Farm Bureau Financial Services Insurance Company Review
Farm Bureau Financial Services Insurance Company at a Glance
- Founded in 1931
- Offers insurance coverage for individuals and businesses
- Offers a range of coverages
- Coverage available nationwide
- “A” (excellent) rating by A.M. Best
- “A+” (excellent) rating by Better Business Bureau (BBB)
- Customers report low coverage rates
- Several discounts available
- Strong financial stability
- 24/7 claims reporting
Farm Bureau Pros: Carrier has nearly a century’s worth of experience in the insurance industry. Offers a wide range of coverages including recreational vehicle insurance, long-term care insurance, farm and ranch insurance, home insurance, and more. Insurance packages offered. High ratings through A.M. Best and the BBB. Strong financial stability. 24/7 claims reporting. Several discounts available.
Farm Bureau Cons: No online claims reporting. Some mixed customer feedback.
What Type of Insurance Does Farm Bureau Offer?
Farm Bureau Financial Services provides a wide range of insurance options for individuals and businesses alike. Their coverage offerings include:
- Car insurance
- Motorcycle insurance
- Recreational vehicle insurance
- Farm vehicle insurance
- Homeowners insurance
- Renters insurance
- Condo insurance
- Mobile home insurance
- Residential equipment insurance
- Life insurance (term, whole, and universal)
- Farm and ranch insurance
- Long-term care insurance
- Disability income insurance
- Commercial business insurance
- Home-based business insurance
This list of insurance products offered by Farm Bureau Financial Services is not exhaustive. Your independent insurance agent can help you find out about these products and others available through the insurance company.
What to Know About Farm Bureau Financial Services
Farm Bureau Financial Services was founded in 1931, giving the carrier nearly a century’s worth of experience within the insurance industry today. The insurance company has its roots in providing liability coverage for farmers, but has since expanded to serve the needs of all kinds of insurance customers. Farm Bureau Financial Services has also greatly expanded its catalogue and now offers a wide range of coverages including farm and ranch insurance, residential equipment insurance, home-based business insurance, motorcycle insurance, and more.
The insurance company reports that it currently has 1,600 employees and 4,000 field associates to bring insurance coverage to customers in need. Farm Bureau Financial Services has grown from its humble beginnings in Iowa to now providing insurance solutions nationwide. Their revenue has increased quite impressively, as well. The carrier is currently ranked in the $500-$750 million financial size category by A.M. Best.
Because of its long-standing history, variety of insurance products offered, wide reach, and financial strength, Farm Bureau Financial Services has developed a reputation as a financially stable insurance company that’s projected to be around for many years to come. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Farm Bureau Financial Services an “A” rating, indicating the carrier is an excellent choice for insurance customers. A high rating from A.M. Best assures customers that Farm Bureau Financial Services is capable of offering guaranteed, secure coverage from a reputable carrier.
Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness, and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an informed decision about who they can trust to meet their needs in the short term, and also to remain a strong, financially sound company in the long term.
What Discounts Does Farm Bureau Offer?
Farm Bureau Financial Services offers a handful of competitive discounts for their customers, especially on homeowners insurance. Their discounts include:
- Farm Bureau member’s choice discount: A bundling discount offered to customers who purchase several types of coverage through Farm Bureau Financial Services.
- New home discount: Offered to customers who insure a home that was purchased brand-new.
- New roof discount: Offered to customers who upgrade their home’s roof.
- Protective device discount: Offered to customers who install security features in their homes, such as alarm systems or cameras.
- Continued in-force credit: A loyalty discount offered to customers who continue to renew their policies through the carrier.
Your independent insurance agent can help you find even more information on discounts offered by Farm Bureau Financial Services and other ways to save money through the insurance company, helping you to find the coverage you need at the rate you deserve.
Farm Bureau Financial Services Customer Service
Farm Bureau Financial Services allows customers to file claims over the phone, any time of the week. The carrier also provides the following customer service options:
- 24/7 phone claims reporting.
- Online bill pay.
- Email contact option.
- Snail mail contact option.
- Several different customer service hotlines. Hours vary by department. Most departments have the following hours restrictions:
|Monday-Friday||8 am - 4:30 pm|
The best way to ensure a smooth customer service experience is to work with an independent insurance agent. Independent insurance agents can help handle claims and other concerns for you, so you can relax and enjoy your coverage.
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Farm Bureau Financial Services FAQ
What is Farm Bureau's average claim response timeframe?
Farm Bureau Financial Services allows customers to file claims over the phone at any time. The official website states the following in regards to a claims response timeframe:
“If you called our Direct Loss Reporting Center and your damages are minimal and liability is not an issue, you will immediately receive instructions from the person taking your loss. If your claim is more complex, you will receive a phone call from an adjuster who will answer your questions and advise you of the claim process.”
The insurance company also states that claims are typically fully resolved within 10 days.
What is Farm Bureau's customer service availability?
Farm Bureau Financial Services allows 24/7 claims reporting over the phone, and has several different customer service phone lines available by department. While the hours vary by department, most customer inquiries can be resolved during restricted hours, Monday-Friday. The insurance company also has a social media presence on Facebook, Twitter, and LinkedIn, making them more accessible to customers.
