It is Not Too Early to Work on Crop Insurance

It is Not Too Early to Work on Crop Insurance

For most Indiana farmers, harvest is just wrapping up and the planning process for 2018 is in its early stages. Yet, it is not too early to begin to consider your crop insurance options. According to Jason Alexander, Senior Vice President ? Insurance Services, Farm Credit Mid-America, ?It is a yearlong process.? He says this is the perfect time of year to meet with your crop insurance agent, ?The sooner you report your production numbers to your crop insurance specialist, the sooner you?ll know your coverage options.?

Alexander also recommends looking over your production records before you close out 2017, ?In these market conditions, make sure you don?t have a claim before closing out the year. Even if you did not experience strong yield losses, you may still have a claim based on the products in your plan.?

As you begin your planning for 2018, Alexander says do not just roll over the same coverage you had in 2017, ?Producers should revisit their coverage amount for this year. Many farmers who have been financially strong during good times have been conservative with coverage. This year, we recommend higher coverage levels. This might mitigate the risk that comes with challenges facing the current ag economy.?

Farm Credit Mid-America has a wide variety of on-line resources to help with your crop insurance and other financial needs. Visit e-farmcredit.com/insights