Crop Insurance Update
Here are a few crop insurance updates to note for 2017. Information provided by Williamson Insurance Agency. Learn more at www.cropcoverage.com.
Prevent Plant – Crop insurance will now pay you 55% of your Revenue Guarantee (instead of 60%) if you qualify for a corn prevent plant payment. Popcorn and soybeans remain at 60%.
Replant – The policy now states that you must try to replant the first planted crop through the late planting period. Previously you could replant a different crop prior to the late planting period and still have coverage. The late period for corn now runs through June 30 so you must replant corn through that date if that was your original crop.
Entity Changes – Any entity name changes (LLC, DBA, etc.) had to have been filed with the Farm Services Agency prior to June 1, 2016 to be eligible for premium support on their 2017 crop insurance policy.
It’s important to keep good separate records for all farms in order to maximize potential payments for actual production. Otherwise, an average of all your farms may be used when figuring payments and only 75% of that will be figured as your farm production average.