Agricultural News
Don't Wait, It'll Be Too Late! Insider Advice for Producers as Crop Insurance Deadline Nears
Thu, 22 Sep 2016 14:36:56 CDT
It is that time of year when wheat farmers need to be making some quick and important decisions, as the closing date to sign-up for crop insurance in 2017 draws near. Farm Director Ron Hays met with Scott Bulling of Superior Crop Insurance to get his advice on what priorities producers need to focus on this year as they consider the right policy options for their operations. Most importantly though, he reiterates - the closing date to apply, is September 30th.
"That's for wheat, rye, barley and oats, even though we're going to plant oats in the spring," Bulling said. "So, if you want them insured, you better sign up now."
Bulling reminds producers it is best to just sign up now while you can even if you're on the fence about planting, because there is no money down and you are only responsible for the acres you plant. If you choose not plant this year, no problem. There's no fee or premiums if you change your mind.
Bulling says, with prices so low this year, there is no room for error. His agency remains hopeful for some market recovery over the next year, offering applicants a projected price for wheat at $4.59/bushel, that is substantially above the cash market. He also explains a relatively new option available to farmers, called yield exclusion.
"That is something that can be added to your policy," Bulling said. "It is an option that can be used to remove some of the bad years of history out of your history. We'll do that in an effort to raise your yields and raise your coverage."
Bulling says it can have a substantial impact on the amount of coverage for which you qualify, and highly recommends speaking to your local insurance agent about it. Aside from that, when speaking to your agent, Bulling says to ask all the right questions.
"You want to look at whether you're going to take a revenue policy or a yield policy," Bulling said. "Look at your coverage level; do you take the enterprise or optional unit structure? Do you take the yield exclusion? Also, look at the supplemental coverage option."
Bulling added one last tip for producers to look into as they make their crop insurance decisions.
"Look to see what yields are," Bulling said, "because it has changed by county from what it was last year."
For more information and advice on making your crop insurance decisions, listen to Ron Hays' full conversation with Scott Bulling by clicking on the LISTEN BAR below.
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