Crop Hail Insurance

Hi this is Lonnie Sewell of the Sewell Agency in Chillicothe with this week’s crop insurance update. Monday, Wednesday and Friday at 9:15 am.
Well now that most of the acres have been planted and are coming up. A new risk is facing us.
This week’s topic is Hail.
And this program is sponsored by AgriServe one of our preferred crop hail insurance providers. Because of what insurance companies call a soft market. Crop hail providers have lowered their premium rates to near record lows such as $300 coverage on corn for less than $2.50 per acre. That is the lowest I have seen in 25 years. Your multi peril insurance covers hail damage but you have a rather large deductible. For example if you bought 70% coverage on crop insurance the top 30%, which is usually the profit, is not covered. Or you could have a large loss in one or two fields in a Unit and because of averaging your production not be eligible for a loss. Crop hail insurance is simple; if you have hail damage you get paid. Also other coverage’s come with this policy such as fire, some wind and grain in on farm storage. This wheat is extremely exposed right now. If you haven’t yet, consider spending a few dollars per acre to protect it.
This is Lonnie Sewell with this week’s crop insurance update. Phone 800-281-4020 your connection for crop protection.