Farmers purchase crop insurance while hoping for the best

Published online: Aug 27, 2013
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While farmers must make their decisions about purchasing crop insurance well before they plant, more than 1.1 million policies have been processed through participating companies and RMA as of Aug. 19.
Those policies protect more than 278 million acres representing more than $114 billion in liabilities, accounting for $4.2 billion in farmer paid premium.
In 2012, farmers invested more than $4.1 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops.
Crop insurance policies protected more than 281 million acres in 2012, with insured acreage equal to 86 percent of planted cropland.
$30 billion: Farmers have spent more than $30 billion out of their own pockets to purchase crop insurance since 2000.
To date, Iowa, Kansas, Illinois, Nebraska and Minnesota lead the way in the number of crop insurance policies purchased.