you narrow down your options. To do this, you may find it helpful to write down what you like about a company’s offerings and where they might fall short.
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High customer satisfaction, according to the National Association of Insurance Commissioners (NAIC) Complaint Index
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Local agents available
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Average home insurance rates tend to be far lower than state and national averages
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Must contact an agent for a quote
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Very little information about home insurance product can be found online
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Not rated by J.D. Power
Texas Farm Bureau home insurance cost
Bankrate took a deep dive into the cost of homeowners insurance in 2023 and based on our research, the national average rate for $250,000 in dwelling coverage is $2,151 per year. On the other hand, Texas Farm Bureau comes in much lower at $3,620 per year. Since Texas Farm Bureau is only available in Texas, you may find it interesting to know that the average annual homeowners insurance rate in the Lonestar State is $4,039. So, Texas Farm Bureau is a whopping 10 percent less than the statewide average for a comparative homeowner profile.
It's important to note that your actual homeowners insurance premium will vary based on your rating factors, such as your home's age, location and your claims history.
| Dwelling coverage limit | Texas Farm Bureau average premium | National average premium |
|---|---|---|
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$150K dwelling
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Texas Farm Bureau average premium
$2,245
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National average premium
$1,274
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$250K dwelling
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Texas Farm Bureau average premium
$3,620
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National average premium
$2,151
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$350K dwelling
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Texas Farm Bureau average premium
$3,974
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National average premium
$2,450
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$450K dwelling
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Texas Farm Bureau average premium
$4,541
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National average premium
$3,046
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$750K dwelling
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Texas Farm Bureau average premium
$5,690
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National average premium
$4,824
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Texas Farm Bureau home insurance discounts
Like its auto insurance, Texas Farm Bureau does not disclose all the specifics of its home insurance discounts. To learn about all the ways that you may save on your Texas Farm Bureau home insurance policy, please contact an agent. However, a few discounts available for a Texas Farm Bureau home insurance policy include:
Texas Farm Bureau life insurance
Texas Farm Bureau may be a good life insurance company for you if it already provides coverage for your home or auto. The company offers many types of life insurance, including the following:
- Term: Texas Farm Bureau offers term life insurance policies with 10-, 20- and 30-year options. You may also be able to convert your term policy into a whole life policy, as long as you opt for convertible life and convert before the policy’s stated deadlines.
- Permanent: Texas Farm Bureau offers two primary permanent life insurance policy types. These may be suitable for those looking to use their life insurance policy in estate planning or other end-of-life arrangements.
- Whole: Whole life insurance options with Texas Farm Bureau include basic whole life, modified premium whole life, 20-pay life and single premium whole life.
- 15-Pay juvenile life: This uncommon policy type from Texas Farm Bureau allows parents to purchase a whole life policy for their children as long as their child is 15 years old or younger.
Pros and cons of Texas Farm Bureau life insurance
If you’re considering Texas Farm Bureau as a cheap life insurance option, you may want to contact an agent directly — the company doesn’t provide much life insurance information on its website. However, the table below could give you a launching point for questions you may want to ask your agent.
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Multiple policy types offered
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Term to whole life conversion available
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Policyholders are able to make payments online
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Unknown if medical exams are required
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Life insurance riders are mentioned, but no specifics are provided
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Life insurance quotes are not available online
Texas Farm Bureau life insurance endorsements
Endorsement information for Texas Farm Bureau life insurance is slim, but the company does state that riders are available for its whole life policies. For specifics, you could contact an agent for a life insurance quote.
Compare life insurance providers quickly and easily
See which provider is right for you.
Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare Texas Farm Bureau to other insurers
This Texas Farm Bureau Insurance review may have you wondering if it's the right company for you. If so, you may want to consider requesting quotes from the carriers below.
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Featured
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OVERVIEW
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Policyholders in Texas looking for top-notch customer service or prefer an in-person agency experience might consider Texas Farm Bureau as their company of choice. Customers should note that the carrier comes with an annual membership fee, although it provides additional perks.
Read More
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Policyholders who value excellent customer service and robust coverage options but don’t mind paying more for homeowners insurance, might consider Amica as their company of choice.
Read More
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Policyholders who value digital capabilities and robust discounts over customer and claims satisfaction might consider Liberty Mutual as their company of choice.
Read More
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STANDOUT FEATURES
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Local agents available
Lower than average home rates
Rideshare and death benefit coverage options available
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Stolen key expense coverage
Numerous home and auto discounts
Offers umbrella insurance
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Local agencies available
Offers a military discount
Sells multiple insurance products
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AVG FULL COV. AUTO RATE
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| No rates available | No rates available | No rates available |
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JD POWER AUTO SCORE
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| Not Scored |
909/1000 |
870/1000 |
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AVG HOME RATE
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| $3,620 |
$1,863 |
No rates available |
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JD POWER HOME SCORE
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| Not Scored |
844/1000 |
789/1000 |
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AM BEST RATING
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| Not Scored |
A+(Superior) |
A(Excellent) |
Is Texas Farm Bureau a good insurance company?
