Making crop insurance decisions
An insurance specialist says farmers should consider economic conditions when making their crop insurance decisions for 2024.
Nellie Urban is with Farm Credit Services of America. “Simply renewing the same coverage on your policy that you have had year to year isn’t going to give you the necessary coverage you may need. 2024 is the year to take a fresh look at crop insurance and how it can better serve your specific operation and financial situation.”
She tells Brownfield there’s been some volatility in the ag industry. “With lower commodity prices, fluctuating input costs and increasing family living expenses, the agricultural economy is in a reset mode. These are some of the factors that could require producers to recalibrate their crop insurance needs for the 2024 growing season.”
Urban says producers experiencing above average costs should consider endorsements or private products to help bridge the gap, like margin protection, SCO, ECO, or RPowerD.