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NATIONAL CROP INSURANCE SERVICES
7201 West 129th Street, Suite 200
Overland Park, KS 66213
February 28, 2005
FOR IMMEDIATE RELEASE
For more information contact Jan Eliassen at 410-778-0120.
Data contained in this release was provided by the Risk Management Agency.
2005 Crop Insurance Choices Looming
Between now and March 15 growers of most spring planted crops will once again face the year's first big risk management decision... what kinds of federally subsidized crop insurance policies do I get and how much coverage do I choose?
This year the choice is complicated by a general rise in crop insurance premiums at many levels of coverage. The first inclination may be to move to lower levels of coverage but the experience in recent years, according to Risk Management Agency data for a sampling of states, is that those buying at the 70 percent level, or higher, get significantly more return for their investment. Thirty percent losses, or less, are simply more common than 50 percent losses.
Some of the more common insurable crops sharing the March 15 deadline are: corn, soybeans, forage seeding, spring wheat, oats, grain sorghum, sunflowers, sugar beets, beans, potatoes, tomatoes, barley, and many vegetable crops. Over 100 crops are insurable.
Which crops are insurable and what kinds of policies are available varies from state to state and county to county.
March 15 is not only the deadline to sign up for crop insurance, but also the deadline to make any changes to existing policies. To do either of those things, growers should contact a crop insurance agent well before the 15th.
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