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| Ive sold it here in SE IL. It's defiantly got its place I believe but I wouldn't back off my RP coverage at all. I'm looking at it this year for small ( one section) farmers that mainly have cattle. I hope to cover the cattle as well as the corn and beans. Might even cover hay if sold I believe!
How it works is you have to prove your expected revenue for the year and depending on if you have 3 crops you can buy 85% of your expected revenue. And he was correct if your expected was 500k and your RP covers 400k the WFRP covers 100k so it would be cheaper than if it covered all 500k. And by taking the individual coverage you make sure one crop ( corn) doesn't fall and one go up ( beans) like we seen here in 2016.
You are also correct that the growth factor will get you because it's the average of your last 5 year sec F or this years expected income. If an operation has grown your average sec f will be lower.
I used WFRP to cover high risk ground this year ($8 per acre) instead of insuring it on optional units ($50 per acre).
Edited by York62862 1/28/2017 00:41
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Whole farm insurance
