Crop Insurance Decision Tools

February 4, 2016 01:00 PM
Crop Insurance Decision Tools

The University of Illinois farmdoc website revamped their crop insurance section and added two new decision tools. The iFarm Premium Calculators and the iFarm Insurance Evaluator can help you with important farm decisions.

“As crop insurance decisions loom for farmers, we expect these two new online tools will help ease the process,” says Gary Schnitkey, University of Illinois agricultural economist and member of the farmdoc team who created the tools with the assistance of the National Center for Supercomputing Applications at U of I.

iFarm Premium Calculator

This tools helps farmers develop customize estimates of their crop insurance premiums and compare yield and revenue guarantees across all crop insurance products and elections for their farm case.

The calculator shows a quick comparison between farm and area-level insurance products in cost and guarantee values. Specific details accommodate along with a tools that calculates TA-Adjusted APH. It uses current price and volatility conditions and tracks current market conditions through final release by RMA of 2016 Projected Prices and Volatilities. This tool is for farmers interested in a fast way to compare premiums for all products and election levels in a simple format.

iFarm Payment Evaluator

The Payment Evaluator helps farmers compare cost and risk reduction across all available crop insurance alternatives using current volatility estimates and price that are updated until establishing final values.

Completely updated for 2016, this tool develops a case for most counties in corn and soybean production regions and gives estimates of premiums for available crop insurance product for basic and enterprise units by coverage level. It also provides anticipated frequency of payments, average payment per acre, net cost per acre and risk reductions with alternative crop insurance products and elections.

“Evaluations of crop insurance are available for corn and soybeans in the Midwest, Great Plains and eastern U.S.,” Schnitkey adds. “The tools are also scalable to different platforms including laptops, tablets and phones.”

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