WHY CONSIDER CROP INSURANCE FOR 2006?
- Volitale record highfarm grain a prices for 2007 may warrant a re-examination of risk management strategies, including federally subsidized crop insurance.
- 2007 will very still include sizable federal government subsidies making crop insurance much more affordable.
- USDA is gradually shifting Ag Policy from traditional price support and ad-hoc disaster programs in favor of increasingly varied and sophisticated new crop insurance products.
- Having a comprehensive risk management plan in place is increasingly important to farm lenders as margins shrink while production costs continue to rise.
WHAT ELSE SHOULD I KNOW?
- Most crop insurance programs require farmers to prove individual farm yields for the most recent year, and less specific general yield information for more distant years. With as few as 4 years proof you can insure a percentage of your own actual yields; not some government assigned yield.
- Spring planted crops must be signed up for insurance prior to March 15th.
- Premiums for crop insurance are not due until fall, and in years with claims can be deducted from any indemnity owed.
- Most policies now include replant and prevented plant provisions built into the rate.
- Since the way your policy is written will affect your coverage in case there is a claim, please make sure your agent has a complete knowledge of all products available. The rates are the same with any agent or company… but the knowledge and service can and do vary greatly. Don’t find out that your agent’s knowledge was lacking when it’s too late!
WHAT DO I DO NOW?
- Click this CRC example to see what a revenue based insurance product can do for you with even average yields and falling commodity prices at harvest. Click this What is CRC? to learn more.
- Contact Steve Sims or Darryl Lane of the Dick Sims Agency, Inc. to set up an appointment to discuss your options. Crop insurance is all we do and we would be glad to put our knowledge to work for you. Call us at 888-566-7467.
- Further explore this site: www.dicksimsinc.com and remember to bookmark it for future reference!
- e-mail us:
agency@dicksimsinc.com