Crop Insurance Tools
The 2024 iFarm Crop insurance Premium Calculator allows users to develop highly customized estimates of their crop insurance premiums, and compare revenue and yield guarantees across all available crop insurance products and elections for their actual farm case.
The 2024 iFarm Crop Insurance Payment Evaluator provides helpful information to producers comparing costs and risk reductions across their available crop insurance alternatives.
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This program calculates crop insurance historical use and performance back to 1996…
The cover crop project seeks to provide farmers with a practical web-based decision support tool designed to help manage cover crops in their fields. The project makes use of existing research to demonstrate the potential for cover crops, as well as providing useful information for decision making and management of this practice. It will also seek to apply future research on cover crops as results are incorporated into updates and new iterations of the tool. This remains a work in progress with a goal towards adapting with the science.
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Use of Supplemental Coverage Option by Crop
Current use of SCO is relatively highest for crops associated with the South and relatively lowest for crops associated with the Midwest. Assuming current use is an indicator of future use, increases in SCO’s subsidy and coverage level will likely have the most relative benefit for crops associated with the South and the least relative benefit for crops associated with the Midwest, although both sets of crops will likely increase their use of SCO since farm-paid premiums will be lower.
Revenue Insurance Payment Scenarios for Corn and Soybeans in 2024
Today’s farmdoc daily article examines potential revenue insurance payments for corn and soybeans for a range of prices and yields around current expectations. Price declines thus far would not trigger payments from individual products like RP and RP-HPE at even their highest coverage level unless small yield losses also occur. Payments would however be triggered for the supplemental plans, SCO and ECO, if county yields equal, or come in below, expected levels.
Performance of SCO and ECO in the Midwest
Supplemental Coverage Option (SCO) is a county-level insurance product that adds a band of coverage over the underlying COMBO crop insurance product up to an 86% coverage level. Enhanced Coverage…
The farmdoc Crop Insurance section offers iFARM online tools including the Premium Calculator, Payment Evaluator and Price Distribution Tool. These tools are updated annually during the Spring crop insurance election period.