What will your premium be for 2013?
But the question you should be asking is what your premium will be, and you can quickly get an answer. Schnitkey’s 2013 crop insurance decision tool provides premium information on a spreadsheet, once you insert your state, county, crop, and desired coverage level. He says, “This spreadsheet will generate corn, soybean, wheat, and other crop premiums for most states in the eastern United States and in the Great Plains. The spreadsheet also has other tools, such as a what-if tool for evaluating crop insurance purchases.” The decision tool is here.
The bottom line for most farmers is that reductions in crop insurance premiums for 2013 will not cause many changes to be made in their coverage. However, many farmers who did not have coverage during the 2012 drought will be enrolling their operation. Farmers in that latter category, along with anyone in the first category who plans to change their coverage in any way must do it by the March 15 deadline.
Crop insurance decisions for 2013 should soon be made and double-checked with crop insurance agents by March 15. Premiums for most Cornbelt farmers will be declining slightly following the new rating system put in place by USDA which corrected prior over-charges. Many farmers with crop insurance in the past year will not be changing much in the coverage for 2013.
Source: FarmGate blog