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Insuring crops: A guide to understanding crop insurance

by Don Atwood 01/04/2023

Local crops provide food and resources. Crops have significant importance to society; therefore, insurance for crops is offered by the federal government for protection. Check out this guide if you would like to learn more about crop insurance and how it protects farmers. 

What is crop insurance?

Crop insurance offers farmers protection in the case of damage and loss to crops. It covers natural disasters such as extreme storms and drought. It also covers revenue loss due to extreme price swings in the market. 

Multiple peril crop insurance protects farmers from a list of perils, while some specific policy types, such as crop hail insurance, are more specialized coverage. Depending on the region where the farm is located, other coverage might be necessary.

Cost of crop insurance

Terms and rates of crop insurance are determined by the Federal Crop Insurance Corporation (FCIC). This keeps prices consistent across the industry. Due to this, private insurance companies compete through providing great customer service, and by providing additional products and services to clients.

Who’s in the market for crop insurance coverage?

Agricultural producers and farmers are the primary purchasers of crop insurance. It’s mostly geared towards farms growing wheat, cotton, corn and soybeans, but other crops are included as well.

Crop insurance is essential to the agricultural industry for providing protection in case of unforeseen perils. With this coverage, farmers can have greater peace of mind about protecting their


About the Author
Author

Don Atwood

I have been in the Real Estate profession for over 19 years now having sold hundreds of homes during that time with prices ranging from $50,000 to over $1,000,000. I have held licenses in three states during my career. I have sold over $55,000,000 in my career consisting of regular transaction homes, short sale homes, bank owned homes, lease option homes and commercial listings. I work hard for my clients, both buyers and sellers getting them the very best deal possible. I come from a business background so I know how to deal with complicated Real Estate deals. Proud to say I'm a VETERAN having served in the Army during the Vietnam War. I am well versed in all transactions that take place and I’m a very skilled negotiator.