Home Insurance

Farm Bureau Home Insurance

The year 2008 will be remembered for extensive floods in the Midwest that broke through dams and levees and ravaged tens of thousands of homes and businesses across America’s heartland. Whether renting an apartment or purchasing a house, condominium or a mobile home, a good insurance policy is necessary to protect homes and belongings against a variety of perils such as floods.

Where available, Farm Bureau members can protect their homes and belongings through the bureau’s Member’s Choice protection plan, which offers extensive protection against loss of or damage to homes and belongings. It also protects against legal liability if someone is injured or someone’s property somehow damaged while on the premises.

Policies can be modified to cover vehicles and provide umbrella coverage offering additional protection against potential financial liability from high-dollar lawsuits exceeding standard policy amounts. Optional identity theft and fraud expense coverage can be added to help protect against financial loss if a policyholder’s identity is stolen or credit cards used fraudulently. Farm Bureau has partnered with Theft 911, a leading identity theft and fraud resolution company to help protect policyholders.

Dwelling insurance can be amended to provide “replacement cost” coverage, which ensures a home will be fully repaired or replaced if damaged or destroyed in a covered event regardless of its value, and “guaranteed replacement cost” coverage will pay up to 125 percent of the cost to repair or replace a home, which helps offset the additional costs of labor and other charges from catastrophic events. “Actual Cash Value” coverage also is available, which factors in depreciation and pays the current value when settling covered damages or loss on homes that have no replacement cost coverage.

Renters, mobile home owners and condominium owners can purchase a Members Choice policy to protect personal belongings as well as homes. Coverage is available to help with loss of use if a home or apartment is rendered unlivable due to a covered event and temporary living arrangements must be made while the apartment or home is being repaired or rebuilt. Earthquake coverage also is available for people living in areas susceptible to earthquake damage.

Optional coverage can be purchased to protect rare and high-value property, such as furs, jewelry, artwork and antiques, through “scheduled property” insurance that offers coverage beyond limits set in a standard policy. Garages, buildings and other structures, such as fences, also can be insured with additional coverage offering monetary protection greater than the standard $2,500 limit set forth in a standard policy.

Policies also can be amended to protect against sinkholes, damage from water backups, costs from adhering to changes in local zoning laws and earthquakes.