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Farmers Insurance Group is a provider of insurance management services and a holding company. It was founded in Los Angeles, California in 1928 by Thomas E. Leavey and John C. Tyler. It is now a wholly owned subsidiary of Zurich Financial Services, Zurich, Switzerland.
History
In 1928, Thomas E. Leavey and John C. Tyler founded the first Farmers Company in California. Today, the Farmers Companies (also known as Farmers Insurance Group®) are the country's third-largest writer of private passenger Auto and Homeowners insurance.
The Farmers Companies operate in 41 states across the country, servicing more than 15 million customers through the efforts of approximately 18,000 employees and 17,500 agents who are independent-contractor and independent agents.
Farmers New World Life Insurance Company, Mercer Island, Washington, offers a wide range of products from a fully flexible Universal Life product to traditional Term and Whole Life plans and annuities, all marketed by Farmers agents.
Farmers Financial Solutions, LLC, Simi Valley, California, offers a variety of financial products such as mutual funds, Variable Annuities, and Variable Universal Life products, which help build savings for customers’ future needs, such as retirement and college savings.
Farmers acquired the Foremost Insurance Company, Caledonia Michigan, in March 2000. It leads the industry in insuring specialty products such as mobile homes, motor homes, travel trailers and specialty dwellings.
Community relations
Since Farmers founding in 1928, Farmerss Insurance has been committed to improving the communities in which our customers, agents and employees live and work. Investing in our communities is nothing new to Farmers - for many decades, we’ve been proud, active partners in bettering the lives of our neighbors across the country.
Farmers Insurance continue to invest considerable resources in programs that improve safety, enhance educational opportunity and increase civic participation in communities across America.
For instance, Farmers has committed much to special initiatives that enhance the ability of our nation's teachers to engage students in becoming better citizens. In partnership with the National Council for the Social Studies, Farmers created The American Promise program in 1995.
Through its citizenship-education curriculum and videos, more than 100,000 teachers have been able to share with their students the inspiring stories of citizens who are improving their own communities.
Farmers Insurance believes that our country’s diverse groups and cultures enrich every American. To promote greater cross-cultural understanding, Farmers has created a program honoring the Hispanic/Latino culture called
Young Americanos. Young Americanos reflects our commitment to the Latino community and to building bridges of communication and understanding among all the cultures making up the United States.
Farmers Insurance Agents
Farmers agents aren’t employees; they’re independent contractors who can conduct business on their own terms, given they comply with Farmers Companies’ guidelines and normal good-business practices.
This independence allows Farmers agents to live their lives the way they choose, not the way someone else chooses.
One of the unique benefits of Farmers is its comprehensive product offering. Accidents, risk management and asset accumulation: these are becoming essential in today’s world. Farmers agents offer the products that ensure their customers’ lives are restored to order as well as bring them closer to their future goals. Through hard work and professional dedication, our agents help to give their customers the security they deserve.
Criticism
State Insurance Commissioner reports reflect that Farmers Insurance has the most complaints in California, Washington, Texas, Oregon, Kansas, Arizona, Colorado and more. In 2003, Consumer Reports rated Farmers Insurance Homeowners "Worse" for both "Problems with Claim" and "Delayed Payments". In March 2006, Consumer Reports considered Farmers Insurance one of the “Poorest Performers” amongst 27 insurance companies in terms of paying off (auto) claims in 30 days or less.
A number of consumers, agents, and claims adjusters have had disagreements with Farmers Insurance. Here are some of the more popular cases that have made it into the news.
- Claims Adjusters: In September 2004, Farmers Insurance claims adjusters won a lawsuit, Bell v. Farmers Insurance Exchange, which rewarded them for all their overdue overtime labor. At the time it was largest overtime pay class action ever tried in the United States.
- Insured Consumer: The Ballard v. Farmers Insurance case is one of the most prominent mold claim cases against an insurer. Ballard alleged that Farmers Insurance failed to adequately and swiftly cover repairs for a water leak, allowing the toxic mold Stachybotrys chartarum to overrun their home and damage their family's health.
- Insured Consumer: Barbara Martin did not understand why Farmers Insurance would not compensate Martin for "pain and suffering" -- her lost career, inability to have another child, continuing emotional and physical pain. Martin accused Farmers Insurance of fraudulently using a program called Colossus to rip off customers. Robert Dietz and Christy Klein, former Farmers claims adjusters, stated "There's so much pressure on you to settle for the least amount possible". Dietz and Klein claimed Farmers Insurance would offer monthly incentives to pay less. Typical prizes were $25 gift certificates or a pizza party for an adjuster and her team.
- Insured Consumer: Ethel Adams stated, "This is everybody's worst nightmare. You know you have insurance -- you've paid for it -- and you've got these massive injuries. Then to be told, 'No, you don't have coverage,' it was like someone punched me in the stomach. It makes you physically ill." Farmers Insurance denied Ethel's claim stating it was not "an accident". Washington State Insurance Commissioner Mike Kreidler told Farmers Insurance to pay.
External links
Company Web Site
- Farmers Insurance Group
- FarmersInsuranceGroupSucks.com - a collection of ratings, articles, lawsuits, allegations and complaints critical of Farmers Insurance