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Got My Insurance Check

The check is almost exactly the cost of the insurance coverage I purchased this year.

 

Hmmm.  Does that mean I don't need crop insurance?

 

The CPA says, "put 'er in the bank - we can take the income this year or next" in the bank it goes.

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6 Replies

Re: Got My Insurance Check

It means you survived and the safety net works. If you had no crop, like the thousands of farmers elsewhere that had no rain, you would have covered most of your cash expenses.
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Shaggy98
Senior Advisor

Re: Got My Insurance Check

Received my check a couple weeks ago.  My CPA suggested the same thing.  Unfortunately I was one of the few (as mentioned by another contributor) that received very little rain and therefore very little crop.  At least with crop insurance, I can afford to try again next year.

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buckfarmer
Senior Contributor

Re: Got My Insurance Check

If this was one of your worst years and you only got back one year premium. Dosn't seem like a very good investment. Unless you feel you could have a total loss some year. May only need insurance if your ground floods or you have high risk for hail or maybe wind. Neither of which are likly to effect you whole farm.
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SpringBrookFarm
Veteran Contributor

Re: Got My Insurance Check

My insurance check was about 10 times what my insurance premium was

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Shaggy98
Senior Advisor

Re: Got My Insurance Check

I just did some quick figuring, check was roughly 10x my premium as well.

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Blacksandfarmer
Senior Advisor

Re: Got My Insurance Check

Got my check a while back. My payment was double the cost of purchase for the whole farm. I raised more beans this year than corn, had I raised more corn that payment would have been much higher.

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