Between now and March 15, growers of 14 spring-planted Nebraska crops will once again face the yearâ€™s first big risk management decisions: What kinds of crop insurance policies do I get, and how much coverage do I choose?
This year the choice is complicated by a general rise in crop insurance premiums at many levels of coverage. The first inclination may be to move to lower levels of coverage, but the experience in recent years, according to Risk Management Agency data for a sampling of states, is that those buying at the 70% level, or higher, get significantly more return for their investment. Thirty percent crop losses, or less, are more common than 50% losses.
The 14 insurable are: wheat, oats, millet, forage seeding, sugar beets, corn, popping corn, beans, grain sorghum, hybrid seed corn, sunflowers, soybeans, potatoes and barley.
Growers of some of those crops will also have to choose which of four different types of crop insurance policies best suit their needs: Crop Revenue Coverage (CRC), Group Risk Plan (GRP), Revenue Assurance (RA), and the traditional Multiple Peril Crop Insurance policies.
March 15 is not only the deadline to sign up for crop insurance, but also the deadline to make any changes to existing policies. To do either of those things, growers must contact a crop insurance agent well before March 15.