WHAT KIND OF CROP INSURANCE SHOULD I CHOOSE? There are two types of crop insurances offered to farmers: Crop-Hail and Multiple Peril Crop Insurance (MPCI). MCPI covers the wide range of perils that can affect your investment in your crop, while crop-hail insurance is available to protect your investment in case of an untimely hailstorm. While MPCI policies must be purchased before planting and cover loss of crop yields from all types of natural causes (including excessive moisture or drought, freeze, disease, and loss in revenue due to low yields or changes in market pricing), you can purchase a Crop-Hail policy at any time during the growing season.
ISN’T CROP INSURANCE EXPENSIVE? Crop insurance is actually a great deal — especially when you consider the catastrophic losses you’re guarded against! Here’s why:
• Private companies must sell insurance to every eligible farmer who requests it. They retain a large portion of the risk on more than 80% of the policies written. • The federal government subsidizes the farmer paid premiums to reduce the cost to farmers. •
Also, it provides reimbursement to private insurance companies to offset operating and administrative costs that farmers would otherwise pay as part of their premium.
HOW DO I GET STARTED? At Peoples Insurance, we understand how much your farm means to you. Our agents have decades of local agricultural expertise and a long history in the insurance industry. Every day, we help Iowa farmers meet their insurance needs, and we’re prepared to design the right policy for you as well.
• The Risk Management Agency (RMA) sets the rates that can be charged for crop insurance.
Contact us for Crop Insurance Today!
peoples-ebank.com
Insurance products are not FDIC insured, not a bank deposit, not guaranteed by the bank or any U.S. Government Agency, & may lose value. February 2022 | www.agemedia.pub | The Farming Families Magazine
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