Even though the new year just started, it’s already an ideal time for farmers to think about what they need from crop insurance this year. Doug Burns, regional vice president of insurance with Farm Credit Services of America, said most farmers would benefit from taking a fresh look at their crop insurance strategies this year instead of sticking with the usual, especially since there are a lot of national and global risk factors to consider.
With the amount of volatile and fluctuating factors that are expected to impact the industry this year, Burns said agriculture could be in what he calls a “reset mode.”
Burns said that there are some additional coverage options that farmers might have to consider this year as well.
Farmers are now gaining much more data from their crops through precision technology, and Burns said that data can also be leveraged in crop insurance policies.
Instead of just viewing risk management as insurance against a loss, Burns said a lot of farmers are now viewing it as a way to help maximize revenue opportunities.
Since the current marketplace has more options for insurance than ever, Burns offered some advice to help farmers pick what works best for them.
Burns added that it’s also a good idea to start thinking about that March 15 deadline before it sneaks up on you.
For more information, visit fcsamerica.com or call at 800-884-FARM.
