InsuredBetter's Farm Bureau Financial Services Insurance Company Score
4 Stars
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 its high ratings by both AM Best and the BBB. Farm Bureau Financial Services' coverage is available nationwide. However, while 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 today.
Farm Bureau Financial Services was founded in 1931. The insurance company has its roots in providing liability coverage for farmers in Iowa, but has since expanded to serve the needs of all kinds of insurance customers across the country. Farm Bureau Financial Services has also greatly expanded its catalog and now offers a wide range of coverages, including farm and ranch insurance, residential equipment insurance, home-based business insurance, motorcycle insurance, car insurance, health insurance, life insurance, commercial insurance, homeowners insurance, and more.
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. So, if you’re on the market for any of its 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.
Farm Bureau Financial Services Pros and Cons:
| Pros: | Cons: |
|---|---|
Longstanding carrier, founded in 1931
|
No online claims reporting
|
|
Offers insurance coverage for individuals and businesses
|
Some mixed customer feedback
|
|
Offers a range of coverages
|
|
|
Coverage available nationwide
|
|
|
“A” (excellent) rating by AM Best
|
|
|
“A+” (excellent) rating by the Better Business Bureau (BBB)
|
|
|
Customers report low coverage rates
|
|
|
Several discounts available
|
|
|
Strong financial stability
|
|
|
24/7 claims reporting
|
Farm Bureau Financial Services Insurance Products by Type
Farm Bureau Financial Services provides a wide range of insurance options for individuals and businesses alike. Its coverage offerings include:
Vehicle & Auto Insurance:
- Farm vehicle insurance
- Classic car insurance
Life Insurance:
Home & Property Insurance:
- Mobile home insurance
- Umbrella insurance
- Residential equipment insurance
Commercial & Business Insurance:
- Home-based business insurance
Farm & Ranch Insurance:
- Farm and ranch property insurance
- Farm and ranch liability insurance
- Farm vehicle insurance
Disability & Health Insurance:
Farm Bureau Financial Services Car Insurance
Farm Bureau offers all of the standard auto insurance coverage options you'd expect to find in a complete policy, including collision, comprehensive, uninsured/underinsured motorist, and medical payments. The carrier also offers the following optional coverage enhancements.
Coverage types, features, & benefits
Replacement cost coverage
Farm Bureau's optional replacement cost coverage can pay to replace your vehicle with a new one after a total loss accident, even if your car is up to four or five years old, depending on location.
Roadside assistance
Farm Bureau's optional roadside assistance coverage can pay for the cost of professional towing and other services if you break down while out on the road.
Farm Bureau Financial Services Car Insurance Average Prices
Farm Bureau does not make its average car insurance rates readily available. Your policy's cost can vary considerably depending on the type of plan you select, your age, driving history, and other factors. To get a better idea of how much an auto insurance policy might cost you, use our car insurance calculator. An independent insurance agent can also help you get a car insurance quote from Farm Bureau.
Farm Bureau Financial Services Homeowners Insurance
Farm Bureau offers all the standard homeowners insurance options, including liability and personal property coverage. The carrier also offers the following optional coverage enhancements.
Coverage types, features, & benefits
Guaranteed replacement cost coverage
Farm Bureau's optional guaranteed replacement cost coverage can pay up to 125% of your home insurance's limit after a covered total loss to rebuild your property.
Residential equipment breakdown coverage
Farm Bureau's optional residential equipment breakdown coverage can help pay to replace air conditioners, water heaters, and other types of expensive equipment after a covered loss.
Farm Bureau Financial Services Home Insurance Average Prices
Farm Bureau does not make its average home insurance rates readily available. Your policy's cost can vary considerably depending on the size and value of your home, the value of your contents, and other factors. To get a better idea of how much a homeowners policy might cost you, use our home insurance calculator. An independent insurance agent can also help you get a homeowners insurance quote from Farm Bureau.
Farm Bureau Financial Services Business Insurance
Farm Bureau offers commercial business insurance for companies in many different industries, including contracting, auto services, housing, and restaurants. You can buy all the standard liability, property, and business vehicle coverage you need for your unique company. The carrier also offers the following optional coverage enhancements.
Coverage types, features, & benefits
Data breach coverage
Farm Bureau's optional data breach coverage can reimburse you for expenses arising after a data breach, including professional restoration services and related lawsuit costs.
Business umbrella coverage
Farm Bureau's optional business umbrella coverage can extend your company's liability limits once your underlying BusinessMax policy's limits are exhausted by a hefty lawsuit.
Farm Bureau Financial Services Business Insurance Average Prices
Farm Bureau does not make its average business insurance rates readily available. Your policy's cost can vary considerably depending on your business's industry, annual revenue, and other factors. To get a better idea of how much a commercial policy might cost you, use our business insurance calculator. An independent insurance agent can also help you get a business insurance quote from Farm Bureau.
What Discounts Does Farm Bureau Financial Services Offer?
Farm Bureau Financial Services offers a handful of competitive discounts for its customers, especially on homeowners insurance. The carrier's home insurance discounts include:
Homeowners Insurance Discounts:
- 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
- Snail mail
Several different customer service hotlines. Hours vary by department. Most departments have the following hours restrictions:
| Days | Hours (CT) |
| Monday-Friday | 8 a.m. - 4:30 p.m. |
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.
Farm Bureau Financial Services Insurance FAQs
What is Farm Bureau Financial Services' average claim response timeframe?
Farm Bureau Financial Services allows customers to file claims over the phone at any time. The insurance company states that claims are typically fully resolved within 10 days.
What is Farm Bureau Financial Services' 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, YouTube, and LinkedIn, making them more accessible to customers.
What is Farm Bureau Financial Services' claims process?
Farm Bureau Financial Services provides a detailed FAQ about its claims process for customers. The carrier states that a claims adjuster will review your claim, determine benefits and fault, speak to all parties involved, evaluate damages, and then contact you with their final decision.
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 Financial Services create a user-friendly experience for customers?
Farm Bureau Financial Services’ official website doesn’t have the most visually appealing layout, but it is fairly intuitive and easy to navigate. Important information can be found easily by both prospective and current customers, and the information provided is detailed and thorough. Customers can pay their bill online and get matched with an agent when browsing for coverage. Farm Bureau Financial Services is overall pretty up to par with other modern insurance companies in terms of user-friendliness, except for the lack of an online claims reporting option.
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 its 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’ farm and ranch insurance policies, as well as its many other products.
Is Farm Bureau Financial Services a good insurance company?
Farm Bureau Financial Services has received high ratings through both AM 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 U.S. The carrier's insurance packages are thorough and aim to address all needs of the customers who purchase them. While customer feedback is mixed, many policyholders seem satisfied with their coverage and the insurance company’s customer service.
Who are Farm Bureau Financial Services' insurance products right for?
Farm Bureau Financial Services offers coverage for many different types of insurance customers, including personal and commercial policies. You may find the right policy from this carrier if you're in need of property, business, car, health, life, or farm insurance.
Sources
https://www.fbfs.com/
https://ratings.ambest.com/CompanyProfile.aspx?amb=354&AltNum=303354
https://www.bbb.org/us/ia/west-des-moines/profile/insurance-services-office/farm-bureau-financial-services-0664-101127
