Press release submitted by Country Financial |
Illinois farmers recovering from last summer's drought will need to start planning their federal crop insurance coverage needs in advance of the March 15 signup deadline.
Some farmers will find lower rates due to reductions made by the Risk Management Agency based on changes in the federal rating methodology. The Trend-Adjusted Actual Production History option has been expanded to the entire state. It allows farmers to have their actual production history based on recent county yield trends.
"Last summer's devastating drought magnified the importance of risk management in protecting crop assets. Crop insurance represents a vital tool in risk planning," says Sheri Bane, director of commercial/agribusiness for COUNTRY.
Other notable federal crop changes include a High Risk Alternative Coverage Endorsement provides separate reduced-yield coverage on high-risk acres within a county. The endorsement further allows for revenue protection at a lower coverage level, or an equal or reduced level of yield coverage. In addition, blue corn contract growers in select Central Illinois counties can obtain a Yield Protection policy.
Farmers can secure coverage through yield, revenue and county protection policies. Some farmers could qualify for Enterprise Unit coverage that insures all acres of an individual crop within a county.
Farmers can further reduce risk by developing a grain marketing plan. COUNTRY financial representatives can help farmers secure market analysis and grain contracts through AgriVisor LLC, a joint venture of Growmark Inc. and Illinois Farm Bureau.
"We've been insuring Illinois farmers for 87 years. Our certified crop representatives and crop specialists ensure farmers secure the appropriate coverage for their individual operations," says Bane.
COUNTRY is among the leading federal crop insurers in Illinois. In addition to federal crop insurance, COUNTRY also offers crop hail insurance for hail, vandalism and fire damage to standing crops not covered by federal crop insurance. The GrainGuard® policy provides protection for harvested grain and offers additional replant coverage options.
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