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380 Mutuals: Protecting the Homes & Values of Rural Missouri

Posted by Destini Nave on 09, Jan 2024
Destini Nave
The Importance of 380 Mutuals and the role they play in Rural Missouri.

Rural communities in Missouri rely on economic stability. The network of 380 Mutuals plays a significant role in maintaining this stability for the residents of these communities. Mutuals work together with Missouri communities to achieve these goals instead of just focusing on making money.

At CFM, we aim to offer needed insurance at a fair price and provide reliable, friendly service. As a company rooted in our community, we promise to safeguard our policyholders' evolving needs wherever life leads them. No stronger testament to our dedication exists than our continued progressive outlook and financial stability in this industry.

Key Takeaways_380 Mutuals BlogKey Takeaways

  • 380 Mutuals are insurance companies owned by their policyholders.
  • Missouri state statutes regulate 380 Mutuals
  • 380 Mutuals support rural Missouri communities.
  • CFM is a 380 Mutual investing in rural Missouri communities for over 150 years.

What is a Mutual Insurance Company?

Mutuals are part of Main Street, not Wall Street. They are insurance companies owned by their policyholders.

Unlike stock insurance companies, mutuals do not sell stock and do not list on stock exchanges. The people who have insurance policies with mutual insurance companies own them.

These companies have a group of directors chosen by the policyholders, who can also be part of the board. The directors represent the policyholders and make sure the company works in their favor.

Understanding How Mutual Insurance Works

What is a Chapter 380 Mutual?

A mutual insurance company under the regulatory purview of Chapter 380, titled "County, Town, and Farmers' Mutual Property Insurance Companies," within the Missouri Revised Statutes is referred to as a 380 Mutual.

Missouri Mutual Companies (Chapter 380, RSMo)

Five Ways 380 Mutuals Support Rural Missouri

  1. Empowering Agricultural Communities
  2. Building Economic Stability
  3. Fostering Local Connections 
  4. Navigating Challenges Together
  5. Preserving Local Traditions & Culture

1. Empowering Agricultural Communities

380 Mutuals support Missouri's farmers by providing specialized insurance coverage for their unique risks in the agricultural sector.

By providing financial support and risk mitigation, these mutuals contribute significantly to the stability and resilience of Missouri's agricultural sector.

2. Building Economic Stability 

380 Mutuals offer insurance to rural residents, protecting them from losses. The stability provided by insurance coverage contributes to the overall economic stability of communities.

3. Fostering Local Connections 

380 Mutuals promote community by sharing and managing risks together, reducing the burden on policyholders.

Because policyholders own the mutuals, these organizations are inherently local and most often hire local people.

4. Navigating Challenges Together

380 Mutuals work together with policyholders who are also members. This helps combine risks and make insurance cheaper for people in rural areas.

5. Preserving Local Traditions & Culture

380 Mutuals often engage with rural communities by participating in local events, supporting community projects, and assisting in development plans.Community First Featured Image_380 Mutuals Blog-crop

Community First... It's a Mutual Thing!

As a 380 Mutual, our main goal is to serve our policyholders and the communities in which they live. That's why CFM has dedicated itself to giving back to these communities for over 150 years.

By investing in local causes, we ensure that your hard-earned money stays right here in Missouri, making a real difference in the lives of your neighbors.

Whether it's supporting education, healthcare, agriculture, or Veteran’s programs, we champion the causes that matter most to you.

The Community First Connection: Here's What Happens When People & Businesses Invest In Local Causes

CFM Agent Network in Missouri_380 Mutuals BlogYour Neighbor.
Your Agent.

Joining the CFM circle means joining a group of people who value protecting the Missouri way of life.

Our independent agents live in the communities they serve, often going back generations. They are business owners, homeowners, and farmers. They are your neighbor.

And they follow the Golden Rule (of insurance): provide the same protections to others as we would have provided to us... or something like that.

Find A Local Agent

Protect & Inspire

The term "mutual" is inherently rooted in the concept of mutuality. It encapsulates the very idea it conveys.

We’ve embodied this concept for over 150 years and it’s how we’ve become the oldest farm mutual in the State of Missouri.

Bottom line, whether you’re a homeowner, a farmer, a renter, or all three, we promise to provide you with top-of-the-line coverage that protects and inspires.

Community First Image_380 Mutuals Blog


Topics: Insurance Information, Missouri Made, 380 Mutuals, Rural Missouri, Community First

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