The Risk Management Agency has created a new policy for producers with an approved average revenue of under $350k annually. Micro Farm crop insurance is a heavily subsidized policy, which results in relatively low premium for producers compared to individual crop policies. This is a simple form of the Whole Farm Revenue Protection policy that provides a revenue safety net for all commodities combined on your farm.
Micro Farm provides protection against the loss of insured revenue due to unavoidable natural causes of loss during the insurance period. Growers who take this policy are ineligible to utilize any other underlying policy, except for NAP coverages. Coverage levels range from 50-85%, with an 80% premium subsidy through 75%, and lower for coverage levels of 80-85%. Sales close for late fiscal tax filers is November 20, 2022, and March 15, 2023 for calendar year filers.
GreenStone’s specialty crop insurance team can educate you on the details of this new option!
Growers that fit under the $350,000 cap are encouraged to contact their agent as soon as possible to see if this policy would be a better option for 2023 coverage than their current elections. Though for most producers the sales close isn’t until March 15, 2023, it is important to make the decision prior to November 20 if any underlying coverage need to be canceled.
To view the article in the online 2022 Fall Partners Magazine, click here.
