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Farmers Manage Risk Through Purchasing Crop Insurance

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In 2012, 86 percent of cropland was protected by crop insurance, which allowed farmers to bounce back from one of the worst droughts in decades that year and produce record corn and wheat crops in 2013. But farming is an inherently risky business, which is why farmers are already planning for 2014 by meeting with their agents to examine their risk management options. These crop insurance policies protect crops ranging from apricots, blueberries, cherries and coffee to corn, olives and tangerines.

 

Last year, farmers spent nearly $4.5 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops. Farmers have spent $38 billion out of their own pockets to purchase crop insurance since 2000. 

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