2022 planting is just around the corner and farmers are cautiously optimistic about the year ahead. With challenges such as near-historic input costs, increased rent prices, and other unknowns that could impact the market, it’s never been more important to create a sound risk management plan. Fortunately, a variety of risk management tools and products can be tailored to meet a farmer’s unique needs and protect his or her operation from the unexpected. Working alongside the right crop insurance partner is essential to create a strong risk management strategy.
Farm Credit Mid-America’s team of crop insurance experts help farmers across Indiana, Ohio, Kentucky and Tennessee create multipronged approaches to protect against loss. Specialists like Kyle Adams and Lindsey Schwinn help farmers assess their operation and select from the variety of federal and private crop insurance products on the market today.
Working as an extension of each customer’s operation is at the heart of the crop insurance team’s service model. This means communicating one-on-one to understand each farmer’s individual goals, evaluating their overall marketing strategy, and assessing true business costs to develop a comprehensive plan to manage risk.
“Our crop insurance specialists are solely focused on crop insurance, which sets us apart from other providers in the marketplace,” says Schwinn. “We have the ability to create customized solutions for operations of all sizes, and we provide this service while meeting with our customers face-to-face on their farms or wherever it’s most convenient to conduct business.”
This relationship-focused expertise is helpful when assessing which crop insurance products are best suited for each operation.
“The strong relationships we build with our customers allow us to work alongside them as partners to assess their true cost of doing business, set floors and help them choose products that protect them from a falling market,” says Adams. “We also have access to resources and historical area data that help our customers make informed decisions about which products provide the best protection.”
The expertise of Farm Credit Mid-America’s crop insurance specialists also helps customers make informed decisions as they make their Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC) Farm Bill elections ahead of the March 15 deadline.
“FSA program elections are important this year, because your election might make you ineligible for certain crop insurance options,” explains Schwinn. “This is why working closely with an expert before making final decisions is so important.”
“We’re having a lot of conversations with customers about crop insurance products that allow for shallow losses right now,” says Adams. “We’ve also seen extreme weather in parts of Kentucky and Tennessee in the past year, more customers are thinking about their risk after their crop has been harvested. If you’ve added storage over the last few years, a crop hail policy that includes a grain storage clause might be a good fit for your operation.”
This time of year is the best time for farmers to reevaluate their relationship with their current crop insurance provider.
“If you’ve been with the same provider for years, you might be missing out on important information or coverage options,” says Adams. “Even if you’ve been with the same agency for a lifetime, we encourage you to consider getting a second opinion and exploring options you may not have considered in the past.”
“At the end of the day, you want to find a crop insurance agent who will work for you. If you haven’t already started conversations with your crop insurance agent, we encourage you to reach out and get started today,” says Schwinn. “Our goal is to guarantee that your cost of production is covered if you experience a loss in the year ahead.”
To find out more about Farm Credit Mid-America’s crop insurance options, visit your local office to speak with a specialist or visit the Farm Credit Mid-America’s website to get started. https://e-farmcredit.com/
