Live Insurance News

Crop insurance placed back in the spotlight following election

November 9, 2012April 30, 2013

Attention for farm bill has become an important target for lawmakers. Now that the election is behind us, crop insurance federal subsidies will return to the spotlight as a major target for lawmakers who are seeking to slash the budget deficit in Congress’s first week of the lame duck session. Experts in agricultural policy feel that this is a typical week following a general election. Many doubt, however, that lawmakers will be able to make their way through the deadlock they have been facing regarding the enacting of a $500…

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…

Insurance news for dairy farmers will lead to higher monthly expenses

October 3, 2012April 30, 2013

The expired 2008 Farm Bill could mean payments of up to 10 percent of their monthly milk income. Beginning this month, dairy farmers made insurance news as they could lose up to 10 percent of their monthly income from milk because Congress allowed the 2008 Farm Bill to expire. The element affecting the farmers is the Milk Income Loss Contract program. This program functioned as a safety net for farmers when the national price of milk fell, offering them payments during those times. However, it expired along with the Farm…

Crop insurance may look notably different following next farm bill

September 25, 2012April 30, 2013

Risk management may play an important role in its shape and angle. As the cost of crop insurance continues to skyrocket and takes steps away from paying growers directly and toward measures for risk management, Ohio State University agricultural economists are now predicting that the new focus will play an important role in the shape of the next Farm Bill. The agricultural economists shared their opinions at the 50th Farm Science Review in Ohio. Among those included on the panel at the review featured Carl Zulauf, who is an expert…

NFIP Reform Bill Vote Expected After Farm Bill

June 21, 2012 Guest Author

Florida Insurance News - Citizens insurance

WASHINGTON – With the United States Senate now expected to address NFIP reform after the upcoming vote on the Farm Bill, SmarterSafer.org today urged the U.S. Senate to pass long-term reform of the National Flood Insurance Program (NFIP) this week after years of temporary extensions to the program. “For five years, Congress has passed temporary extensions of the NFIP, delaying much-needed reforms that would better protect lives and property and save taxpayers billions of dollars,” said SmarterSafer.org. “A long-term extension would provide much-needed certainty to the recovering economy by protecting homeowners…