Number of Crop Insurance Policies Purchased Climbs to 1.2 Million

Number of Crop Insurance Policies Purchased Climbs to 1.2 Million

National Crop Insurance Services reports more than a million policies have been purchased

The National Crop Insurance services this week reported that more than 1.2 million crop insurance policies have been purchased as of Sept. 9.

The policies cover more than 292 million acres and represent more than $121 billion in liabilities. Farmers have paid more than $4.4 billion in premiums to secure the coverage through the USDA Risk Management Agency and other participating federal crop insurance providers.

Since 2000, famers have paid $30 billion to cover crop insurance premiums.

To date, Iowa, Kansas, Illinois, Nebraska and Minnesota are the states that lead the way in the number of policies purchased.

National Crop Insurance Services reports more than a million policies have been purchased

Last year at the height of the drought, farmers invested more than $4.1 billion to purchase 1.2 million policies, protecting 128 different crops, NCIS reports.

Also in 2012, 281 million acres were protected under crop insurance, with insured acreage equal to 86% of planted cropland.

Source: NCIS

TAGS: USDA
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