How much do you know about your crop insurance policy? Complete the following quiz to make sure you know your policy. (Originally printed in Today's Farmer magazine, Feb. 2019.)
How many of these questions can you answer about your crop insurance?
These are 10 valuable things to know about how your policy works:
1. How is your actual production history determined?
2. How is the value per bushel guarantee established?
3. How is my guarantee affected when the prices fall at harvest time?
4. When does my insurance coverage end?
5. What if I lose a complete field to a covered loss? How will I be paid?
6. What if I can’t get all my fields planted?
7. What if I can’t get all my fields harvested?
8. Am I utilizing my crop insurance in the manner it was designed? Am I maximizing marketing opportunities?
9. How much of my crop am I self-insuring?
10. Is my coverage structured in a manner that allows me to withstand a catastrophic year?
These and many more questions can be answered when you have an agent who takes the opportunity to contact you for a consultative appointment. Knowing the ins and outs of your crop insurance could be the most important aspect of your farming operation this year.
Important dates to remember
February 1-28: Price discovery for spring planted crops (differs slightly in some areas).
March 15: Spring crops sales closing date (differs slightly in some areas).
April 29: Deadline to report last year’s spring crops production.
July 15: Deadline to report 2019 spring crops planted acres.
October 1-31: Harvest price discovery period for spring crops.
December 10: End of insurance period and last day to turn in a claim.
These are just a few important dates that pertain to spring-planted crops. There are numerous dates involved with crop insurance. Many of the dates are specific to your location. I encourage you to visit with one of our local agents to confirm dates that are important to your farming operation.
Written by Mike Smith, MFA Crop Insurance Principal Agent for Today's Farmer magazine.
(AS Printed in the Feb. Issue of Today's Farmer Magazine.)
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