Farm Bureau Insurance Review & Complaints: Auto, Home, Life, Health, & Farm Insurance (2023)

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Founded to help farmers obtain insurance coverage that met their specific needs, Farm Bureau is a membership-driven insurance and financial services company offering a huge range of products across multiple states. More than an insurance company, membership offers a variety of perks along with access to products and services.

Farm Bureau Summary

Farm Bureau Financial Services traces its history back to the founding of the Iowa Farm Mutual Insurance Company in 1939. Originally, the company wrote farm liability insurance, but expanded into personal lines coverage including auto, home, and life, and added financial products as well over the years.

Today the company is made up of a couple of underlying companies, The Farm Bureau Mutual Holding Company, whose subsidiaries are Farm Bureau Property and Casualty Insurance Company and Western Agricultural Insurance Company, and Farm Bureau Life Insurance Company. In association with farm bureaus in the states they serve, they provide products to members.

All Farm Bureau products are sold through local agents, although not all products are available in every state. There is no online quoting, but members can log in online or use the Farm Bureau app to manage their policies.

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Insurance Products

Farm Bureau covers all the basics of personal insurance along with specialty policies and even health insurance products. Business insurance is also available, as well as coverage for farmers, the company’s original market.

Auto Insurance

Farm Bureau does not offer much in the way of detail when it comes to their auto insurance. Their program appears to offer all the basic required coverage as well as common options such as comprehension, collision, and replacement cost.

Discounts include a bundling discount for auto and home with Farm Bureau, safe driver, and low mileage discounts, all common options. The company also offers their Young Driver Safety Program, which includes a discount when completed.

Farm Bureau also writes coverage for other types of vehicles, including:

• Motorcycles
• Recreational Vehicles
• Farm Vehicles

Home Insurance

Farm Bureau offers a range of different home insurance products for property and liability coverage. Products offered are:

• Homeowners Insurance – Designed for single-family homes, which provides basic structure, personal property, and liability. There are also options such as Equipment Breakdown and Guaranteed Replacement Cost coverage available.
• Condo Owner’s Insurance – Provides specific coverage for condos that do not require the same kind of structure coverage, as well as personal property and liability. Extras like Actual Cash Value also available with these policies.
• Renter’s Insurance – Covers the personal property and liability risks of tenants.
• Mobile Home Insurance – A homeowners policy aimed specifically at the risks particular to mobile homes.
• Add-on Policies to cover high-value items and other structures, as well as Identity Theft.

Life Insurance

Farm Bureau offers all the standard types of life insurance, including term, whole, and universal. They also have variable life insurance products available. Simple Term policies are available with no medical exam in certain circumstances.

Additional Products

Farm Insurance

In keeping with their background and their name, Farm Bureau offers coverage for farms and ranches of all kinds. Available for family-owned farms, the Farm Bureau Member’s Choice package policy is designed to meet the needs of farming operations of all sizes.

Also, available is Commercial Ag coverage, which provides package policy options to cover commercial farming operations.

Crop and Livestock Insurance is also available to cover valuable farm products.

Business Insurance

Farm Bureau covers more than just farms. They have business insurance that includes:

• Commercial businesses large and small
• Home-based businesses
• Ag-based businesses
• Worker’s Compensation
• Employee Benefits

Health Insurance

Farm Bureau offers assistance with selecting health insurance plans in accordance with the ACA. They also offer long-term care and disability income insurance.

Financial Products

In addition to their long list of insurance products, Farm Bureau offers financial products. These include:

• Annuities
• Retirement savings
• College savings
• Mutual Funds
• Estate Planning

Farm Bureau Rates

Since there is no online quoting option, there is no way to easily compare Farm Bureau rates to other companies. As an agent-driven insurance company, we can expect the cost of agent commissions to have an impact on rates.

When it comes to the overall cost of insurance, it’s also important to bear in mind that the Farm Bureau requires membership in order to purchase their products, which comes with a fee.

Farm Bureau Insurance Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Farm Bureau Insurance offers multiple channels for filing a claim, ensuring convenience for policyholders. You can file a claim through their online portal, over the phone, or by using their mobile app. This flexibility allows customers to choose the method that suits them best, making the claims process more accessible and user-friendly.

Average Claim Processing Time

According to J.D. Power, the average claim with Farm Bureau Insurance in 2019 took about 13 days to resolve. However, it’s important to note that the processing time can vary depending on the type of claim, the extent of damage or injuries, and other factors. Farm Bureau Insurance strives to handle claims efficiently to provide timely assistance to its policyholders.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback plays a crucial role in evaluating an insurance company’s claim resolution and payout process. While there are some complaints about billing and claims, there is also a surprising number of positive reviews for Farm Bureau Insurance.

This positive feedback is encouraging and suggests that many policyholders have had satisfactory experiences with the company’s claim resolutions and payouts.

Digital and Technological Features of Farm Bureau Insurance

Mobile App Features and Functionality

Farm Bureau Insurance offers a mobile app that provides policyholders with convenient access to their insurance information and services. The app likely includes features such as policy management, claims filing, bill payment, and possibly even roadside assistance. These features enhance the overall customer experience by putting essential tools at policyholders’ fingertips.

Online Account Management Capabilities

In addition to the mobile app, Farm Bureau Insurance offers online account management capabilities. Policyholders can log in to their accounts through the company’s website to access policy documents, make changes to their coverage, view billing information, and more. This online convenience simplifies policy management and empowers customers to have greater control over their insurance.

Digital Tools and Resources

To assist policyholders in making informed decisions, Farm Bureau Insurance provides digital tools and resources. These may include online calculators for estimating coverage needs, educational articles about insurance topics, and resources for understanding different policy options. Such digital tools empower customers with the knowledge they need to make confident insurance choices.

Consumer Research and Complaints

Farm Bureau Financial has been Better Business Bureau accredited since 1955. They have an A+ rating as of the time of this review, and have a total of 16 complaints on record in the past three years. Five of those were closed in the past 12 months.

A review of various websites shows a few negative reviews, complaints about billing and claims, and also a surprising number of positive reviews, something that is very unusual for any insurance company. Overall, there are few major concerns and the positive reviews appear in enough numbers to be encouraging.

Financial Strength

Rating Company	Grade	Financial Outlook
AM Best	A	Stable
Fitch	N/A	N/A
S&P	N/A	N/A

Bottom Line

Farm Bureau Insurance is a membership organization, so it may not appeal to those who don’t want to join in order to obtain coverage. For those who are members of their local farm bureau or are interested in membership, their products might be worth a look; their programs appear solid. The company might not be competitive with major national insurers, but may appeal to those looking for personal service with added perks that are specific to farmers.

For the 10th year in a row, Farm Bureau Insurance of Tennessee ranks highest among auto insurance providers in the Southeast Region in the J.D. Power 2021 U.S. Auto Insurance Study.

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