What Is Crop Insurance?

Farming in Michigan comes with unique challenges, from unpredictable weather to fluctuating market prices. At Hathaway Agency, Inc, we understand how vital it is for farmers and agricultural businesses to protect their crops and livelihoods. Crop insurance is a vital financial tool for managing agricultural risks, providing peace of mind and financial stability in the event of the unexpected.

What Does Crop Insurance Cover?

Crop insurance is designed to help farmers recover from losses caused by events beyond their control. There are two primary types of crop insurance:

• Multi-peril crop insurance—This policy can financially protect crops from natural disasters and weather-related events (e.g., drought, excessive rain, hail, frost and disease or pest outbreaks) that can lead to reduced yields or total crop losses.
• Crop hail insurance—This policy specifically covers damage caused by hail to crops in the field, a weather event that can be especially destructive during Michigan’s growing season.

Some policies may also offer protection against revenue loss due to changes in market prices, helping to stabilize your income when crop prices drop unexpectedly.

Why Is Crop Insurance Important for Michigan Farmers?

Agriculture plays a vital role in many Michigan communities, but farmers face a range of risks that can threaten their livelihoods. Crop insurance can help protect the money invested in seeds, fertilizer, and labor, provide financial support after a poor season, and support long-term planning and growth. It may also help meet lender requirements when applying for farm loans.

Crop Insurance in Bronson, MI

At Hathaway Agency, Inc, we work closely with farmers, ranchers, and agri-businesses to tailor crop insurance solutions to their specific needs. We’re here to explain your options and help you make informed decisions to protect your livelihood. By having adequate coverage in place, you can focus on running your operation with confidence, knowing you have a financial safety net in place. Contact us today to review your coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.