Agricultural insurance, also known as crop insurance, can keep your crops safe in the event of natural disasters or revenue loss due to declines in the prices of agricultural commodities, according to the Insurance Information Institute (iii). There are different types of crop insurance that you need to be aware of before consulting an insurance agent. Crop insurance is a core part of the American agricultural industry. Be aware of some of the key elements of an agriculture insurance program.
Types of Crop Insurance to Recognize
The first thing you need to know when looking for Dublin Ohio insurance is what type of crop insurance coverages there are. There are a few major types of insurance, including multi-peril crop insurance and crop-hail policy. Learn more about them below:
Multi-Peril Crop Insurance
Multi-peril crop insurance covers crop losses, including lower yields, caused by natural events like:
- Destructive weather
- Insect damage
Federally supported and regulated, more than 90 percent of farmers who buy crop insurance opt out for MPCI. If damage to a crop occurs early enough in the growing season, then they might be entitled to a replant on behalf of the insurance agency.
A crop-hail policy is a policy that is sold by private insurers and regulated by state insurance departments. This policy specifically covers the event of hail basically ruining your crops. It will protect you in the even that your entire crop has to be replanted. This type of coverage is harder to get over MPCI, but many also consider it a supplement to the MPCI policy.
Crop Revenue Insurance
This type of crop insurance is helpful in the event that you produce a low yield from your crops. It also helps for when the price of crops drops low. It keeps you safe and makes up for the money that you were originally supposed to make. This insurance helps farmers protect their earnings against dramatic swings in crop prices, regardless of the cause.
Do I Need Crop Insurance?
If you’re a farmer looking for insurance in Dublin, Ohio, then chances are you need crop insurance. A crop insurance specialist can help you decide which type of coverage is best for your farm or ranch.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.