About Us and Some History.
About:
Farmers Mutual was founded by a group of German farmers in 1899. From our
beginning, in Okarche, we have enjoyed a steady growth over the years and have
become recognized as one of the leading companies in the area. We have
earned our reputation for professionalism due to the special attention given to the
needs, requirements, and details of our clients.Farmers Mutual operates, as a
corporation under the
laws of the state of Oklahoma.
Locations:
Our main office is located at 217 West Oklahoma Ave. in Okarche, Oklahoma.
History:
Farmers Mutual Fire Insurance Company began in the year 1899 and was initially
organized to serve in an area populated mostly by people of German descent.
The company itself has occupied only three locations. We moved to the present
office building in January of 1990. It is located just west of the original location at
217 West Oklahoma. It was decided early in the formation of the company for the
home office to be maintained in Okarche.
Early Days:
The company is Oklahoma’s pioneer insurance organization, to which several
other small, similar insurance companies were later merged. Originally, all
policies and applications were printed in German and membership was limited to
persons who could speak and write that language. The first name of the company
was German Farmers Mutual Fire Insurance Company and the word “German”
remained in the name for some 40 years, though that membership requirement
had been dropped some years earlier.
In 1909 the association’s president was authorized to journey to the State Capitol
at Guthrie to investigate the incorporation of the company. State regulation was
soon to require such incorporation. Six years later, in 1915, the Company
became incorporated.
In 1910 membership was extended to non-German speaking applicants. Meeting
notices and other publications, for many years thereafter, were made in both
German and English languages. The old minutes of the Company, written in
German, were translated in recent years from the original text.
In 1912 insured’s paid a premium rate of 50 cents per $100.00 of insurance. In
2004 the majority of the insured’s pay as little as 70 cents per $100.00 of insurance.
The year 1913 brought “Women’s Lib” to the organization. It was officially decreed
that married women who insured their property with the Company should be
considered full-fledged members. In the early years when excessive loss claims
could have caused undue hardship, much cooperation was expected from the
members in reducing fire risk exposure. Early by-laws stated every policyholder of
the Company was required to have at least one substantial ladder of sufficient
length to enable him to climb upon the roof of any building insured.
Today:
The Company has seven board members, five of which are elected by the
membership. The company is divided into five district areas throughout
Oklahoma. From agents in each district the applications are sent to the home
office in Okarche. We offer Homeowners, Casualty and a 5-year term Fire & E.C.
(extended coverage) policy with additional coverages, which can be added through
endorsements and may be renewed annually by payment of the premium.
The policies cover mostly rural properties and properties located in all
towns and cities in our counties of operation. The policies exclude any
commercial business risk.
With many successful years of operation, the company is a financially strong
independent company and is re-insured with an A reinsurance company. As of
2020 the total assets of the Company were 18.7 million and policyholder equity
was 13.36 million. The insurance is available in 67 counties with 203 agents
throughout the Oklahoma area. The company continues the goals of service and
protection from monetary loss as set by its organizers
and looks confidently to the future.
