Crop insurance could cost American taxpayers record amounts

October 19, 2012April 30, 2013

Droughts and floods could require $15 billion in U.S. taxes to subsidize this year’s program. Taxpayers in the United States may be facing a record breaking $15 billion in order to be able to continue subsidizing the privately operated crop insurance program, following the devastation from massive droughts throughout the Farm Belt, and flooding in other agricultural regions. Congress is currently seeking a way to help to control the skyrocketing costs. It has been a topic of a great deal of debate and discussion as Congress tries to reduce the…

Crop insurance in the US braces for costly impact

October 16, 2012October 16, 2012 Nordstrom

Crop insurance payouts could be a costly issue The U.S. has been battered by an extensive and severe drought that has destroyed farmlands throughout much of the country. The drought has been a significant problem for some time and has been at the center of arguments and legislative action concerning the issue of crop insurance. Even before the drought took hold of the country, crop insurance was a hot issue. Now, the economic impact of insurance payouts that many have feared are becoming a reality. Analysts suggest insurance payouts could…

Texan farmers to receive insurance aid while battling extreme drought

October 25, 2011October 25, 2011 Nordstrom

Texas has been struggling to cope with one of the most severe droughts in the state’s history. The dry conditions have sparked a rash of wildfires throughout the state, which have burned crops and homes alike. The state’s insurers have been working to mitigate the damage caused by the extreme conditions and for those that lost their homes to fire, recovery is quickly becoming a reality. Good news is on the horizon for thousands of farmers who had their crops destroyed by the drought as well. More than 41,000 Texan…