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Deciding on whether or not to purchase crop-hail insurance is an important decision for your operation. But knowing how much coverage you need and when to consider market price fluctuations aren’t always so clear. Here are some tips on helping you make the right choice.
This answer differs from farmer to farmer. Everyone has a different perspective on coverage and appetite for risk. Different crops and crop values, as well as crop potential can also weigh into the decision of how much coverage is needed.
Insurance companies have set dollar per acre liability limits based on each crop, but will make considerations to increase these limits on an individual basis if the value of the crop can be shown to exceed the liability limit.
Cost of coverage can be a major consideration in the amount of coverage being purchased. In some areas, rates are exceptionally affordable due to the low probability of a hail event. In other areas, quite the opposite is true.
Cost is an important factor when purchasing most items, and crop insurance is no exception. However, it is important to reexamine the value of your crop as markets change, as you lock in a production contract, as you reflect on the coverage in place with your MPCI policy, etc..
Bottom line, when crop values increase into the growing season where hail risk is present, you may want to consider adding crop-hail coverage or increasing coverage per acre if you have already taken it pre-planting.
Another area of particular concern would be when your yield potential seems to be outpacing your approved yield. Since this is the benchmark yield used for most crop insurance policies, you can be effectively underinsured in this scenario.
Don’t think of mortality as a problem with crops until the wall cloud blows over and there is nothing but stubble left in your fields.
Work with your FBN Crop Insurance Agent to put a solid risk management plan in place that includes crop-hail insurance that could potentially cover what your multi-peril policy doesn’t.
The goal is to make sure your crop-hail insurance adequately covers what you have at risk, or stand to lose.
Call (877) 576-4468 to get connected to your local FBN Crop Insurance agent and initiate customized coverage for your operation, or click for more information on crop-hail insurance.
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Disclaimer: The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This material does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements.
We are an Equal Opportunity Provider. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN Crop Insurance is currently offered in all U.S. states.