What is Farm Bureau's claims process?
Farm Bureau Financial Services provides a detailed FAQ about their claims process for customers. The official website states that the insurance company will do the following after receiving a new claim:
“The adjuster will investigate your claim and will do the following:
- Review your coverages to clarify what insurance benefits are available to you
- Investigate liability to help determine who was at fault
- Your adjuster will need to speak with all parties involved including witnesses, if any. Visit the loss site, evaluate damages, review state laws and police / fire department reports.
- Assess the damages caused in the loss”
Customers can call the insurance company to check on the status of a claim once it’s been filed, track the progress on the website, or get in touch with their independent insurance agent.
Does Farm Bureau create a user-friendly experience for customers?
Does Farm Bureau Financial Services have good farm and ranch insurance?
Farm Bureau Financial Services offers many types of coverage today, but is perhaps most well known for their farm and ranch coverage, tracing back to the insurance company’s roots. Farm Bureau Financial Services provides the coverages under their farm and ranch policies:
- Property coverage (including home, garage, contents, and other structures)
- Liability coverage
- Farm vehicle coverage
- Crop coverage
- Livestock coverage
- Business succession coverage
- Loss control services
- Machinery coverage
- Employee coverage
Farm Bureau Financial Services provides all the coverage farmers could need in one convenient package. Your independent insurance agent can help you find out more about Farm Bureau Financial Services’s farm and ranch insurance policies, as well as their other many other products.
Is Farm Bureau Financial Services a good insurance company?
Farm Bureau Financial Services has received high ratings through both A.M. Best and the BBB and is known for having solid financial strength. The insurance company offers a wide selection of products today to customers across the US. Their insurance packages are thorough and aim to address all needs of the customers who purchase them. While customer feedback is mixed, many folks seem satisfied with their coverage and the insurance company’s customer service.
Farm Bureau Financial Services Customer Reviews
|“I like Farm Bureau Insurance Company, we have used it and it has paid well. I chose this policy because it was a good value and a trusted company. Mom and dad had it so I got some for myself as well. We have been pleased with this company. However, if you do not live in a home they will not pay. This is not something you think would happen after paying them for so long. Please pay whether you are there living it all the time, we do pay our premiums. But other than that, Farm Bureau has been there when we needed it most. TRH insurance was very helpful when my mother was hurt and died because of it and had to be on a respirator for several days before she died.”|
|“Farm Bureau has good coverages and they have a best rating of A+ which is a top-rated insurance company. It covers homes with wood stoves which is great. I just wish they have lower premiums carrying the same coverages, so that it does not cost me so much money. Since claim frequency is low, the premiums should be lower. Still, they have good customer service and quick claim service. They have the lowest price for home insurance in the area of my home, too.”|
|“I've had this company for my car insurance for the past two years, and I have never had an issue with them. Their representatives are great to speak to and really explained the coverage options to me well when I was choosing a policy. I have never needed to make a major claim, so I can't speak to that, but I love the company's overall attitude and business model for dealing with customers so far.”|
|“FBFS offers package policies that bundle home, auto, & liability coverage, and we get a discount for having life insurance with them too. We were able to also get coverage for our farm and ranch exposures (like horses and cattle) on our personal policy without having to get a commercial policy. My agent does a yearly review with me to make sure that our policy is up to date and accurate, and the customer service line is very helpful if my agent is not available. We haven't had to use it yet, but I love that FBFS offers one deductible per incident - so if one hail storm damaged our car, truck, and trailer, we'd only have to pay the single highest deductible. You do have to join your state Farm Bureau organization and pay their membership dues to have FBFS property insurance (you can get a life insurance policy without dues in NM) but we are glad to support an organization that benefits agriculture, so the dues are not an issue for us.”|
|Better Business Bureau|
|“This insurance company is awful. They convinced me to go with their company saying they have the best workers’ comp. insurance rates. When I received a quote it was much less than I was paying so I signed up. After an audit it was determined that they had our painting company under the wrong class code and then my premium doubled. I received a letter that $2,100.00 was due ASAP. In this COVID environment, I thought that I could make payments and called Farm Bureau. Even though they made the mistake on my account, I have still never received a phone call back to discuss this situation. I received another letter saying this amount was due or the policy would be cancelled. So much for working with me on their mistake. I will be taking my business elsewhere.”|
TrustedChoice.com's Final Review
We award Farm Bureau Financial Services a final rating of 4 out of 5 stars. The insurance company is fast approaching its century mark within the insurance industry, and it shows through their high ratings by both A.M. Best and the BBB. Farm Bureau Financial Services has also largely expanded its catalogue and offers a vast range of coverages to meet the needs of all kinds of insurance customers. Their coverage is available nationwide. But though offering 24/7 claims reporting over the phone is certainly a huge perk, the carrier loses some points for not providing online claims filing, which is a service offered by the majority of insurance companies around today. There is some mixed customer feedback across the web, but overall it seems that most customers have been happy with both the coverage and service provided by the insurance company. The carrier also has a strong website and good social media presence, which is important for modern insurance companies. So, if you’re on the market for any of their coverage offerings, we say don’t hesitate to explore Farm Bureau Financial Services as an option to be your next trusted insurance company with your independent insurance agent.
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