Business: Insurance

The Farm Bureau® Insurance Companies in Arkansas, Colorado, Florida, Louisiana, Mississippi and South Carolina Unveil Coronavirus Customer Assistance Program

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“These are some of the ways the Farm Bureau Insurance companies can give back to the communities we serve, and we are happy to fulfill that obligation of service.”


GAINESVILLE, Fla. (PRWEB)

Media Contact:

John Holdsworth, State Sales Manager

Florida Farm Bureau Insurance Companies

John.Holdsworth@ffbic.com

The Farm Bureau® Insurance Companies in Arkansas, Colorado, Florida, Louisiana, Mississippi and South Carolina Unveil Coronavirus Customer Assistance Program

Policyholders receive $30 million one-time credit, community food banks receive $2.3 million donation.

The Farm Bureau Insurance companies, leading providers of property and casualty insurance in Arkansas, Colorado, Florida, Louisiana, Mississippi, and South Carolina, are offering a variety of financial assistance measures in response to unexpected hardships for their customers and the communities they serve due to the coronavirus (COVID-19) outbreak—including a one-time estimated premium credit of $30 million to policyholders, and donation of $2.3 million to local food banks across their six state footprint.

“Everything we do is built around helping people. Insurance is a safety net designed to provide people comfort and peace of mind in the face of adversity—and now more than ever, people need to feel that peace,” said Steve Murray, President & CEO, Florida Farm Bureau Insurance Companies. “These are some of the ways the Farm Bureau Insurance companies can give back to the communities we serve, and we are happy to fulfill that obligation of service.”

One-Time Premium Credit*

The Farm Bureau Insurance companies are distributing a one-time credit to all personal auto policyholders. This special credit is based on 15 percent of two months auto premium paid for each vehicle covered—an estimated value of about $30 million. No action needs to be taken by the customer to receive this special assistance. The Farm Bureau Insurance companies will simply credit their customers’ next invoice after the program begins.

Feeding Families

Farm Bureau’s founding mission is to feed and support the families that put food on our tables. In an effort to hold true to the core values of their organizations by providing relief to their communities in a time of need, the Farm Bureau Insurance companies have jointly decided to donate $2.3 million to local food banks across their six-state footprint.

Additional Payment Accommodations

In addition, as of April 8, fees charged for insufficient funds whether returned checks or electronic funds transfers, will be waived for all insureds, and any premium adjustments made based on the number of insufficient funds will be waived until September 1, 2020.

Other options being offered to insureds on a case-by-case basis include:

  • Extending due dates to allow their customer to make a partial payment

  • Adjusting an individual’s payment schedule based on their current budget so that the insured can keep coverage in force

  • Adjusting the billing dates to allow for flexibility in making payments

Customers are allowed to make payments of multiple payment types (cash, check, credit card) and that will continue to be available. EFT also continues to be available for eligible accounts.

*All changes subject to regulatory approval.

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