Crop insurance coverage spared 21,000 jobs in drought-plagued 2012

drought crop insurance coverage

A new Farm Credit Services of America reported the employment savings across four U.S. states. Farm Credit Services of America recently published a report about the difference crop insurance coverage made in the United States during 2012. That year, despite the worst droughts experienced in 2 decades, the insurance policies saved almost 21,000 jobs across four states. The 20-page report provides a breakdown offering insight regarding the crop insurance program history. The crop insurance coverage analysis dates back to the program’s beginning in the 1930s. It started with the Great…

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Federal crop insurance participation less likely among wealthy growers

crop insurance program - farm

The farmers who are most likely to buy this coverage aren’t the ones who are making the most money. A new report showed farmers are less likely to use federal crop insurance if they are among the wealthiest. This coverage is meant to help protect growers against risks such as low output prices and crop failure. The American program has been experiencing steady growth since the 90s. Federal crop insurance is now the biggest individual producer supporting program under the farm bill of 2014. This trend in growing federal crop…

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President Obama proposes cuts to crop insurance

us crop insurance program

2017 budget plan aims to cut $18 billion in funding for the Department of Agriculture President Barack Obama has proposed a budget plan for 2017 that could have a major impact on farmers throughout the country. These farmers rely on crop insurance to protect them from the financial implications of natural disasters and underproduction, but this form of coverage has become a financial burden on the country. Obama has proposed to cut some $18 billion in funding for crop coverage offered through the Department of Agriculture over the next 10…

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North Dakota crop insurance changes promote diversification

Crop Insurance

Officials are hoping that education will help to boost farmer willingness to diversify the plants they grow. In North Dakota, officials are hoping that changes to the crop insurance program will help to educate farmers in order to encourage them to diversify the plants they choose to grow. Whole farm insurance coverage first became available in North Dakota during the last growing season. While there weren’t any whole farm crop insurance policies sold, the officials from the Department of Agriculture believe that when they learn about what the coverage has…

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Cutting the crop insurance subsidies is proving to be challenging

crop insurance rules

It is now expected that part of the reductions in subsidized coverage for growers will be repealed. Back in April, Republicans in Congress formed a new agreement in order to move ahead on a plan that was designed to create a savings of $5 trillion over the next ten years, and reductions in crop insurance subsidies were a part of this effort to balance the budget at the end of that time. However, as time has passed and the practical side of these insurance subsidy decreases plays out, it may…

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Payments from crop insurance predicted to be lower this year

Crop Insurance

As the soybean and corn seasons are coming to a close, producers are wondering about payouts due to price drops. The harvest season for soybeans and corn is now on its way to closing, and as 2015 wraps up, many farmers are starting to wonder if they will be receiving any payments from their crop insurance coverage, since the prices have been declining this year. Last year, many growers in northern Iowa and Minnesota saw yields considerably lower than typical. The lower than average yields, in combination with the reduced…

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Crop insurance slashed through legislation for reducing expenses

Crop Insurance conservation

Growers may see reduced coverage levels in order to save taxpayers $24.4 billion over a decade. Two state representatives in Wisconsin have now introduced a bill called the Assisting Family Farmers through Insurance Reform Measures (AFFIRM) Act, which will slash crop insurance with the intention of providing taxpayers with savings over the next ten years. In the span of a decade, the insurance coverage cuts will mean $24.4 billion in expenses will be saved. According to farm subsidy program critic, Congressman Ron Kind (D), the crop insurance bill will still…

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Growers are running out of time before the crop insurance deadline

crop insurance policy

The Risk Management Agency of the USDA is reminding farmers that they need to act soon, if they haven’t already. A crop insurance reminder has been issued by the Risk Management Agency (RMA) at the USDA to growers in Alabama who intend to purchase coverage, as the deadline of September 30 is coming up quickly. The deadline applies to the coverage available for a range of different types of crops in different counties. For instance, the crop insurance deadline includes policies in Limestone County for canola, as well as for…

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Crop insurance available for winter wheat

us crop insurance program

The Department of Agriculture has now given its approval for coverage in all South Dakota counties. A new decision has been made with regards to the availability of crop insurance in South Dakota, as growers in all counties of the state can now obtain coverage for winter wheat, which is good news to them as well as other industries, as well. In fact, pheasant and duck hunters may also be quite pleased by this new insurance coverage decision. The departments of Agriculture and of Game, Fish, and Parks, in South…

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Last year saw crop insurance payments plummet

crop insurance rules

Since 2014 saw pretty good production throughout the year, the federal program had to make far fewer payouts. In terms of the overall 2014 growing year, the calculations by the Risk Management Agency of the U.S. Department of Agriculture with regards to the federal crop insurance program have shown that last year saw a reduction in payments by 26 percent when compared to the figures from the year before. The agency report showed in 2014, there was a total of $8.8 billion in payments for yield and price loss coverage.…

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