Winter. The time of year where securing product, inputs, and coverage for the new year’s crop is on every farmer’s mind. While many outside the agriculture industry may see winter as a slow time, those of us who farm know that there is still a lot to be done.
One major item to check off the list is to secure crop insurance coverage prior to the March 15 deadline. But with a wide array of products for farmers to choose from, how does one know the product or combination of products that will guarantee sufficient coverage for their crops?
Here at Hein Insurance, we know that covering growing operations starts with open communication. We dig in with clients to discuss their unique operation and the needs that will arise. Then we typically recommend one or more of the following insurance coverages:
Multi Peril
Hail
Pasture, Rangeland, Forage
Precision
Read below for an overview of what each of these products covers for our farmer/growers, and reach out to Justin Hein of Hein Insurance at 319.480.5505 to discuss your operation’s needs for the new year.
Multi-Peril (MPCI)
MPCI offers a range of coverages to protect a grower’s yields and revenue. Multi-peril products protect against production loss, price decline or increase, or a combination of both, so growers can ensure their income even in the ever-changing weather patterns of the midwest. Drought, excess moisture, cold and frost, wind, flood, all these weather events are common in the growing year. So it’s important for farmers to carry insurance to cover their crops should the weather events prove detrimental to production.
Hail
Did you know hailstorms can last 3-5 minutes? While that may not seem like long when you are watching Yellowstone or driving into town, it is an eternity when you are a farmer with a crop in the ground. Hein Insurance and Farmers Mutual Hail has a variety of hail coverages available depending on your specific needs: full, dollar/deductible, and companion. Peril specific hail coverage including additional coverages fire, transit, & grain storage should also be considered for your 2023 coverage needs.
Pasture, Rangeland, Forage
PRF (Pasture, Rangeland, Forage) is an insurance product that protects cattle and hay producers against a lack of rainfall. Coverage is based on how much precipitation is received relative to long term averages for the area (not for wind-induced dry conditions). If you have pasture or hay acres or a cattle operation, this product is a great fit for you. Ask you insurance agent about the pilot PRF coverage program.
Precision Coverage
Farmers are continuously collecting data to make their operations more efficient, cost-effective, and accurate. So why not use this same data for your crop insurance coverage? Precision technology coverage allows growers to use their precision ag data for electronic reporting and claims – making crop insurance faster, easier, and more accurate. Data is used for acreage and production reporting, claims filing, and APH reviews. Streamline your operation with precision coverage as part of your 2023 insurance plan.
If you’d like to discuss your operation’s coverage needs for 2023, get in touch with Justin at Hein Insurance at 319-480-5505.