We know insurance can feel complicated. Here are answers to some of the most common questions we hear about crop coverage, LRP and PRF.
In most cases, your coverage choices are locked in at the time of enrollment and cannot be changed once the sales closing date has passed. That’s why we recommend connecting with us early each year to review your options.
It depends on what you raise and what risks concern you most. Crop insurance is built for grain and specialty crop producers, LRP protects livestock operations against price swings, and PRF is designed for producers who rely on rainfall for forage and grazing. We’re happy to talk through your operation and point you in the right direction.
Absolutely. Each program covers a different type of risk, so they work well together. Crop insurance, LRP, and PRF each address a different side of your operation, and carrying more than one can give you broader protection. We’re happy to help you understand how the programs complement each other and build a coverage plan that fits your whole operation.
Enrollment deadlines vary by program and crop. For PRF, the deadline is December 1 for the following calendar year. Crop insurance sales closing dates depend on the commodity and your county. We recommend reviewing your coverage every year — your operation changes, and your policy should keep up. Reach out to us early so you’re not rushing before a deadline.
If you believe you’ve experienced a covered loss, contact us as soon as possible. The sooner you reach out, the smoother the process will be.
Yes! Each of our programs offers flexibility around coverage levels, policy periods, and other options so you can build a policy that fits your operation. Our agents will take the time to understand your situation and help you make the right choices for your land, your livestock, and your bottom line.
Livestock Risk Protection is a federally subsidized insurance product, similar to a put option, designed to protect against falling prices for cattle or swine. Unlike futures, LRP allows for flexible head-count coverage (no minimum), no margin calls, and premiums paid after the end of the policy.
The intent of the PRF policy is that you own or have an insurable interest in livestock or hay production. The person with the insurable interest is based on the ownership of the livestock or hay production and not the land (leased land is eligible for coverage).
Most major commodities are eligible, including corn, soybeans, wheat and many specialty and organic crops. Eligibility can vary by county and crop type. We’re happy to help you find out what options are available in your area.
The Pasture, Rangeland & Forage coverage is not “drought insurance” and does not insure against abnormally “high temperatures” or “windy conditions.” While a drought may cause a decline in the index value to the point that an indemnity payment is issued to eligible insured producers, a drought being declared in a state, county or area does not, by itself, trigger an indemnity payment under PRF.
LRP protects cattle and swine producers against unexpected drops in market prices. If the market falls below your coverage price at the end of your policy period, LRP pays the difference. It does not cover death, injury, or loss of animals.