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Indiana Farmers Home Insurance Review

Indiana Farmers Home Insurance Review

Indiana Farmers Home Insurance Review

Indiana Farmers Mutual Insurance Company is an Indiana-based policyholder-owned insurance company that provides automotive, residential, farm and business/commercial insurance policies in the states of Indiana and Illinois. Indiana Farmers is not publically traded but it’s owned by the policyholders.

Brief History

Indiana Farmers is one of the oldest insurance companies in the U.S. and int the state of Indiana, the company was founded in 1877 and has nearly 140 years in the insurance business. Indiana Farmers specializes in farmers insurance and its history is rooted in providing insurance for farmers. The company was founded in the late 19th century by a group of farmers in Montgomery, IN and Fountain, IN – farmers were frequently losing their harvests due to bad weather conditions and banded together to form their own insurance company. Their main policy at the moment is their automotive plan; the company also offers a versatile homeowners plan that provides coverage for all counties in the states of Indiana and Illinois.

Indiana Farmers made its first expansion to neighboring Illinois in 2018 – the company offers all their standard policies to Illinois residents as well. Their main market is Indiana where they currently operate a network of 2,200 licensed associates and 200 independent agencies selling their policies. Indiana Farmers goes under the Garfield mascot in order to specify that they are a customer-friendly insurance company that cares about their policyholders.

Indiana Farmers sells their policies directly through their website where clients can receive an instant quote based on their zip code and policy options; Alternatively, clients can reach out to a network of over 2,200 independent agents who sell their policies directly in Indiana and Illinois. Indiana Farmers currently has reserves of over $400M for payouts and the company currently writes 170,000 active policies for customers.

Indiana Farmers home insurance policies are available for the following:

  • Homeowners
  • Condominium unit owners
  • Renters/tenants
  • Farm owners

Financial Ratings

Indiana Farmers is a financially stable company. Indiana Farmers is accredited by the Better Business Bureau and it was rated by major financial institutions. A.M. Best, the largest financial institution responsible for rating insurance companies based on their financial stability awards Indiana Farmers an A – Excellent rating. 

The better Business Bureau rates insurance companies based on their financial stability and customer complaint ratio – the BBB currently awards Indiana Farmers an A+ rating for low customer complaints.

Home Insurance

Indiana Farmers offers a singular HO-3 policy for all homes in the states of Indiana and Illinois. Their HO-3 policy provides coverage for the main home, side structure, personal belongings, liability insurance for legal/medical payments. Clients can optionally increase the limits on their main dwelling coverage or the side structures. The HO-3 policy does not include flood coverage and earthquake damage – clients have to purchase those separately. 

Indiana Farmers home policy provides coverage for the following:

  • The home. The main dwelling is insured at 100% of the home value. The coverage can be expanded or split between the main home and other side structures. All attached structures are insured: garages and decks including. The home is protected against most common perils: fire damage, smoke damage, lightning strike damage, explosions, falling objects, windstorms, hail storms, home invasions, and more.
  • The side structures. This policy covers all structures on the property, including non-building structures. The side structure coverage extends to visitor’s homes, sheds, workshops, animal barns, storage rooms/warehouses, and even fences surrounding the property.
  • Personal belongings. All personal belongings inside the home are insured (even while the client is on vacation). If a client’s items are stolen or damaged they will be reimbursed for the full value of their item. The belongings policy provides coverage for: furniture, clothing, kitchen appliances, electronics, AC units, books, and silverware. The only exception are high-value items that cost thousands of dollars – clients can insure items such as furs, jewelry, guns, gold, watches, and others separately. Each high-value item has to be insured on an individual basis. The company can also insure business equipment.
  • Personal liability. This policy provides coverage against lawsuits and medical injuries. Personal liability provides emergency legal funding in case a client causes damage to a neighbor’s property by accident and they take legal action. Personal liability covers legal fees and settlement amounts. The liability coverage extends to medical payments – if anyone is injured on the client’s property they are entitled to medical coverage. The immediate family receives higher medical coverage than guests.


Indiana Farmers only offers 2 optional add-ons for clients:

  • Flood protection. The main HO-3 plan does not include flood protection. Clients can purchase this policy as an add-on if they want to be insured against flooding and sump pump overflows.
  • Earthquake coverage. All damage caused by earthquakes is not automatically insured under the HO-3 policy and coverage has to be purchased separately.

Customer Reviews

Indiana Farmers receives positive reviews – many clients praise their competitive rates and excellent customer service. Clients say their agents were helpful and helped them get the lowest rates, and they were also eager to explain policy coverage and what each policy entails. They also say the company has wide coverage and agents in all parts of Indiana which makes their agents easy to reach. Clients praise their online interface and the ability to purchase policies or make payments online. Clients praise their claims processing department; they say that they pay on time and the company doesn’t try to avoid paying upon making a claim.

Negative reviews for Indiana Farmers claim that the company is prone to increasing premiums on a whim – one reviewer said he never made a single claim with the company and his premiums were still increased randomly. When he reached out to them they responded that his insurance score was increased overnight. Most negative reviews have to do with the way the company charges clients – Indiana Farmers doesn’t have a grace period and if a client misses their payments by even one day they will receive a notice and can be dropped from their insurance.

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