Posted by IaGary on November 04, 2013 at 12:01:31 from (108.160.236.246):
In Reply to: Crop insurance posted by BigMarv1085 on November 04, 2013 at 08:12:49:
If you have no crop history you start with your county average yield as a proven yield. Then as you prove your yields your base yield either goes up or down, based on your own yields over the years.
You insure at the level you want up to 85 percent of the base yield.
It covers all losses except fire.
You may insure field by field but the costs are higher. If you have all fields combined then you only collect if your average for all fields is below your base yield.
Ex- you have a base or proven yield on one 40 acre farm of of 150 bpa. and the other 40 acres base yield 140. That"s a total of 11600 bushels.
We"ll say you choose the 70% level of insurance so you are guaranteed 8120 bushels off the 2 forties.
If you get 6000 off of one 40 and 3000 off another 40 that totals 9000 bushels so you would collect nothing on yield loss. Even though one 40 was below your base yield.
You can also insure for revenue income as well. That takes in to account the price.
My fingers would get tired before I explain all of that so call your local agent and let him explain all of that to you.
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