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These two charts illustrate the growing popularity of revenue-based insurance as a vehicle for maximizing risk management and crop marketing opportunities in Illinois.
These two charts illustrate the growing popularity of revenue-based insurance as a vehicle for maximizing risk management and crop marketing opportunities in Illinois.
 
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Savings opportunities abound for '12 insurance

Country Financial crop insurance coordinator Bob Dewey suggests many farmers will welcome TA-APH because they feel their current APH does not reflect their yield potential “due to today’s improved seed varieties and management practices.”
Martin Ross 
Published: Feb 24, 2012
Editor's note:  We also have a Todd Gleason interview with U of I farm management specialist Gary Schnitkey discussing the differences in revenue insurance products this year.

Illinois Farm Bureau risk management specialist Doug Yoder sees potential for some Illinois crop insurance coverage levels to “take a dip” this season as farmers weigh available crop guarantees and savings in premiums.

But the opportunities for savings are promising this season. Beyond slightly lower crop prices, reduced market volatility, and adjustments in nationwide rates, farmers can use a new option to upgrade their yield guarantees and, potentially, revenue protections.

“Illinois farmers are protecting themselves better: They’re not just pocketing savings; they’re investing in higher coverage levels,” Yoder said.

March 15 is sales closing date for spring crop insurance. Corn and soybean growers have a choice of Yield Protection (YP) insurance to cover production losses, Revenue Protection (RP) coverage to protect against both production and prices losses, and county-level Group Risk Plan (GRP) and Group Risk Income Protection (GRIP) policies.

USDA is slated by March 3 to announce February average corn and soybean prices used to calculate spring crop insurance guarantees.

IFB webinar available

An Illinois Farm Bureau “webinar” focuses on the several key enhancements to the federal crop insurance program that are new in 2012, including the new Trend Adjusted-Actual Production History (TA-APH) option available for corn and soybeans in most Illinois counties.

IFB risk management specialist Doug Yoder’s remarks and accompanying PowerPoint fully describe the new option along with potential ways to maximize its advantage.

Also covered in the webinar is the impact of the re-rating process of crop insurance premiums in Illinois. The presentation includes a map with details on how individual county rates are impacted.

To view the webinar, visit www.ilfb.org and select the presentation in the “Quick Picks” box in the upper right hand corner of the website.
Crop Insurance aids on FarmDoc

To check on how crop insurance premiums are calculated for your local county, go to the iFarm Crop Insurance Calculator.

For additional crop insurance information, go to the U of I Farmdoc website.

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