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Senior Advisor

I bought the highest version of revenue insurance

Too dry and may stay dry but probably a total waste --AGAIN.

 

Agent says most farmers are buying the high priced product. Can that many Iowa farmers be right?

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10 Replies
Senior Advisor

Re: I bought the highest version of revenue insurance

It's insurance. It's subsidized. It reduces risk. There is no 'right' as far as its purpose. I have it on part of my crop and I get the highest coverage. I figure since it's subsidized (like the welfare queen's apartment) if there's a chance of collecting I should benefit highly from price drops, production drops - or both! Can't beat it and the subsidy isn't even used for the benefit of my kids since they are grown, out of the house and earn more money than I. I get all of the proceeds. My country owes it to me I guess. Right? Otherwise, just on principle I'd have to refuse coverage or be a socialist.

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Advisor

Re: I bought the highest version of revenue insurance

 I am about ready to drop crop insurance.  I haven't collected in years and that was only for replanting 42 acre field.  The crop insurance premium would make the payment on a 40.

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Honored Advisor

Re: I bought the highest version of revenue insurance

It may be subsidized.......but it's still costly.

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Veteran Contributor

Re: I bought the highest version of revenue insurance

I was thinking about it. I carry coverage on a $25000 pickup and a $10000 car and other than a deer strike a few years back haven't had any claims. $500 deductible. Carry coverage on $100000 house and never had a claim. Have life insurance, haven't had a claim. If all but the life disappeared, it would be a pain to replace all but not a catastrophe. Had a $350000 crop insurance claim. Now that would hurt if it wasn't covered. Many of us cover things we wouldn't need to. Just depends on what would be painful. For the sleep factor alone the crop insurance is a must. At least come fall when you have to pay the premium and had no loss, the cash is there. One of the big problems with being conservative is when you have spent a life accumulating some wealth, a person hates to have to dig into it to live a certain lifestyle. Thus purchase insurance every year to avoid cashing in a 40 or an 80. Just a few rambling thoughts.

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Senior Advisor

Re: I bought the highest version of revenue insurance

Sounds about right.

 

My conclusion is that welfare for farmers is an investment in their sleep so their attitudes will be at their best so we won't lash out and run over people/cars when transporting combines and tractors because we might think they weren't paying attention.

 

Fair trade I guess Smiley Happy

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Advisor

Re: I bought the highest version of revenue insurance


@weedman wrote:

I was thinking about it. I carry coverage on a $25000 pickup and a $10000 car and other than a deer strike a few years back haven't had any claims. $500 deductible. Carry coverage on $100000 house and never had a claim. Have life insurance, haven't had a claim. If all but the life disappeared, it would be a pain to replace all but not a catastrophe. Had a $350000 crop insurance claim. Now that would hurt if it wasn't covered. Many of us cover things we wouldn't need to. Just depends on what would be painful. For the sleep factor alone the crop insurance is a must. At least come fall when you have to pay the premium and had no loss, the cash is there. One of the big problems with being conservative is when you have spent a life accumulating some wealth, a person hates to have to dig into it to live a certain lifestyle. Thus purchase insurance every year to avoid cashing in a 40 or an 80. Just a few rambling thoughts.


Yeah!  I agree!  No better way then to get a goods night sleep, when wind, drouth, flood, hail shows up and wipes out your crop.  But more important . . . if you do not carry crop insurance and lose . . . who will make the golf club membership dues payment, the payment on the McMansion, or the lease payment on that new pickup sitting in the driveway.  

 

More important . . . what if Monsanto makes you pay for the ticket to fly to St. Louis for their little meeting each Spring and you lose your opportunity to suck up!.

 

 Screw the crop it is a nickle dime loss . . . look at the status symbols of rubbing elbows with those that know jack. I mean every Madison Avenue farmer risks losing all the trappings of success which would be put in jeopardy if a crop failure shows up on the door step. 

 

I mean . . . now that I have put the real loss (image, standing on the corn growers board) that is most important to farmers (mostly north of I-80) how can you not have crop insurance?  LMAO!  Pass the popcorn and get me another Corona. John

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Honored Advisor

Re: I bought the highest version of revenue insurance

Weedman,

It was for me.

 

Went without it for years thinking good irrigation takes care of most of the issue we have.

2011 taught me a lesson and cost me a lot of sleep.

Over many years it is expensive.  But there is a lot more at risk now than when we were raising 1.85 grain and spending 1.60 to get it.  Back then there were years when I hoped the weather would take me out so I could go back to a real job.

 

Always lucky,  or unlucky depending on your perspective.

 

 

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Senior Contributor

Re: I bought the highest version of revenue insurance

    Crop insurance is the cheapest insurance you can buy. I've had a house fire and vehicle accidents and collected on crop insurance. It never fails, when ever you collect, you wish you had more. Can you plan on collecting? It rarely works that way. The climate insurance is not worth it, just buy a higher percentage of crop ins.

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Senior Advisor

Re: I bought the highest version of revenue insurance

It's the best wealth redistribution plan I've seen so far. More money for any citizen at one time than ANY program I've ever heard of. Bar none. I'm not giving you a bad time Tea because almost everyone has it - for a reason. Not only that but the insurance companies are back stopped on this.

 

My fear is ......... will we lose out motivation ??????

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