2019 Planting Season Proving Importance of Crop Insurance
BY: Jessica Sarbacker
One of the many great benefits of our recent merger is that Lake Ridge Bank now offers crop insurance. This is an exciting, extremely valuable expansion of the services that the Bank has traditionally offered, and allows us to serve an important demographic/driver of the Wisconsin economy: working farmers.
Farming is an inherently risky business, and 2019 is proving that. The current crop year got off to a rough start, with southern Wisconsin experiencing one of the wettest springs in history, making it difficult to get crops planted. Due to the excessive rains and cooler-than-normal temperatures, those crops that did get planted are about a month behind normal schedule. Ideal growing conditions will be necessary for the remainder of the season for farmers to harvest yields even close to average.
In years like this, crop insurance can prove invaluable, as it offers farmers and their lenders some peace of mind. Multi-peril crop insurance provides coverage for prevent plant (i.e., being unable to get one’s crop planted), as well as a guaranteed production in the fall for the acres that do get planted. Like any insurance, crop insurance has a deductible – farmers would rather have ideal growing conditions, with great crops and no crop insurance claims, but Mother Nature doesn’t always cooperate.
While the 2019 planting season may be one that farmers tell stories about for generations to come, there is still some cause for optimism. According to the Wisconsin State Journal:
- The corn crop was rated 55% good to excellent, up three points over the prior week;
- Soybeans were rated 61% good to excellent, up two points;
- Winter wheat was rated 54% good to excellent, up five points;
- Oat were rated 71% good to excellent, the same as the previous week;
- Potatoes were rated 87% good to excellent, up five points;
- All hay was rated 42% percent good to excellent, up one point;
- Pasture land was rated 62% good to excellent, up one point; and
- Both topsoil and subsoil moisture were rated at 99% adequate to surplus.
Lake Ridge Banks’ Crop Insurance Team has been busy educating insureds (and even some prospects) on the rules of prevent plant claims, as well as what their options are. With more than 30 years’ combined crop insurance experience, our staff are equipped to answer any questions that you, too, may have. To discuss your options, please get in touch today.