With spring planting well on its way, it’s time to look at hail coverage to protect that top end yield and profit. Crop hail coverage is an inexpensive way to protect the bushels and dollars not covered by your federal crop insurance policy. With production hail, you can protect 120% of your proven yield against hail and/or wind. Crop Insurance Solutions represents several companies so we will be able to find the best rates and products for your area. Contact Crop Insurance Solutions at 877-731-3334 to find out what we have to offer in your area.
Crop Hail Season is here!!
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Increased Replant Option
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This evening I would like to talk about the Increased Replant Option policy. This is a private add on product that attaches to a CRC, RA, APH, and IP policy. For starters I would like to refresh your memories that in order to qualify for a replant payment under your MPCI policy, you have to have 20 acres or 20% of a unit damaged to the extent that replanting is necessary. This replant payment would equal 8 bushels for corn and 3 bushels for soybeans times the base price of the underlying MPCI policy. For example if the base price for corn is $4.00 then the replant payment would be the lesser of the actual costs to replant or $32.00 (8 Bushels X $4.00) per acre. If an insured had the Increased Replant Option, only one acre damaged would qualify for a replant and the insured would be able to collect as much as $50.00 per acre replant payment. This add on will work great for those insureds that have a few acres wet of spots that they have to go back and replant and would not qualify for replant under their base MPCI policy. Along with acre one protection, the policy increases the liability to $50 pre acre for replant to help cover high costs of seed and other inputs. Now that I have gone over the meat and potatoes of the product, lets discuss the cost and availability of the Increased Replant Option. The Increased Replant Option is available in the states of Nebraska, Iowa, Illinois, Minnesota, South Dakota, Missouri, Indiana, Wisconsin, Michigan, and Ohio. The cost of this product varies by state and county. Here are a few examples.
Humboldt County Iowa Corn: $0.19 per acre
Humboldt County Iowa Soybeans: $0.35 per acre
Blue Earth County Minnesota Corn: $0.11 per acre
Blue Earth County Minnesota Soybeans: $0.22 per acre
Saline County Nebraska Corn: $0.06 per acre
Saline County Nebraska Soybeans: $0.11 per acre
Dekalb County Illinois Corn: $0.17 per acre
Dekalb County Illinois Soybeans: $0.37 per acre
Union County South Dakota Corn: $0.11 per acre
Union County South Dakota Soybeans: $0.18 per acre
Grant County Wisconsin Corn: $0.06 per acre
Grant County Wisconsin Soybeans: $0.11 per acre
Lafayette County Missouri Corn: $0.11 per acre
Lafayette County Missouri Soybeans: $0.19 per acre
If you would like a specific example for your county, please give us a call at 877-731-3334
Turner County South Dakota: CRC vs. RA/HPO & Enterprise vs. Optional Units
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The change in price movement provisions to both CRC and RA/HPO policies, allow these two products for the most part to provide the same protection. With this being said, the main reason why a farmer would choose one over the other would be because of price. In the examples that Crop Insurance Solutions has run in the state of South Dakota, CRC has been less expensive than RA/HPO on Enterprise Units. At the higher levels of coverage, CRC is as much as $1-$3/acre cheaper on Enterprise Units.
Moving on….You might wonder why I am mentioning Enterprise Units??? Well last year RMA significantly increased the susidy for Enterprise Units and made many farmers or should have made many farmers look at this unit structure. Here is a snap shot of what the numbers look like for Turner County soybeans….
In 2009, for approximately the same premium paid for a 65% RA/HPO Optional Unit policy ($6.73/Acre), you could have purchased an 80% CRC Enterprise Unit Policy($7.69). Also you would have increased your guarantee per acre roughly 23% ($194 to $239). The numbers speak for themselves.
If your agent did not discuss these scenarios, YOU need to give us a call!!!!
Have a great night and please call us at 877-731-3334
Good Evening From Des Moines Iowa
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Today’s Crop Report sent the markets down today. However, today’s big move south really won’t affect crop insurance prices. The southern states are in the last couple of days of their discovery period and the Midwestern states start tracking the first of February. Tonight we will begin to present crop and area specific crop insurance plans. Please visit each crop category listed on the right hand side of the Blog page.
Welcome To the Crop Insurance Solutions Blog
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Welcome and keep an eye out for Risk Management Plans in Crop Insurance Solutions sales area. Our Risk Management scenarios are accurate to the date they are posted. Quotes may be inaccurate over time due to changes in commodity prices, volatility, and rates. Please feel free to contact Crop Insurance Solutions for an up to date and customized Risk Management Evaluation.
