Local crops provide food and resources. Crops have significant importance to society; therefore, insurance for crops is offered by the federal government for protection. Check out this guide if you would like to learn more about crop insurance and how it protects farmers.
What is crop insurance?
Crop insurance offers farmers protection in the case of damage and loss to crops. It covers natural disasters such as extreme storms and drought. It also covers revenue loss due to extreme price swings in the market.
Multiple peril crop insurance protects farmers from a list of perils, while some specific policy types, such as crop hail insurance, are more specialized coverage. Depending on the region where the farm is located, other coverage might be necessary.
Cost of crop insurance
Terms and rates of crop insurance are determined by the Federal Crop Insurance Corporation (FCIC). This keeps prices consistent across the industry. Due to this, private insurance companies compete through providing great customer service, and by providing additional products and services to clients.
Who’s in the market for crop insurance coverage?
Agricultural producers and farmers are the primary purchasers of crop insurance. It’s mostly geared towards farms growing wheat, cotton, corn and soybeans, but other crops are included as well.
Crop insurance is essential to the agricultural industry for providing protection in case of unforeseen perils. With this coverage, farmers can have greater peace of mind about protecting their
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Daniel Silva and Graciela Florez
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