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Farm Bureau Insurance insurance review 2023

Updated Feb 02, 2023
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
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Auto

Rating: 3.8 stars out of 5

3.8

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Cost & ratings

Rating: 4 stars out of 5

4.0

Coverage

Rating: 3.5 stars out of 5

3.5

Support

Rating: 3.6 stars out of 5

3.6

Home

Rating: 3 stars out of 5

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Cost & ratings

Rating: 2.7 stars out of 5

2.7

Coverage

Rating: 5 stars out of 5

5.0

Support

Rating: 1 stars out of 5

1.0

About Bankrate Score

Bottom Line

Farm Bureau offers an array of insurance and financial products tailored to the unique needs of each state’s customers, although the company is not available in every state and insureds must be a Farm Bureau member.

Pros
  • Lower-than-average complaint index from the National Association of Insurance Commissioners (NAIC)

  • Excellent financial strength rating

Cons
  • Mobile app is not well rated on Google Play and App Store

  • Membership is required to get insurance coverage

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Farm Bureau car insurance

Farm Bureau car insurance comes with the standard coverage types that you would expect from a car insurance carrier. You can purchase liability coverage, collision coverage, comprehensive coverage, medical payments coverage, personal injury protection (PIP), and uninsured and underinsured motorist coverage. The company also offers optional coverage types that could help you personalize your policy, including roadside assistance and replacement cost coverage for vehicles up to four model years old.

Pros and cons of Farm Bureau car insurance

Part of researching car insurance companies is to find which carriers might be the best fit for your needs. To round out this Farm Bureau insurance review for car insurance, it may be helpful to consider these pros and cons:

PROS

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    Driveology can help earn extra discounts by tracking real-time driving behavior

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    Multiple discounts available

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    Online portal and mobile app available

CONS

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    Not available in every state

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    Optional coverage may be more limited compared to other car insurance carriers

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    No live chat functionality

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Farm Bureau car insurance cost

Farm Bureau’s average annual premiums are lower than the national average cost of car insurance, based on our research. On average, Farm Bureau drivers pay $423 per year for minimum coverage, whereas the national average is $565 per year. Full coverage is also cheaper, on average, with Farm Bureau, with an average price of $1,512 per year compared to the national average of $1,674.

However, even the best car insurance companies rate policies based on your personal rating factors, so your price could be higher or lower than the average.

Farm Bureau car insurance discounts

Farm Bureau offers a handful of discounts that could help you save money on your car insurance premium. Some common savings are available, including a multi-policy discount and a good student discount. If you’re looking for the cheapest car insurance, a few of the more unique ways to save include:

Discount options vary by state, and eligibility can vary based on your personal rating factors. The best way to find the savings opportunities that you qualify for is to talk with an agent.

Farm Bureau Insurance car tools and benefits

Farm Bureau offers a wide array of auto insurance coverage for a wide range of vehicles. You can even insure your farm vehicle or motorcycle with Farm Bureau, although these vehicles will need their policies rather than being included on your car insurance policy.

The company also has its own network of preferred auto repair shops (PARS) to help drivers choose where to service their vehicles after a claim. These repair shops have been vetted by Farm Bureau, and repairs made through one of these shops are guaranteed, as long as the Farm Bureau customer owns the vehicle.

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Farm Bureau home insurance

If you are looking for home insurance coverage, you may want to get a quote from Farm Bureau. The home insurance company offers standard home insurance policies with a few options for customization, and it could be a good choice for homeowners looking for solid, basic coverage. However, one unique feature of Farm Bureau home insurance is its guaranteed replacement cost option, also called “extended replacement coverage” by other carriers. If your home is destroyed by a covered loss, this endorsement pays up to 125 percent of your dwelling limit to help rebuild.

There are a few more unique coverage options to help you tailor your policy to your needs, though. This includes identity theft coverage and residential equipment breakdown coverage, for home systems like your furnace, AC or water heater. Electronic systems — like your TV and stereo systems — are also covered with this endorsement.