Whether or not Texas Farm Bureau is a good company likely depends on you and your needs. If you live in Texas, are looking for cheap homeowners insurance and don’t mind paying an annual membership fee (which also grants access to additional savings and benefits), then Texas Farm Bureau could be the company for you.
This carrier could also be an excellent choice for people who feel passionately about farming and ranching issues, since the Texas Farm Bureau advocates for this demographic. However, better options may be available if you prefer to handle your insurance policies digitally via a mobile app and don’t enjoy an in-person agency experience. To find out if the Texas Farm Bureau could meet your needs, the best course of action may be to call an agent and request a quote.
Texas Farm Bureau customer satisfaction
Although affordable rates may be essential when gathering insurance quotes, it’s not the only consideration for many customers. For some, customer satisfaction is just as important as cheap premiums. For this reason, Bankrate reviews a variety of metrics to analyze an insurance company’s customer satisfaction. Among these metrics are third-party scores issued by J.D. Power; however, given its availability, JD Power only rates Texas Farm Bureau in its surveys which break down satisfaction by region and not in national studies.
The company does have an excellent financial strength rating with AM Best, however, which indicates it has met its claims obligations in the past. As we mentioned earlier in this article, though, that rating is currently under review, so current future policyholders may want to keep an eye on its status to see if AM Best changes its rating.
| Study or Rating agency | Texas Farm Bureau | Industry average |
|---|---|---|
| 2023 J.D. Power Digital Experience Study - Service | Not scored | 702/1,000 |
| 2023 J.D. Power Digital Experience Study - Shopping | Not scored | 521/1,000 |
| AM Best rating | A- (Excellent) | N/A |
Texas Farm Bureau auto claims satisfaction
Auto customer satisfaction is where Texas Farm Bureau truly shines. The company scored first place with a strong 824 points out of 1,000 for overall customer satisfaction in the Texas region during the J.D. Power 2023 U.S. Auto Insurance Study. It is not rated in the claims satisfaction survey because of its small service area. It has historically performed well in the J.D. Power Auto Insurance Study, however, indicating that its customers are generally happy with the service it provides.
Texas Farm Bureau customer complaints
Additionally, we study where a company lands on the NAIC Customer Complaint Index. To understand this data, know that the NAIC compiles complaints that policyholders lodge against a company and converts the number of complaints into an index score. A company with an average amount of complaints for its size will have an index of 1.00. A company with an index higher than that receives more complaints on average, while an index lower than 1.00 indicates fewer complaints than average.
Texas Farm Bureau’s auto satisfaction in the J.D. Power survey may be backed up by its private passenger NAIC Complaint Index, which is 0.19. To put this into perspective, the NAIC has only received four complaints regarding the company’s car insurance.
Texas Farm Bureau has only received two homeowners complaints with the NAIC, giving them a complaint index of 0.05. This low index score may indicate that the company’s homeowners insurance customers are generally satisfied with their experience.
Other Texas Farm Bureau tools and benefits
In addition to auto, homeowners and life insurance, Texas Farm Bureau offers:
- Farm and ranch insurance: Texas Farm Bureau has specialized insurance products that offer protection for farmers and ranchers, including coverage for barns and inland marine policies to cover farming equipment.
- Renters insurance: If you are a renter, you may want to consider a Texas Farm Bureau renters policy for financial protection for your liability and personal property.
- Landlord’s insurance: Typically, a standard homeowners insurance policy will not provide coverage if you rent out your property full-time — this is where landlord’s insurance may step in.
- Commercial property insurance: Texas Farm Bureau offers a range of commercial insurance products tailored for this unique exposure, including commercial property, commercial liability policies and a combination commercial package.
- Long-term care insurance: This coverage can help cover the expenses of long-term stays in a nursing home.
Membership in the Texas Farm Bureau also conveys a variety of other perks, such as access to auto loans, discounts on defensive driving courses, the option to refinance your home loan through the bureau and discounts on Sherwin Williams equipment.
Frequently asked questions about Texas Farm Bureau
Methodology
Bankrate utilizes Quadrant Information Services to analyze the latest rates from April 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
Homeowners
- Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
TJ Porter is a contributing writer for Bankrate with eight years of experience writing about finance. TJ writes about a range of subjects, from budgeting tips to bank account reviews.
