Haight Crop Insurance, Inc.

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Showcase photos courtesy of John McManigal and Cynthia Kortge

What is Crop Insurance?

And How Does it Work?

There are two types of crop insurance that agricultural producers can purchase to protect their farming operations:

The first type is Multi-Peril Crop Insurance. MPCI is federally supported and regulated while being sold and serviced by private-sector crop insurance companies and agents. In 2015, 1.2 million polices were sold protecting more than 120 different crops covering 297 million acres, an area larger than Texas and California combined, with an insured value of $102 billion (cropinsuranceinamerica.org).
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The second type is Crop-Hail Insurance. Crop-Hail policies are privatized and are not part of the Federal Crop Insurance Program. These policies are sold by private insurers to farmers and regulated by individual state insurance departments. In 2015, Crop-Hail liability was $37 billion, and premium was $977 million (cropinsuranceinamerica.org).
 
What makes Federal Crop Insurance unique from other insurance products is that companies that sell Federal crop insurance must sell a policy to any farmer at the premium rate set in advance by the Federal government. Crop insurance companies cannot refuse to provide protection, raise the premium rate or impose special underwriting standards on any individual producer, regardless of risk.
 
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