Pros and cons of Farm Bureau homeowners insurance

Choosing a homeowners insurance company can seem difficult, especially when it comes to comparing multiple carriers. Here’s a quick summary of the pros and cons of Farm Bureau home insurance:

PROS

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    Ability to bundle home and auto insurance coverage and deductibles together under the Farm Bureau Member’s Choice policy

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    Various discounts available to help save on premium

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    Dwelling coverage can be extended by up to 125%

CONS

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    Home insurance policy isn’t available nationwide

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    Some optional coverage could vary by state

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    Other structures coverage is capped at $10,000, and can be increased with additional charge

Farm Bureau home insurance cost

When searching for home insurance quotes, cost may be an important factor. The average cost of homeowners insurance throughout the country is $1,428 per year for $250,000 in dwelling coverage. Comparatively, the average cost of a Farm Bureau policy is $1,938 for the same amount of coverage. The state you live in will play an important factor in your quoted premium, as will the size of your home, any recent renovations, chosen coverage levels and more. Requesting quotes from more than one company will help you find the cheapest home insurance for your needs.

Dwelling coverage limit Farm Bureau Insurance average annual premium National average annual premium
$150,000 $1,437 $975
$250,000 $1,938 $1,428
$350,000 $2,464 $1,879
$450,000 $2,923 $2,343
$750,000 $4,192 $3,761

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. Some common discounts, like multi-policy and protective advice, are offered, but there are also some more specialized savings. These include:

Farm Bureau Insurance home tools and benefits

Farm Bureau home insurance has some interesting benefits for homeowners. Its Farm Bureau Member’s Choice program allows those who bundle multiple policies with the company, like home, auto and any other Farm Bureau policy, to combine them into a single policy. Insureds who do this pay a single premium and can avoid tracking several payment due dates and policies.

Farm Bureau also offers the One Deductible Advantage coverage for its homeowners insurance. By choosing this coverage, Farm Bureau insureds pay a single deductible if one covered event causes damage to multiple things. For example, if a storm damages your home, car and recreational vehicle, and they’re all insured with Farm Bureau, you’ll only need to pay one deductible for everything.

Farm Bureau life insurance

Farm Bureau life insurance could help you gain peace of mind that your loved ones will be taken care of financially if the worst happens to you. Farm Bureau offers several types of life insurance, such as term life, whole life and indexed universal life insurance, to help you find the best option for your needs.

While life insurance rates don’t typically vary as much between different insurance providers as other types of insurance products, you may still want to shop around with the best life insurance companies to make sure the product you purchase fits your situation. Requesting quotes from more than one carrier can help you learn what options are available to you.

Pros and cons of Farm Bureau Insurance life insurance

When shopping around for life insurance, you’ll also need to consider the carrier as well as its offerings. Here’s a brief overview of some of the pros and cons of Farm Bureau life insurance:

PROS

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    Term life offers a return of premium term option that could return all the funds at the end of the policy term of 30 years

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    Whole life insurance offers different premium payment plans that end after a certain of number of payments are made, but coverage remains in force

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    Payments can be made at any time with Indexed Universal Life policies

CONS

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    Phone hotlines are not open 24/7

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    Medical exams may be required

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Farm Bureau Insurance life insurance endorsements

Each of Farm Bureau’s life insurance policy types comes with a specific set of endorsement options. Some unique customizations for Farm Bureau life insurance include:

Farm Bureau Insurance life tools and benefits

Farm Bureau offers a life insurance calculator to help customers learn more about how much life insurance they need to fit their needs. Term life insurance policyholders may also be interested in the Income Guard Term life insurance policy, which changes the lump sum payout of a term life policy into steady monthly payment.

Farm Bureau Insurance customer satisfaction

When it comes to grading insurance companies for customer satisfaction, third-party agencies can help. Some, like J.D. Power, will conduct 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.

With Farm Bureau, it’s important to remember that the carrier is made up of different companies that operate on a state level. For this reason, be sure to review your state’s Farm Bureau when it comes to customer service experience.

Farm Bureau Insurance auto claims

Various branches of Farm Bureau insurance ranked well in the 2022 J.D. Power U.S. Auto Insurance Study. This includes Farm Bureau Tennessee and Kentucky Farm Bureau, which came in above average in the Southeast region. However, North Carolina Farm Bureau came in below average.

Farm Bureau Insurance home claims

J.D. Power’s 2022 Home Insurance Study is conducted on a nationwide scale. With Farm Bureau’s limited availability, it is understandable that the carrier did not rank compared to insurance companies that are available in every state. For a better understanding of Farm Bureau’s home insurance policies, it may be helpful to reach out to current policyholders to learn more about their experience.

