Crop Insurance
On Sept. 1, you have a big deadline. For the first time since the programs were created, you can switch your elections for ARC and PLC. Which should you choose?
As you start making 2022 crop production plans, couple them with risk management plans. One tool to consider is margin protection for federal crop insurance.
Your crop insurance decisions are a key part of your risk management plan for this year.
Since their inception in 2014, you’ve been choosing between Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC). You have until March 15 to make your choice this year.
“What I look for as an agent and as a farmer is if I can get close to 2.5 times or more return on coverage versus extra premium,” says Jamie Wasemiller with Gulke Group and Wasemiller Insurance Agency.
“We don’t need to rewrite the entire farm bill,” Rep. Thompson (R-Pa.) says. “We’re comfortable with many parts of the 2018 bill and there aren’t many tweaks, instead things we need to protect and invest in.”
During Thompson’s presentation at a crop insurance event, he was passionate about getting a farm bill done, but acknowledged several hurdles that he said could be overcome in a bipartisan approach.
The expansion would add 1,255 counties for soybeans and 1,729 counties for corn, making the coverage available in 22 states for soybeans with 34 states being covered in total.
A study released by Farm Bureau finds 86% of Americans are concerned about food insecurity, but their trust in farmers remains high at 89%.