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Crop Hail Insurance


There are two greatest risks that you have to losing your crop this summer and you have little to no control over them. They are Hail and Fire loss. Many do not know that with Hail Insurance you automatically get Fire insurance as well. Also, it is important to recognize that this program provides coverage on a “spot loss” basis. With today’s even higher input costs, this makes the margins in farming even lower, can you afford to lose any of that margin? Also, with Crop Hail insurance in place you are provided with immediate cash flow relief, this is something else that no other program offers.

The cost of hail insurance in most cases, for a $100 an acre of coverage, ranges from $2.50 to $5.00. There is one guarantee and that is, it is going to hail this summer. So, you should consider buying early. Just like you the insurance companies do not know where it will hail, so they limit the amount of risk they will accept in any one area. Once they hit that dollar amount they close that area off. The problem with that is that you will need to buy from another company, likely at a higher cost to you.

Insurance: Money from many to pay for the losses of a few. This is the very basic principle of insurance.  As you read about in each of these articles, you are reading about Risk Management. Like the insurance companies that only accept so much risk in any one area, you also make that decision, this is whether you are aware of it or not. How much risk do you want to accept in your area? How much can you afford? How much can you keep and still sleep at night? What you can do is sell some of the risk to the insurance market. That’s right, you are selling your risk to the insurance market.

Be sure to seek advice and purchase insurance from those who understand your business!