Some things to think about for 2022 Crop Insurance?
March 15 is the deadline to apply for or make any changes to a crop insurance policy.
2022 Crop Year
If you currently have a policy and make no changes, transfers, or cancelations then your policy will renew, in current form, on March 15.
February is when the base prices are set for the Revenue Protection and Yield Protection policies. They will take the February average of the 2015 December corn contract and the 2019 November Soybean contract to establish these prices.
With market prices trending near $6 a bushel for corn and around $13 a bushel for soybeans, insured's may want to look at their current coverage level and think about increasing levels to cover input costs. Remember that March 15 is the deadline to sign up for crop insurance and/or make any changes to your current policy. If you already have a policy, it will renew in current form unless any changes or cancelations are made prior to
When you receive your application, along with signing and dating this document and returning prior to March 15, you should also review your information list on the application:
- Is the name, address, SSN or EIN number correct?
- Did you start an LLC or Corporation? If so, the policy may need to be changed to the new name or it could be void. If you are a Corporation, are all members with a substantial business interest (10% or greater) listed as SBI's with all their correct information?
- Do you have a policy for all crops you want insured? If you have always had just a corn policy and now may plant soybeans, this needs to be added at this time with the level of coverage desired.
- Are you farming any new land this year? Is it in a new county for you? Has the new land been farmed before or are you breaking it out? Did it come out of a conservation reserve program or other government program?
These are all items that need to be discussed at renewal time, please let our office know if there are any changes to be made for the 2019 crop year.