Home or Farm Insurance - Frequently Asked Questions
A deductible is the amount of damages that you agree you will be responsible for if you have a claim.
Most insurance policies have a deductible which states that a portion of the amount paid for the loss
will be subtracted (deducted) from the amount the insurance company would otherwise pay. This amount
is not paid to the company, it simply becomes your share of the loss and is deducted from the payment.
Deductibles serve several functions. Shifting the cost of small claims to the person buying the insurance
(insured) enables the insurance company to reduce premiums. Small dollar claims often cost more to adjust
and settle than the claim itself. The cost of insurance would be much higher if there were no deductibles.
The higher the deductible, the lower your premium cost.
Yes, property coverages have deductibles. Several options, including split wind/hail deductibles and
reducing deductibles, are available. Please check your policy declaration page or
contact your Farm Bureau Insurance agent
to see if you have a deductible and how much it is.
With this option, your deductibles reduce by 100 for each annual loss free period. Assume you purchase a
$1000 deductible with the reducing option. At the end of the first year, if loss free, you earn a $100
credit that would be applied toward your deductible in the event of a claim. If you remain loss free for
5 consecutive years, the credit would accumulate to $500. If a claim then occurs, your deductible would be
$1000 - $500 = $500.
With this option, the deductible amount depends of the cause of loss for the claim. In the event, of a
wind, hail or tornado event, the second of the two deductibles listed applies. The first number is the
amount of the deductible for claims from other causes covered by the policy. Missouri is heavily impacted
with weather events each year. Application of a higher deductible for claims caused by these weather events
helps keep insurance premiums lower.
Yes, the total account discount is available on automobile insurance. This credit is applied at each renewal
to your auto policy if you maintain both your property and auto coverages with us. For property coverage such
as home or farm, a multiline discount is available on
policies. This credit applies at
each renewal if you maintain your auto, home or farm, and life insurance with us. If you are not receiving
this discount, consider the savings of insuring with us.
Contact your Farm Bureau Insurance agent
- Notify the police within 24 hours of discovery
- Protect your property and belongings from further damage
- Make reasonable and necessary repairs to protect the property
- Keep an accurate record of repair expenses
- Notify us (or your Farm Bureau Insurance Agent) immediately
(report a claim)
Farm Bureau Insurance can write your automobiles, home, farm, motorcycles, motorhomes, boats, mobilehomes,
farm trucks, life insurance, health insurance and more. We can assist with retirement planning and estate
planning as well. Contact a Farm Bureau agent
- Choose higher deductibles
- Examine your coverages
- Explore available discounts
Premiums are based on many factors including but not limited to
- Property value
- Fire protection
- Condition of property
- Construction characteristics of property such as roof, heating, siding, etc.
- Claims history
- New home or renovation discount
- Protective systems discount
- Multi-Line discount
- And more
Find An Agent
It's easy to find a Farm Bureau Agent near you. We have over 200 agents across the state
of Missouri, ready to offer you assistance on a wide range of products and services.