The first year Sue and Terry connected precision data to their crop insurance, they appreciated the convenience. With each subsequent year, they have seen the benefit of applying their data from the field to their policy. Their insurance officer, Chad Loecke, pulls data from his customers’ monitors after they finish planting and again after harvest. From the monitors, he gets the plant date, crop type and number of acres planted. These aren’t government acres that producers have submitted at their FSA office, Loecke said. “These are actual acres that they have planted in the field and that they feel are a much more accurate number.” “It reduces their premium in the short run. This might not be a big number because generally you’re decreasing your acres by 5-10 acres. But for some producers that can be a very big number. The bigger thing is when you are insuring fewer acres against higher production. That gives you a higher production number per acre, so the producer is insuring more bushels and getting to insure more revenue dollars per acre.” Link to full story in the comments.
Farm Credit Services of America’s Post
More Relevant Posts
-
Producers, are you tired of the hassle of traditional acre reporting? We've seen a surge in using precision data to streamline the process, saving time and ensuring accuracy. Check out this great article to learn more: ttps://https://lnkd.in/gf_PCrND Want to explore how precision data can simplify your operation? Don't hesitate to reach out - we're happy to chat! #precisionag #acreage #farming #agriculture #technology #insurance #efficiency
The first year Sue and Terry connected precision data to their crop insurance, they appreciated the convenience. With each subsequent year, they have seen the benefit of applying their data from the field to their policy. Their insurance officer, Chad Loecke, pulls data from his customers’ monitors after they finish planting and again after harvest. From the monitors, he gets the plant date, crop type and number of acres planted. These aren’t government acres that producers have submitted at their FSA office, Loecke said. “These are actual acres that they have planted in the field and that they feel are a much more accurate number.” “It reduces their premium in the short run. This might not be a big number because generally you’re decreasing your acres by 5-10 acres. But for some producers that can be a very big number. The bigger thing is when you are insuring fewer acres against higher production. That gives you a higher production number per acre, so the producer is insuring more bushels and getting to insure more revenue dollars per acre.” Link to full story in the comments.
-
-
Documentation and reporting are critical parts of running a farm. From FSA to lender documentation and crop insurance, discover how Conservis can help. https://bit.ly/3ltzE8Y
-
As we near the end of 2023 farmers are making plans for next year - including their Crop Insurance. Listen in to our latest podcast to hear from Director of Insurance Strategies, Cole Patrick, as he shares what's next in the world of crop insurance. 🎧https://lnkd.in/gfDBGGsh
-
-
As a farmer, you know how unpredictable the weather can be. That's why having the right crop insurance can be a lifesaver. It's essential to protect your crops from natural disasters and unexpected events. By investing in crop insurance, you can ensure your business remains stable and profitable, even in the face of adversity. Let's chat about how crop insurance can benefit your farm!
-
The September 30 deadline for protecting your 2025 crop with Margin Protection is fast approaching. Farm Progress spoke with our insurance leader, Tony Jesina, about considerations for managing risk in today’s environment. The questions below are a good starting point for conversations with your crop insurance agent. ✔ Can your cost of production be covered by a traditional multi-peril crop insurance policy? ✔ Do you have enough working capital to sustain a revenue loss? ✔ What is your risk tolerance? ✔ Are your actual production yields consistent with county averages? Link to full article in the comments.
-
-
Some California counties are getting a pilot program for grapes. RMA is moving forward with piloting the Fire Insurance Protection – Smoke Index (FIP-SI) crop insurance program for grapes in California for the 2025 crop year. The pilot program is an index-based endorsement to the Actual Production History (APH) Grape policy that provides additional protection against smoke damage and covers the liability between the APH policy’s coverage level and 95%.
-
It's not too early to be planning your 2025 crop insurance. In fact, one of the options that might help cover your cost of production goes off the table on September 30th. So at least talk to someone before then. #CropInsurance #RiskManagement #BreakEvens #CornFutures #CostOfProduction https://lnkd.in/gr_FMmcS
Weigh your options for revenue insurance
farmprogress.com
-
The September 30 deadline for protecting your 2025 crop with Margin Protection is fast approaching. Farm Progress spoke with our insurance leader, Tony Jesina, about considerations for managing risk in today’s environment. The questions below are a good starting point for conversations with your crop insurance agent. ✔ Can your cost of production be covered by a traditional multi-peril crop insurance policy? ✔ Do you have enough working capital to sustain a revenue loss? ✔ What is your risk tolerance? ✔ Are your actual production yields consistent with county averages? Link to full article in the comments.
-
-
Whether it’s updating coverage or adjusting for new risks, NAU Country is here to help keep your insured’s farm running smoothly. Reach out to your NAU Country Representative for a “tune-up” on your crop insurance today! #NationalTuneUpDay #CropInsuranceCheck #FarmProtection
-
Read the full story and learn more about how precision technology can simplify acreage reporting: fcsamerica.com/resources/learning-center/simplify-acreage-reporting-with-precision-technology