Hail is one catastrophe that is most likely to totally destroy a part of your crop and leave the rest undamaged. The acres and loss of crop yield caused by hail damage may be less than the deductible of your federal crop insurance policy or it may not lower your yield enough for a revenue insurance policy to protect your profits. Crop hail insurance can fill that gap.
While federal crop policies protect you against losses severe enough to significantly drop the yield per insured unit, crop hail insurance gives you acre-by-acre protection that can be up to the actual cash value of the crop. Crop hail is especially important to those with area risk policies, like ARPI, which leaves individuals exposed to spot losses due to hail.
You can also buy additional crop hail coverage during the growing season (prior to damage) to protect added profit potential from bumper crop yields or high-than-normal crop values. Even if your frequency of hail damage is low, remember that crop hail coverage is rated for your area. It is an inexpensive way to protect against hail damage.
The benefits of crop hail insurance include:
- Protects profits
- Helps shelter pre-harvest crop sales
- Protect crops up to the full cash value
- Acre-by-acre coverage provides protection from isolated damage
- May be used as loan collateral
Crop Hail Flexibility
Your PRM agent works with you to design crop hail coverage to fit your risk management strategy and flexible deductibles allow you to tailor the cost of your crop hail policy to meet your budget.
Your crop hail policy may also provide coverage for perils other than hail. In many areas, basic hail coverage includes:
- Fire and lightning
- Reimbursement of replanting costs
- Carry over coverage
- Stored grain coverage
PRM offers a range of crop-hail plans, from Basic Hail to a variety of Companion Plans that are specific to each state. Not all plans are available in all states; however, PRM has tailored the plans to meet the needs of insureds in each state and region. By working with your PRM agent, you can determine which available plan will best meet your risk management needs for the current insurance year.
Which Crop Hail Insurance Plan Is The Right Plan For You?
Crop hail insurance is available in a variety of forms and not all plans of insurance are available everywhere or for every crop. Contact your PRM crop insurance agent for assistance in comparing the risk management options available to you and your unique operation.