Farm Bureau Financial Services homeowners insurance

Overview

Farm Bureau Financial Services is the brand of the Iowa Farm Bureau's family of insurance companies, based in West Des Moines. Homeowners policies are written by Farm Bureau Property & Casualty Insurance Company and its affiliate Western Agricultural Insurance Company, both owned through Farm Bureau Mutual Holding Company, and sold by exclusive Farm Bureau agents in eight states: Arizona, Iowa, Kansas, Minnesota, Nebraska, New Mexico, South Dakota and Utah. The same agents sell life insurance and annuities from Farm Bureau Life and investment services through FBL Financial Group.

The group ranked #40 among U.S. homeowners insurance groups by 2025 direct premiums written, according to NAIC market share data, with $678.8 million in homeowners premiums, or 0.36% of the national market. It was the second-largest home insurer in Iowa in 2025 (10.46%, behind State Farm) and ranked 5th in Kansas and Nebraska, 7th in New Mexico and 9th in South Dakota. Homeowners is only part of the business: the company says it is the largest farmowners insurer in the country, with $1.37 billion of farm and ranch premium in 2025.

It is known for farm coverage, an annual coverage review it calls SuperCheck, and, since 2026, for publishing exactly how it pays wind and hail roof claims.

History

The Iowa Farm Bureau founded Iowa Farm Mutual Insurance Company in Des Moines in 1939 to meet farmers' liability insurance needs, and added auto, home, life and investment products as it grew. Farm Bureau Life began in 1945 as Iowa Life Insurance Company. The property-casualty mutual, long known as Farm Bureau Mutual Insurance Company, was reorganized and renamed Farm Bureau Property & Casualty Insurance Company in 2010; today it sits under Farm Bureau Mutual Holding Company.

Its footprint beyond Iowa came through affiliations with the Farm Bureau federations of neighboring states, whose leaders sit on the holding company's board alongside Iowa's. In May 2021 Farm Bureau Property & Casualty completed its purchase of the FBL Financial Group shares that it and the Iowa Farm Bureau Federation did not already own, at $61 per share, taking FBL private after years on the New York Stock Exchange. FBL now manages the two property-casualty companies for a fee.

Homeowners coverage

The company writes homeowners, condo, renters and mobile home policies, plus farm and ranch coverage. Its homeowners page lists guaranteed replacement cost that pays up to 125% of the dwelling limit; it is called Guaranteed Replacement Cost in Iowa, South Dakota and Utah and Modified Guaranteed Replacement Cost in Arizona, Kansas, Minnesota, Nebraska and New Mexico, so read your state's terms. Detached structures such as sheds, fences and gazebos get automatic coverage up to $10,000. Add-ons include residential equipment breakdown (with up to $10,000 for spoiled food), itemized personal property for jewelry and collections, identity theft protection and a personal umbrella.

Roofs get unusual transparency. The company publishes a roof payment schedule showing how wind and hail roof claims are paid by roof age and material, with replacement cost available on non-wood roofs up to 15 years old and UL Class 3 or 4 impact-resistant roofs in the highest payout tier. A Roof Loyalty Benefit, effective with renewals from June 23, 2026 (July 23, 2026 in Iowa), extends replacement cost to roofs of any age for wind and hail after 10 consecutive years of property coverage with the company; wood roofs and policies with actual cash value roof settlement are excluded. The schedule does not apply in New Mexico. See Roof payment schedules and ACV roof endorsements for how these schedules work.

Deductibles deserve attention too. The company's own guidance explains percentage deductibles, which some policies use for wind or hail; on a home insured for $300,000, a 1% deductible is $3,000. AM Best's 2026 review cited deductible changes and stricter insurance-to-value among the steps that restored profits, so compare a renewal's deductibles line by line with the prior year's.

Discounts and savings

Published homeowners discounts include a New Home discount, a New Roof discount based on the roofing installed, an impact-resistant (UL Class 3 or 4) roof discount, a Protective Device discount for security systems and a Continued In-Force credit for renewing customers. Farm Bureau Member's Choice puts home, car, boat, motorcycle and other property on one policy with one premium, and its One Deductible Advantage means a single deductible when one event, such as a windstorm, damages several items insured on that policy. The company refers to customers as client/members and works through state Farm Bureau federations; ask the agent whether membership is required in your state.

Where it sells and recent market moves

Homeowners coverage is written in Arizona, Iowa, Kansas, Minnesota, Nebraska, New Mexico, South Dakota and Utah. The company has not announced homeowners exits from any of those states through October 2026.

The past few years were rough. AM Best says 2022 and 2023 results were hurt by inflation, severe weather and adverse reserve development; a major hailstorm in May 2024 and a wildfire in June 2024 then cut policyholder surplus by about 30% through mid-2024. The company responded with rate increases, deductible and coverage changes and tighter insurance-to-value rules. Those actions, plus a quiet 2025 storm season, produced a $543.5 million fire and casualty underwriting gain and $644 million of surplus growth in 2025, but accounts in force fell 7% and retention dipped to 86.1%. The company said it planned no significant rate actions for 2026.

Claims

Report a property claim online through your account, through your agent, or by calling the 24-hour line at 800-226-6383. Have the insured's name and address, the policy number and the date of damage ready. After a storm, a company representative calls to schedule an inspection; the company asks you to make temporary repairs to windows and roofs, offers a storm recovery checklist and has an interactive tool for reading a damage estimate. You can track claim status and your adjuster's contact details in your online account. Its catastrophe claims team had grown to more than 50 people by 2025. For roof claims, see hail damage claims: roofs, siding and windows.

Ratings and reputation

AM Best affirmed the A (Excellent) financial strength rating of Farm Bureau Property & Casualty Insurance Company and Western Agricultural Insurance Company in September 2026 and revised the outlook to stable from negative, citing combined ratios it described as in the sub-80s through year-end 2025, a trend that continued through June 30, 2026, and balance sheet strength it assesses as strongest. That reversed a September 2024 action that kept the A rating but cut the issuer credit rating to "a" from "a+" and moved the outlook to negative after the 2024 catastrophe losses. AM Best also flags the concentration of business in eight states as a weather and regulatory risk. The company says it has held an A or better rating for more than 75 years.

Who it suits

Farm Bureau Financial Services suits homeowners and especially farm and acreage owners in its eight states who want a local agent, one policy for home, vehicles and farm property, and clear rules for roof claims before a hailstorm. Long-tenured customers with aging non-wood roofs benefit most from the 2026 loyalty benefit. It suits less well people outside those states, buyers who want an independent agent's comparison of several carriers, and owners of wood-shake roofs. Compare it with American Family Insurance, State Farm and COUNTRY Financial.

• Strengths: second-largest home insurer in Iowa; published roof payment schedule and a roof loyalty benefit; guaranteed replacement cost up to 125%; A (Excellent) from AM Best with a stable outlook since September 2026.
• Weaknesses: sold only through its own agents and only in eight states; heavy hail and convective-storm exposure; rate, deductible and coverage tightening after 2022 cost it 7% of accounts in 2025, so renewal terms may differ from what you first bought.

How to contact Farm Bureau Financial Services