How to file a claim with Farm Bureau Insurance

Reporting a claim with Farm Bureau Insurance can be done by contacting your local agent, calling one of its toll-free hotlines or online. If calling in to report a claim, the number depends on what type of claim you’d like to open.

For home and auto insurance claims, customers can call 1-800-226-6383 at any time of day, seven days a week.

Life insurance claims can be opened by calling 1-800-247-4170, Monday through Friday 8 a.m. to 4:30 p.m., Central time. While not needed immediately on the call, beneficiaries may need to provide the following information at some point during the claims filing process: policy number, death certificate, beneficiary statement, payment option election form and the trustee certification form.

Farm Bureau Insurance availability

Farm Bureau insurance availability varies by product and state:

Home and auto insurance are available in Arizona, Iowa, Kansas, Minnesota, Nebraska, South Dakota and Utah.

Life insurance is available in Arizona, Iowa, Idaho, Kansas, Minnesota, Montana, North Dakota, Nebraska, New Mexico, Oklahoma, South Dakota, Utah, Wisconsin and Wyoming.

Other Farm Bureau Insurance perks worth considering

Farm Bureau offers more than just home, auto and life insurance. Here’s a sampling of the other benefits Farm Bureau members can access:

  • Financial planning: This includes planning for investments, college, retirement, estate and more.
  • Farm and ranch insurance: Farm Bureau got its start insuring farmers and ranchers and continues to insure them today.
  • Business insurance: If you run your own business, it may be worthwhile to check out Farm Bureau’s offerings.
  • Various member benefits: Farm Bureau members can receive savings like hotels, pharmacies, rental cars, farm equipment and even theme parks. Additionally, members can take part in several programs, like competitive events for young farmers and ranchers, and participate in advocacy.

Farm Bureau Insurance corporate sustainability

Farm Bureau supports local communities through sponsorships and donations, prioritizing initiatives that aid families, youth, education, health and wellness. It also reviews donation requests on a quarterly basis from applicants representing non-profit organizations that operate in Arizona, Idaho, Iowa, Kansas, Minnesota, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Utah, Wisconsin and Wyoming.

Searching for the best insurance company means finding the one that fits all your needs. If you’re unsure about Farm Bureau, you may want to consider these alternatives:

Farm Bureau Insurance vs. Erie

As another regional carrier, Erie may be a good fit for those who want a local option for their home, auto and life insurance needs. Similar to Farm Bureau, Erie also offers another life insurance option for flexibility. Its ERIExpress life program is intended for individuals aged 18-55 and may not require a medical exam.

Learn more: Erie Insurance review

Farm Bureau Insurance vs. Safeco

Safeco is a more widely available carrier compared to Farm Bureau and also offers auto and home insurance. Its auto insurance comes with optional add-ons like new vehicle replacement, diminishing deductibles and a unique claims free cash back program that rewards drivers up to 2.5% of their policy premium every six months they don’t have an accident.

Learn more: Safeco Insurance review

Farm Bureau Insurance vs. New Jersey Mutual (NJM)

New Jersey Mutual Insurance (NJM) only offers coverage for home and auto insurance in Connecticut, Maryland, New Jersey, Ohio and Pennsylvania. However, it could be the right fit for those who don’t live within Farm Bureau’s coverage areas but still want to find a regional carrier to meet their insurance needs.

Learn more: New Jersey Mutual Insurance review

Is Farm Bureau a good insurance company?

Farm Bureau’s home, auto and life insurance policies come with a variety of attractive discounts and coverage add-ons to help customers personalize their own policy. Additionally, its Farm Bureau Member’s Choice bundling could conveniently collect all your separate Farm Bureau policies into a single policy for easier billing and policy management.

Farm Bureau’s average rates are lower than the national average, which may make it an attractive option for shoppers on a budget. The company also has excellent financial strength and mostly high customer service scores. Keep in mind, though, that Farm Bureau is split between companies that operate on an individual state level, like Tennessee Farm Bureau and Indiana Farm Bureau. Because of this, customer service ratings vary. Rates may vary based on your state and your individual rating factors.

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.

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Years of industry expertise
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Carriers reviewed
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2M
Quotes analyzed
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ZIP codes examined

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

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.

Bankrate Scores

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.

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