Farm Business

[Jeff_a_Caldwell]

With the hail we've already had this spring/summer so far (seems to me like more than usual), are you spending the bucks to get some hail insurance, or do you use a multi-peril product that already includes hail coverage? 

Our friend at ISU Extension, Steve Johnson (who I think is totally a K-State Wildcats fan at heart!) shared some thoughts on hail coverage this summer with us:

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"Net returns to a harvested crop are at extremely high levels in 2011. With profit margins 2 to 3 times above normal, it could be devastating to a farm’s long term future to lose a large portion of this year’s corn crop," Johnson says. "In all cases, 2011 may very well be the year to add crop hail insurance to your risk management plan. Consider consulting a knowledgeable insurance agent to determine the best option and risk management value for you. Remember most crop-hail policies require a 24-hour waiting period before coverage begins. " 

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Are you in his camp? What's your hail protection plan? Here's more from Steve.