- Plenty of discounts for a company this size.
- Affordable premiums
- There’s no online quote tool.
- Home insurance is only available in Indiana and Illinois.
Having been established in the year 1877, Indiana Farmers Mutual Insurance Company is undoubtedly among the elder insurance firms in the state of Indiana. For over 145 years, the firm has appointed itself as a household name within the insurance sector.
The company deals largely in its hometown of Indiana, where it has a wide coverage of thousands of licensed associates and independent agencies that are engaged in selling policies. In case you forget their origins, their mascot is there to remind you the company is bread in the same state as Garfield, the famous lasagna-eating cat.
Nevertheless, Indiana Farmers entered the Illinois market in 2018, extending its array of standard policies to residents of the state. Today, the company is focused on offering automotive, home, farm, and business insurance policies to customers in all counties of Indiana and Illinois.
This is a company that boasts its midwestern charm and vows to stand by its values and relationships. To set the record straight, we wanted to investigate Indiana Farmers Mutual.
In this review, we’ll test the company’s integrity by taking a close look at its home insurance coverage and rates. We’ll take it a step further and talk about their discounts and financial stability and see if their customers are feeling the homestyle protection.
Indiana Farmers home insurance coverages
Indiana Farmers provides customers with one way to purchase their policies, and it’s not an online option. To get home insurance with the company, you’ll be referred to any one of their affiliated agencies suited to sell their insurance.
Luckily, we were able to find some information about their home insurance policies. As you can imagine, a homeowner’s policy with this company mimics the typical coverage you’ll see with their competitors. The Indiana Farmers home policy guarantees support for these areas:
Your home
Comprehensive coverage is assured for your primary habitat, which totals 100% of its replacement cost. Attached edifices such as garages and decks are also covered.
The dwelling coverage outlines protection against major accidental hazards such as:
- Fire
- Smoke
- Lightning
- High winds
- Hailstorms
- Burglaries
- Some additional accidental contingencies.
Your other structures
All structures on the premises, both building, and non-building, fall under this category of coverage. Consider the loss of any detached garages, sheds, workshops, barns, storage rooms, and fences within your property line.
Your personal belongings
The coverage policy for personal belongings ensures reimbursement for the full replacement value of any stolen or damaged item on your property, even when you’re away from home. The items that fall under this coverage include furniture, clothing, silverware, small kitchen appliances, electronics, books, and other personal effects.
The exception here may lie with your high-value items, which incur costs of thousands of dollars. Each high-value item may require its own form of insurance.
Your liability
In the event of lawsuits against you or medical injuries, you’re liable for, protection is provided by personal liability coverage. It offers emergency legal funding and settlement amounts if you unintentionally damage a neighbor’s property and face legal action. Additionally, the coverage extends to medical payments to those who are injured on the client’s property.
Home insurance companies usually offer Medical Payments coverage. This covers the payment of small medical expenses to guests who get injured on your property, regardless of who is to blame. Sadly, the company did not include this coverage in its list of offerings.
Additional coverages
What we did find is that Indiana Farmers offers a cyber protection policy endorsement. It’s available for home and business insurance customers and outlines protection against online identity theft.
The company also allows you to schedule your personal property. As mentioned earlier, some higher-value items may require extra insurance to properly protect them. This is when a scheduled property comes in, where you can add extra coverage to furs, jewelry, guns, gold, watches, and others.
Cost of Indiana Farmers home insurance
So, what kind of annual premium would you be looking at with Indiana Farmers customizable coverage? To get to the bottom of this, it’s important to consider the size and complexity of your home and property. To thoroughly safeguard your things, you need the right coverage to match.
The average annual premium for the state of Indiana ranges between $996 for $200,000 dwelling coverage and $2,546 for $750,000 dwelling coverage. If these seem high, consider the fact that they’re actually half the price you can expect in a state like Oklahoma for the same coverage.
Checking online reviews, we found customers saying their prices are very competitive and reasonable. That said, you may expect a lower premium than average compared to other Indiana-based home insurers. Plus, it’s really difficult to come across a negative customer review about the initial cost of their home insurance with Indiana Farmers.
Available discounts
Unlike other insurers of their size, Indiana Farmers Mutual has a collection of discounts available for homeowners. This may explain their great pricing options and positive reflection on their annual premiums. These discounts include:
- Home & Auto Bundle: You can save on your annual premium if you have both home and auto insurance policies with the company.
- Claims-Free: If you don’t have any prior claims, you can see some savings.
- Loyal Member: 10% discounts are provided to customers who stay with the company for the long haul.
- New Home: Homeowners with recently constructed homes could revel in savings thanks to your increased safety outcomes.
- Empty Nester: Your premium may be lowered when your kids move out of the insured household.
- Payment-Based: Certain payment plans offered by the company are preferred and could provide you with annual discounts.
- Security System: When you have a security device installed in your home, Indiana Farmers provides a discount for proactive protection.
- 50+ Homeowners: Simple enough – homeowners aged 50 or older automatically receive discounts on their annual premiums.
Customer satisfaction reviews
The NAIC hardly registered any complaints filed against Indiana Farmers in 2022. On their National Complaint Index, the company merely scored 0.10, where 1.00 is the average. Contrarily, more complaints were filed for the company’s auto insurance products.
On the BBB site, the company has only had one complaint filed and corrected in the last 3 years. The company has a well-deserved A+ in the matter but still isn’t accredited by the BBB even after all these years. This leads us to believe this minor level of complaints is pretty common with Indiana Farmers.
Even on the internet, negative reviews are far and few in between. Customers are actually incredibly pleased with their customer service before, during, and after a claims process.
Suffice it to say, the company doesn’t seem to stir up many waves with their customers – as promised.
Processing claims
If you need to file a claim with Indiana Farmers, all you need to do is log in to your member services account and find the claims center. You can also start your process on their website, by contacting your agent, or by calling 800.477.1660.
As you may expect with the low ratio of negative reviews, there aren’t many issues cited about the integrity of the company’s claims process. In fact, customers online reflected on how quickly their claims paid out and what little trouble it caused them.
We did notice how a customer noted proudly that they only paid for half of the cost of a new roof in the event of a wind claim. We’re happy they paid anything out at all, but we were hoping a claim as comprehensive as this would reap the full benefits of a policy.
Financial strength ratings
Indiana Farmers has received decent financial ratings and has held them for many consecutive years. From AM Best, the company has an A (Excellent) rating for financial stability and long-term issuer credit.
In the same manner, Weiss Ratings has provided the company with a solid B for insurance safety. This score outlines how the company is currently stable and is doing well to maintain the resources to combat a fluctuating economy and other insurance factors. This comes from a review of Indiana Farmers overall profitability index, expense controls, liquidity, and more.
Final thoughts
The good news is, if you’re a homeowner in Indiana, chances are you’ll love home insurance with Indiana Farmers. This insurer can offer you standard coverage for a low price thanks to their decent list of discounts and endorsements.
You could be a part of Indiana Farmers’ audience of satisfied customers if you decide to go with this insurer. As always, you’ll just need to make sure you stick with an agent that meets your needs. Luckily, you won’t have much of a hard time getting this company to keep its promises. They don’t seem to have a problem paying out for claims or keeping up with their finances.
Are you looking for home insurance in Indiana and don’t mind the process of finding and contacting an agent? If so, Indiana Farmers may be the insurance company you’re looking for.
