Crop insurance premiums expected to be higher with deadline a month away
Farmers have until March 15th to finalize 2021 crop insurance decisions.
Farm business management analyst Kent Thiesse tells Brownfield federal crop insurance provides up to 85 percent coverage based on farm-level yields.
“Of course they have either enterprise units, which is all their acres of a crop together. Or the optional units where they can get down to individual sections in a township.”
He says private companies also offer buy-up options up to 95 percent coverage.
“And with the farm programs, if you’re in the PLC for corn especially but I guess in some cases soybeans, it does give you the opportunity to buy area coverage based off county yields.”
Thiesse says crop insurance premiums have risen because of higher guaranteed prices. He encourages farmers to visit with a trusted agent to figure out the best bang for the buck.
Thiesse is also senior vice president of MinnStar Bank in south-central Minnesota.