Crop insurance deadline quickly approaching
March 3, 2021 By Mark Dorenkamp Filed Under: Crops, Illinois, Minnesota, News, Wisconsin
Farmers have less than two weeks to finalize their 2021 crop insurance decisions.
Compeer Financial state insurance product officer Tom Timko says for producers who still aren’t sure on elections ahead of the March 15th deadline, start with the basics.
“Know your numbers, know your cost-of-production is imperative. Then ask yourself, ‘what keeps me up at night?’ Identify your greatest risks and protect against it.”
He tells Brownfield that could be price, production, or weather-related issues like hail and replanting.
USDA’s Risk Management Agency is also offering a new subsidized crop insurance product called the Enhanced Coverage Option.
“It’s an area-based crop insurance coverage for a portion of the underlining policy deductible, so essentially it’s a band of coverage that sits on top of your individual coverage.”
Timko says those bands of coverage are available from 86 to 90 percent, or 86 to 95 percent of expected crop value.
Again, the deadline to make 2021 crop insurance elections is March 15th.
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