Kentucky Farm Bureau Insurance Review

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Claims Process
Consumer Feedback
Financial Strength
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Products  |  Price  |  Claims  |  Complaints  |  Financials  |  Bottom Line

Kentucky Farm Bureau Insurance Summary

Kentucky Farm Bureau is an organization that focuses on the well-being of the agriculture industry in the state of Kentucky. They are more than just an insurance company, and they offer many services to Kentucky residents such as banking, agriculture market information, community outreach programs, and scholarships for students. However, the focus of this review is on their insurance business.

The organization began nearly 100 years ago, and they have been selling insurance policies to their members for the last 60. Their products can be purchased across the state of Kentucky, and they currently have over 500,000 policyholders. Insurance policies are not limited to farmers, so anyone residing in Kentucky can join the federation and obtain coverage.

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Insurance Products

Auto Insurance

Kentucky Farm Bureau offers car insurance policies for both individuals and businesses operating in Kentucky. Their policies are “no-frills” so they do not come with a bunch of unnecessary add-ons we see from many of the large companies in the US. These include “vanishing deductibles,” “new car replacement,” etc. Their policies include straight-forward coverage; exactly what insurance is supposed to be.

Their auto policies come with the usual coverage options such as liability, collision and comprehensive. Liability is usually the only coverage type required to legally drive on public roads, but collision and comprehensive can help pay for at-fault accidents, as well as natural disasters and theft.

Optional coverages are available on their policies as well, including, uninsured motorists, personal injury protection, medical payments, and rental reimbursement.

Home Insurance

Home insurance policies issued by Kentucky Farm Bureau can cover a number of different types of homes, including, single family, apartments, condominiums, and older homes that require special coverage. Most home insurance policies come standard with liability protection, medical payments coverage for guests and dwelling protection.

Farm Insurance

Farmers looking to cover their equipment and structures can do so through Kentucky Farm Bureau. Their unique farm insurance can be customized to fit different sized farms and provide overall protection for most of the property involved in the operation. The farm insurance policy is similar to a combined home and auto policy, because it can cover equipment and buildings. In addition, there are unique covered incidents that are specific to farm use only, such as overturn protection, fire department related expenses and glass breakage for farm buildings.

Additional Products

There are a number of additional insurance products that can be purchased through Kentucky Farm Bureau, including:

  • Business Insurance – A standard issued business owners policy (BOP). It can cover basic property losses, valuable records, and liability that arise during operation. Any business looking for a very specific or extensive business insurance policy will probably need to look elsewhere, as the insurance offered by Kentucky Farm Bureau is very general in nature.
  • Life Insurance (Financial Products) – Kentucky Farm Bureau members have access to life insurance and financial services provided through Southern Farm Bureau Life Insurance Company and the Farm Bureau Bank. They can purchase term life insurance, whole life insurance, long term care insurance, and get estate planning help.

When purchasing life insurance, make sure you fully understand what you are buying. Insurance agents are notorious for pushing people into whole and universal life insurance products because they pay a much higher commission, not just because it is the right product. Term life insurance is much more affordable and can be a great addition to many people’s financial portfolios. There is a time and place for whole life insurance, so just make sure you fully understand what you are getting before signing on the dotted line.

Kentucky Farm Bureau Insurance Price (Rates)

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Insurance policies from Kentucky Farm Bureau are only available to residents living in the state of Kentucky. Since we cannot get a quote for the states we do our tests in, it would not be fair to compare across state lines. Every state has unique laws and actuary tables that impact the overall price of a policy. Comparing prices from one state to another is like comparing apples to oranges.

Claims

The claims process for Kentucky Farm Bureau is a little behind the times compared to some of the larger insurance companies. If an accident occurs during normal business hours, you are instructed to call your agent rather than a claims department. After hours and on the weekends, you can call 866-532-2524. Once the claim is filed by your agent or call center representative, it can take up to two business days to hear back from a claims adjuster.

Most insurance companies now have dedicated 24 hour hotlines equipped to handle all aspects of a claim from start to finish. With Kentucky Farm Bureau, you may be at the mercy of your insurance agent’s schedule when first filing a claim.

Consumer Research and Complaints

In 2012, JD Power and Associates performed a customer-based study that focused on the overall satisfaction level of different insurance companies through the various regions of the United States. In the Southeast Region, Kentucky Farm Bureau scored an 814 out 1000, tying them with the average for the entire Southeast area. They earned three out of five Power Circles, which equates to “about average.”

Kentucky Farm Bureau is accredited with the Better Business Bureau under the name Kentucky Farm Bureau Mutual Insurance Company. They have been accredited since 1993 and currently have an A+ rating. In the last three years, there have been 19 total complaints filed against them, only 2 of which have come in the last year. The number one problem reported was Problems with Product / Service.

Financial Strength

Rating CompanyGradeFinancial Outlook
AM BestAStable
FitchN/AN/A
S&PN/AN/A

Bottom Line

Kentucky Farm Bureau appears to be a very typical regional insurance provider that is geared towards the needs of their local customers. Their services are open to anyone willing to join the farm bureau, and their policies are not prepackaged with a bunch of unneeded services like vanishing deductibles. Their claims process is a little behind the times compared to their larger competitors, and their customer satisfaction as reported by JD Power is about average.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Summary
Reviewer
Eric Stauffer
Review Date
Reviewed
Kentucky Farm Bureau
Author Rating
3

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