In January 1894, a group of 25 men met at White’s Hall in Claremont, MN and decided “to organize a Farmers Insurance Company”. So began the company which was to be Claremont Farmers Mutual Fire Insurance Company.
At that time, the agricultural industry was anything but good. The preceding year, 491 banks and about 15,000 commercial institutions had failed. In some counties, 90% of the farms had changed hands. In addition to the difficult economic times, fires were constantly breaking out in wooden farm homes. Heat from wood or coal burning stoves, as well as wood burning chimneys, provided a high risk environment for building losses. During harvest, big steam engines powering grain separators were a constant threat. Farmers needed insurance.
It was believed that the big, commercial insurance companies were charging farmers of the day too much for the insurance provided. This crucial meeting in 1894 set about to organize a mutual fire insurance company charging rates the farmers could afford.
And so began Claremont Farmers Mutual Fire Insurance Company which today is proud to be financially strong and committed to exceptional customer service and positive insurance experiences for all its members.