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southern MN | One year we were required to carry it to be in whatever ag program that year.
The insurance rep talked me into upping my coverage from $7 an acre to $8.50 an acre, would be so much better. I'd get paid 3 out of 5 years that insurance as so good!!!!
Was a miserable wet year, I got about 50% of a normal crop.
Well what a lucky break for me, eh?
Went to the insurance rep, mentioned my poor crops, and he pulled out a paper from behind him & handed it to me. Since I was new, only got 70% of longterm customers. And there was another reason I only started out at 90% of regular policy. He never even really bothered to look at my crop issues, or if I was wet or prevented planting or nothing - was working on some other paperwork & seemed to know as I walked in the door that I would have zero claim & was just wasting his time.
Anyhow when I was done looking at the paper, I thanked him, left, and have not bothered with crop insurance ever since. Doing the math at home, if I would have had a 100% crop failure, the most they would have paid me was a little less than $15 an acre.
I'm small enough in farm size to be able to handle a bad year, and based on my experience, I really don't see any value in getting involved with crooks any more.
I mentioned this a year ago, and got a few replies from those who sell insurance.
I respect that there must be some honest salesmen somewhere, but - my experience was not good, and I have to live my life with my experiences, not with what might be someplace else.
I'm pretty much self-financed & pretty small, so I can manage the risk myself, and pay myself the premiums.
Over the decades, seems to be a better deal.
I really don't appreciate the fedral subsidies to crop insureance - thay allow the big time operators to get bigger, and sluff off risk to the govt. My money, helping to to put people like me out of business.
All in all, kinda a sore subject for me......
--->Paul | |
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is there anyone who does not carry crop insurance?
