Having grown up on a farm, I have many great memories: the first time I drove a tractor, the first time I helped pull a calf, and the first time I raked hay. All of these are the memorable moments of which most any “farm kid” can relate. I can also remember sitting in the basement of our house during a tornado warning and my dad using his big old cell phone from 1995 to call and order hail insurance! At the time, I had no idea what he was doing, other than thinking he was crazy. Now, as a farmer and insurance agent, I know exactly what was running through his mind. With a little bit of planning, we can make sure that scenario won’t happen this summer for anyone!
In today’s crop insurance world, there is a vast amount of hail insurance products that can complement an underlying multi-peril policy. And in some cases, it can be the perfect insurance tool when growing certain crops, such as oats or rye. All of the products have varying costs per acre and return indemnities in a certain level. Basic hail insurance is the most well-known insurance product, as well as the simplest. Depending on your specific needs, other hail insurance products with a higher deductible can be more cost effective. In addition, there are production-based options that work to ensure those top end bushels not covered by a multi-peril policy. I would be happy to sit down and go over different products that are specific to your farming needs.
Additionally, acreage reporting is right around the corner and due on July 15, 2018. Since acreage has to be reported to both the FSA office and the insurance agent, it is important to work with both of them to ensure acreage reports are completed in a timely manner. This is especially important should there be any prevented planting acres, to ensure a claim will be paid as quickly as possible.
I hope everyone has a safe and enjoyable summer and the weather is perfect for each individual farm. If you attend Dakotafest this year, please be sure to stop by the First National Bank booth and say hi! And, if you do need that hail insurance during a tornado warning… my cell phone number is (605) 940-0896!
Crop Insurance Specialist