Crop-insurance plans updated
The U.S. Department of Agriculture is updating its Whole-Farm Revenue Protection and Micro Farm programs. That includes doubling the maximum insurable revenue in the Whole-Farm Revenue Protection program and more than tripling the size of farm operations eligible for the Micro Farm program. Updates to both programs will take effect in crop year 2023.
The Whole-Farm Revenue Protection program offers protection for all eligible commodities on a farm in one insurance policy. Producers can insure as much as $17 million in revenue, formerly $8.5 million.
The program is being updated to allow a producer to report and self-certify yield at the beginning of the year for commodities without other insurance options similar to those with individual crop policies. That will reduce the amount of paperwork required to apply, the USDA stated.
The update also involves eliminating expense reporting to reduce paperwork. In place of expense reporting the Whole-Farm Revenue Protection program will reduce the expected revenue of commodities a producer is unable to plant to 60 percent, similar to prevented planting for other programs.
The updates build on others recently made to the program such as expanded coverage and flexibilities for organic producers.
The Micro Farm program provides a risk-management safety net for all eligible commodities on a farm in one insurance policy, but on a smaller scale. Now producers with farm operations as much as $350,000 in approved revenue – formerly $100,000 – are eligible for coverage.
The USDA’s Risk Management Agency introduced the Micro Farm program in 2021 to better serve direct market and small-scale producers. Industry partners and small, diversified producers have informed the agency that the current limit is too low to meet the needs of many interested producers. In response the Federal Crop Insurance Corporation approved the increase in size for eligible farm operations. Visit rma.usda.gov and rma.usda.gov and search for “agent locator” for more information.
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