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Aberdeen MS | Years earlier, self insuring worked to a point. My dad was one of the "self insureds". In the days of only hail insurance, it was seldom "here" to get completely wiped out, and to be honest for the last 20 some years this farm hasn't had hail damage..... knock on wood. At least not enough where it warrant a claim to be turned in.
Hail insurance was the only thing that could be gotten then, well MPCI, but we know that was always a payout and never a "collect" situation. The premium money saved over those years did in fact make up for more than one complete crop failure due to hail.
Since the revenue products have been out, it's been a different story. Now we can insure against price as well as production. Makes insuring a completely different ball game especially this year.
It is possible to harvest a normal yield and still collect on a loss due to price drop.
Over the course of time..... it comes down to "pay me now...or pay me later". Somewhere along the line non insured will cost the same as premiums paid with no claim in todays market world. | |
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Crop Insurance from below
