From what we’ve seen, most farmers look at their crop insurance coverages once a year, just as the closing deadline approaches. Even then, it’s just a quick assessment. And it comes at a time of year when you aren’t certain what the watch-outs will be for the growing season.
Crop insurance can seem like just another number on your cost sheet—one you have to pay for and hope you don’t have to use. But to really understand that number, you need to know what your other input costs are, what your income potential is, and what your likelihood of making a crop should be. That can sometimes seem like a guess.
How can you buy if you don’t know?
Having the right tools to choose your coverage
In order to demystify crop insurance, we have to look at the whole picture. It’s important that you are aware of and taking advantage of all your options—revenue protection versus yield protection, beginning farmer rancher status, margin protection, etc.
There are also supplemental products, such as a revenue band that adds 5-10 percent additional protection, and other hail policies for coverage outside the scope of multi-peril crop insurance.
We’ve developed tools that can provide a virtual snapshot of what risk looks like in your area and on your farm. Utilizing more than 30 years of data, you can compare different coverage scenarios and see how they would work for you.
Choosing the right crop insurance provider
Many farmers aren’t getting a second opinion on their crop insurance. They’re using the person they know, the same agent they’ve always used, maybe the same one who also sells them ag chem at the local retailer.
Because the services are all the same, right? ...or, are they?
As we covered previously, multi-peril crop insurance is a government subsidized service, delivered by private companies. In short – it’s a commodity. So how can anyone differentiate themselves in the market? And how can you find what works best for your farm?
Think of MPCI as a toolbox.
When you need the tools, does it matter who picks it up? We think it does.
One-size crop insurance doesn’t fit all.
While quality service itself may seem the same, FBN Insurance agents are focused on one thing—protecting your investment in the crop. We aren’t juggling a multitude of other services, we’re simply helping farmers make the right choices for their insurance needs. We know how to properly analyze your data and help you decide what works best on your farm.
And if you’re already putting your as-planted data into your MyJohnDeere account, they can also use that info to not only get a comprehensive look at the specifics of your operation, but also make it easier to report acreage and make evaluations throughout the season.
Using GPS data to submit your acres can actually be your most accurate reporting tool. Some farmers find that they are planting fewer acres than their FSA maps indicate, meaning they can pay less towards their insurance premium. If you aren’t planting it, there’s no need to insure it. Reporting more acres than you’re actually harvesting could also be bringing down your APH!
We are an Equal Opportunity Provider. FBN Crop Insurance is only available in states where FBN Insurance is licensed to operate. FBN membership not required. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan) and are only available where FBN Insurance LLC is licensed. FBN membership is not required to purchase through FBN Insurance. FBN Insurance is currently offered in the following states: AR, IA, IL, IN, KS, MI, MN, MO, MS, MT, ND, NE, OH, OK, SD, TX. Additional states pending.