FRIDAY, MARCH 24, 2023
Ohio farmers face numerous risks and perils that may threaten their ability to make money. Crop insurance is one type of farm insurance that can help provide financial protection when unexpected and uncontrollable events like pest infestation or severe weather destroy crops or reduce their value.
Crop Insurance Basics
Crop insurance is available to agricultural ranchers and farmers, but availability may vary by state and county. The U.S. Department of Agriculture (USDA) and the Risk Management Agency (RMA) administer the program. Numerous plans are available for various livestock and crops. 
Crop insurance can help protect against the financial effects of crop revenue and yields. There are two main types of crop insurance, including the following:
1. Multiple-peril crop insurance (MPCI) is federally subsidized and was reformed with the 2018 Farm Bill. MPCI now uses data from the USDA, Farm Service Agency (FSA) and the National Agricultural Statistics Service (NASS) to set prices. This coverage includes specialty crops and can cover farms in multiple counties. MPCI may cover numerous perils, including excessive moisture, disease and drought.
2. Private crop insurance is state regulated. This coverage, also called crop/hail insurance, may provide coverage for perils such as fire, lightning, upset during the transit of crops, vandalism, and hail. Crop/hail coverage is sold by the acre, so claims can be made even if only a small portion of a crop is damaged. Insurers may offer policy endorsements that provide coverage for weather-related risks.
The crop insurance program paid more than $14 billion to U.S. farmers in 2022. Without this coverage, events beyond a farm’s control could destroy its ability to make a profit.
Crop insurance can help provide crucial financial protection for farming operations that rely on crops for income. This risk management tool helps provide security so farmers can remain competitive in world markets.
How to Get Ohio Crop Insurance
Your farm’s insurance plan is highly customizable, and crop insurance can help provide essential financial protection against common perils.
Contact Slyman Insurance Group in Gahanna, Ohio, to get crop insurance coverage for your farming operation at a great rate.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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