Insurance Types
Crop Hail Insurance policies are not part of the Federal crop insurance program. Crop-Hail coverage is purchased because hail has the aptitude to completely destroy a major part of a planted field while some is left untouched. Certain crop-hail plans may be purchased at any time during the growing season, prior to a hail event or sales deadline.
MPCI (Multi-Peril Crop Insurance) policies must be purchased prior to planting and cover loss of crop yields from all types of natural causes including drought, excessive moisture, freeze, and disease. Newer coverage options combine yield protection and price protection to protect farmers against potential loss in revenue, whether due to low yields or changes in market price.
- APH*
- Bushel guarantee
- 50%-85% where applicable
*still available for crops that don’t qualify for YP
- YP (Yield Protection)
- Protects against production losses due to a decrease in yield
- Uses the Commodity Exchange Price Provisions (CEPP) to determine prices
- Coverage levels 50%-85%
- RP (Revenue Protection)
- Revenue guarantee
- Coverage levels 50%-75% (80%-85% where applicable)
- RP-HPE (Revenue Protection with Harvest Price Exclusion
- Revenue loss due to a decrease in price or yield
- Final revenue guarantee based on spring price only
- NO upside price protection
Area Plans provide coverage based on the experience of an entire area, generally a county. It is designed to increase efficiency by providing one set of policy provisions for all area plans, and uniform pricing methods for area and individual-based plans.
- ARPI (Area Revenue Protection Insurance)
- Continuous policies offer protection against county-wide losses
- Individual losses are not covered
- Coverage levels range from 70%-90%, in 5% increments
- Price protection ranges from 80-120%
- ARPI plans cover the following crops: barley, corn, cotton, forage*, grain sorghum, peanuts*, rice**, soybeans, and wheat. (*Forage & peanuts are only available with AYP) (**Rice is currently a pilot for all ARPI plans)
- ARP (Area Revenue Protection)
- Protection from county-wide revenue losses, yield losses, or both
- ARP losses are based on the county revenue, as determined by RMA & harvest price
- ARP includes upside harvest price protection
- ARP-HPE (Area Revenue Protection with Harvest Price Exclusion)
- Protection against county-wide revenue losses, yield losses, or both
- ARP HPE losses are based on the county revenue, as determined by RMA and the harvest price
- ARP HPE does not include upside harvest price protection
- AYP (Area Yield Protection)
- Protection against county-wide yield loss
- AYP losses are based on a county trigger yield as determined by RMA
- AYP is the only area plan that offers CAT coverage
Named Peril Products (Hail, Wind, Greensnap) are recommended as either supplements to your MPCI or Crop Hail policies or as standalone policies. They are designed to cover gaps in coverage such as hazards unique to specific crops, unavailability of MPCI and hail insurance in your area, or to cover a processor.
AgQuest Insurance Agency is an equal opportunity provider.
Crop Pricing Resources
Check out AgQuest's Crop Insurance Checklist for deadlines, crop price history, and other important information that will help with your farming operation.
2024 Spring Projected Prices set by the USDA:
- Corn $4.66
- Soybeans $11.55
- Spring Wheat $6.84
REMINDER: A timely notice of loss must be reported for any loss, including revenue losses. If you expect a revenue loss you must submit a notice of loss not later than 45 days after the date the harvest price is released.
For more information, please call your local agent.
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AgQuest Insurance Agency is an equal opportunity provider.