Illinois corn farmers can now download the 2019 Crop Insurance Decision Tool, available here in the FAST section of FarmDoc.
This tool is a Microsoft Excel spreadsheet containing seven tools. Farmers may wish to utilize these tools to evaluate different federally offered crop insurance policies.
Remember, as you’re considering your crop insurance options, ICGA worked to offer farmers a new crop insurance endorsement that will allow land from two counties to be combined into one enterprise unit. This important new offering will reduce farmer-paid premiums, particularly for farmland in the non-enterprise county.
According to the University of Illinois, final 2019 premiums will not be known until the 2019 projected prices and volatilities are known. Given the same parameters in 2019 as in 2018, most farmers will find slight increases in premiums in 2019.
At a $3.96 projected price and .15 volatility, the Revenue Protection 85% policy at the enterprise level has a $12.83 farmer-paid premium. Last year, the same policy had a cost of $12.31, lower by $.52 per acre. An inspection of several counties around Illinois suggests that similar increases occur. Soybean premiums also increase.
The U of I also suggests that the increases seem ironic given the low loss experience of recent years.
Take the time to read through this article and play around with FarmDoc’s Crop Insurance Decision Tool. You’ll go into your local insurance office with a much better understanding of what you need and what fits within your budget.