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N. Illinois | I talked with a farmer today who was down on his crop and I found out he did not have crop insurance. My concerns have been buffered by the fact that I know I have crop insurance that will hopefully be there to protect me if this drought continues. What % of farmers are covered and by what policy? |
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| I don't know the answer, but I think it's a very high percentage around the area I live. Of course there are different products and protection levels as well. I take the highest level (85%) available on bushels, but don't buy the price coverage. I try to manage price levels with my hedge fund, some years it's better and some it's not. |
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SC Iowa | last year about 80% of Illinois corn and 90% of Iowa corn was covered by crop insurance
here is a link to a site where you can look up individual state numbers
http://www.rma.usda.gov/pubs/state-profiles.html
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North Central Illinois | That is a good question. I really can't get a handle on it but I think it might be more than just a handful. I know a couple of guys the past two years that haven't had it but really don't know how widespread it is. I suspect those who are really well capitalized and have little debt are the ones that are passing on crop insurance. At least I hope so. Those who have dececnt working capital and some debt should have it and those whose working capital is suspect with a fair amount of debt are usually required by their bank to have it. If a guy has decent APHs I can't imagine why a guy wouldn't take it with the guarantees where they are this year. I'm with you though I am not nearly as apprehensive about this drought as I would be if I didn't have insurance this year. It won't make me a rich man but will pay the bills and keep me alive to fight another day. I don't want to get into a pissing match about crop insurance subsidies either. This year I am just plain glad I have it! |
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| I know several over 65 farmers with 500-750 till acres here who've never had it, but they've been debt free for 20 years and have several years worth of cash in the bank. Most lenders here won't give you a penny unless they are protected by your insurance. Too many floods and droughts in this part of the country. |
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North Central Illinois | Yeah the guys that own a few hundred acres or more and don't have any debt can afford not to take it. |
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Northeast Nebraska and Candelaria Philippines | i don't understand why EVERYONE doesn't take some type of coverage. You can take CAT coverage for $300 per county per crop regardless of number of acres. That coverage provides 50% bushel coverage at 50% of price. It's not much coverage, but it would prevent you from zero'ing out. Also, to move up to 70% coverage at 100% price probably would only cost 4 or 5 bucks an acre. |
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southern MN | And then they pay out %18 an acre again?????
Whoopie.
--->Paul |
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north central iowa | My dad never carried it. I do each and every year. |
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swia | Just another expense to me. Only expense for crop that can really guarantee anything. |
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EC Nebraska | Why if you have no debt would you NOT take it. For less than 20 bucks an acre you can cover expenses and live to fight another year. Do guys with no debt have insurance on their house. Im guessing yes and there is much less chance of your house burning down before your crop does.
Edited by rich79 6/23/2012 13:31
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Nevada, Iowa | I didn't follow the link beyond the first page but I have to wonder, is the compilation of such data funded by the farm bill that is currently getting revamped? If so, maybe John Q. Public needs to complain about misguided funds regarding the farm sector? No offense to anyone here but who really cares about what percentage of farmers carry insurance enough to justify the cost of finding out? I don't mean to diminish the link as it was presented (Ray, you always seem to know where to find an answer and I know you were only answering a question) but I think this type of data falls into the same crack as government grants for someone studying the breeding habits of amazon monkeys. |
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SEIL | Because some people are still proud of the fact they have never accepted welfare in any form. I sincerely admire them for that. Most are like me..........not embarrased by taking handouts and certainly glad I have it now. Bonpas SEIL
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Madision County, IL | Farmers in the govt. program report planted acres. Farmers that have crop insurance report the information to their insurance agent. The information Ray presented should only require a few button presses on a keyboard to generate.
Am I wrong about this? |
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| The taxpayer is picking up 60% of the tab for the insurance. Welfare. |
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Kaukauna WI | Crop insurance is welfare, absolutely. |
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USA | Taxpayer does not pick up 60% of bill on all insurance policies, on my GRIP policy subsidy is 45% . In a state like IL crop insurance has been a money maker. IL folks are pay more than they should to subsidize other high risk states.
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Nevada, Iowa | Seriously, can you imagine anything in government taking a few button presses? This is bureaucracy we're talking about. |
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SEIL | You just proved my point........nobody thinks their free check is welfare. |
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| Are Social Security and Medicare welfare? Most collect far more than they paid in. |
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mid minnesota | <p>All I will say is that if you have a 200,000 car do you put insurance on it or just drive it? You can put any number in it. No matter what it is its an investment that you need to protect. How many car or life insurance companys do you see go broke?????</p>
Edited by gndfarms 6/23/2012 23:07
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SEIL | Pay your entire premium yourself and you'll figure otherwise. Bonpas SEIL |
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Northeast Nebraska and Candelaria Philippines | Yes it is welfare, however, it helps everyone in this nation, farmer or not. Here in the US we have a cheap food policy. By insuring against crop failure, it encourages farmers to plant crops. Yes, it even encourages to plant crops on high risk acres. This helps increase the supply of grain, and thus keeps prices low. This helps the consumers keep food cost down, putting more money in the economy for other things. |
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| Agreed. |
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What % of cornbelt farmers have crop insurance?
