Crop Insurance Deadline Nearing

The deadline to purchase and make your final elections for your 2020 crop insurance is March 16. With this deadline right around the corner, it is imperative that you make any modifications needed in regards to entity changes – going from an individual to an LLC, Partnership or Corporation, or even from a Corporation, LLC or Partnership back to an Individual. Other modifications to keep in mind are, marital status or the addition of land in a county that you have not farmed in prior years.

Things to Consider:
• There are a number of Pricing Products above your MPCI coverages available that range from a Yield Protection up to a 95% revenue coverage. However, unlike MPCI, additional Pricing Products are not subsidized by the government. Please make an appointment with your AgQuest Insurance agent to explore your options and see what fits your operation.
• As you know, we had an abundance of moisture last year and Prevent Plant was one of the major issues. There is the 5% buy-up on Prevent Plant coverage that is an option you can elect at the time of sales closing.
• If you are farming for the first time, you could qualify for the Beginning Farmer Rancher (BFR) benefits, as well as the Veteran Farmer/Rancher, this is a maximum benefit of 5 years if you qualify.
• With the increase of price on the CAT policy fee from $300 to $655, there may be a better option for you. If you currently have a CAT policy, we encourage to you to contact your AgQuest agent to talk through the other options available.
• March 16 is also the deadline to make your Farm Bill elections. There have been many meetings to help with making that decision. As a reminder, if you are enrolling in the Price Loss Coverage (PLC) you can also purchase the Supplemental coverage option (SCO). If enrolling in the Agricultural Risk Coverage (ARC), the SCO is not an option.
• WHIP is another program put into place with sign-up starting back in September. This a government program above the Market Facilitation program and the Top-up payments that took place in 2019. Once your Farm Bill elections are made, then consider the one-time updating of your PLC yields and signing up for WHIP with your local FSA office.

We encourage you to call an AgQuest Crop Insurance Specialist to make sure you have the right coverage for your operation. We understand that with current margins, it may seem like a simple solution to reduce your costs by cutting your crop insurance. However, it’s important that you weigh the risks of not having the proper or sufficient coverage if a major weather event happens. Crop insurance is an excellent risk management tool; you may have
experienced that first hand in the 2019 crop year. Contact your local AgQuest Crop Insurance Specialist today 866-2359-3666 or click here to locate your AgQuest agent.

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