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Frequently Asked Questions

What is Crop Insurance?

Crop insurance is a policy purchased by a farmer to protect against a loss of their crops.  These losses include but are not limited to: weather events, insect or disease damage, and decline in price of commodities.  A basic multi-peril crop insurance policy is regulated federally, so although many crop insurance companies sell policies, the USDA Risk Management Agency (RMA) controls the premiums for a basic MCPI policy.

If MCPI policies all cost the same, why are there different agencies?

Different crop insurance companies offer more policies than just a basic MCPI policy.  Hail insurance, CAT coverage, and written agreements are just a few other services that RCIS offers that differ from other Approved Insurance Providers (AIP).

Why choose VTF Crop Insurance?

We’re farmers too and a one-stop shop for all your grain marketing and ag retail needs. Not only do we understand your business, we share the same farming challenges you do. Based on our own experience and our work with other farmers, we’ll navigate through the insurance policies and help you choose the right plan for your operation.

What are the different types of insurance plans?

The two most common plans are Yield Protection and Revenue Protection. More information on those plans and other available plans can be found here.

When is the deadline to sign up for crop insurance?

For wheat, the deadline to sign up is September 30th of each new crop year.  For example, if you are planting 2021 winter wheat, you must sign up by September 30th, 2020.  For corn and soybeans, the deadline to sign up is March 15th of the same crop year.  For example, if you are planting corn and soybeans in the 2021 crop year, your deadline is March 15th, 2021. Click here for a full list of dates to remember.

How long does a crop insurance policy last?

Your crop insurance policy lasts for one reinsurance year, but your policy automatically renews at the same coverage type and level if you do not cancel or make changes by sales closing date. (Sep 30th for wheat and Mar 15th for corn/soybeans.)

Do I owe a fee every time my policy renews?

Policy premiums are not determined until acreage reporting.  If you plant zero acres of crops, your premium will be $0.  That way, you can always keep an active policy but are not paying unnecessary premiums for a zero acre year.

If I insure my corn, do I also have to insure my soybeans, wheat, etc?

No.  You can choose to insure one type of crop, but not another.

If I have 300 acres of corn, can I opt to only insure 100 acres of that corn?

It depends if all of your acres are in one county.  When you choose to insure a crop in a county, all acres of that crop must be insured.  However, if you farm one crop in different counties, you may choose to insure one county and not the other.

Do I have to insure my crops all under one plan?

No.  Your corn, soybeans and wheat can all be insured under different coverage plans and levels.  Just remember, one type of crop in one county must all be the same plan and coverage.

Do I have to insure all of one crop under one unit?

No. There are different types of units that farmers can opt to use – Basic, Optional, and Enterprise Units. Click here for more information on Unit structure

How are crop insurance premiums calculated?

Premiums are based on acres of the crop planted, your coverage level and plan type, and your approved production history (APH).  Your APH is determined by the last 10 years of history you have planted a crop.  If you do not have your own history of yields, an average assigned yield is used.

How do I file a crop insurance claim?

Call your agent as soon as you notice a loss.  For any kind of yield loss, a notice must be submitted within 72 hours of the initial damage - whether the crop is already planted or if you are determining your crop will be prevented plant.  If you do not have a production loss but will have a revenue claim, you must give your agent notice no later than 45 days after the harvest price is released. Visit the important dates section for Spring projected prices and harvest price release dates or the report a claim section for more information. 

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