How to Acquire Hail Insurance (Even at the Last Minute)

Did you know that farmers can take out private storm insurance – commonly referred to as hail insurance – up to two hours before a storm hits? Wind coverage can be added to the hail insurance for extra protection.

Here are a few tips to help you decide when hail insurance may be a good idea:

• A severe storm is predicted that could include large hail (or damaging winds, which can be covered for an additional cost), and you would like the extra coverage for these events.
  
• You missed the deadline for multi-peril crop insurance in mid-March and would like some basic protection until the next registration period.
  
• You want to cover any losses incurred before the deductible kicks in on your existing multi-peril crop insurance.
  

In addition to crop hail damage, basic hail insurance covers a range of other incidents, such as lightning, vandalism, fire, car accidents in the field, and more.

Steps to secure hail insurance

Most farmers are familiar with the government-subsidized, industry-standard multi-peril crop insurance with an enrollment period that closes annually in mid-March.

In contrast, hail insurance is a private product with variances between different company policies that impact premiums. Reach out to your insurance representative and we can personally look at your needs and suggest a product from one of seven different insurance companies. However, when looking at insurance it’s important to keep in mind the variables: the amount of the deductible, level of coverage, what is covered, and the expiration date (this coverage is seasonal with different policies ending at different times).

Take these steps to quickly and effectively secure your hail insurance:

1. Contact your crop insurance representative at Lake Ridge Bank at least 2 hours before a severe storm hits. Please note: if you sign up for hail insurance and the storm passes without incident or misses our area altogether, there are no refunds or cancellations. You can reach our team at (608) 490-2241 or cropinsurance@lakeridge.bank.
   
2. Choose the amount of coverage per acre. There are maximums established based on the type of crop. We recommend you think about your input costs and what number would enable you to at least break even. Your Lake Ridge Bank crop insurance professional can help you find the right level of coverage.
   
3. Provide the Lake Ridge Bank insurance agent with basic information, including number of acres to cover, type of crop, and the land’s location (section and township).
   
4. At least 2 hours before the storm hits, sign the completed application for coverage either in person or via DocuSign technology. While we love to see your face, prepping for an impending storm may mean you don’t have time to stop into one of our convenient locations. Everything can be done over the phone with electronic signatures captured online.
   

One of the benefits of working with the Crop Insurance Team at Lake Ridge Bank is that anyone on the team can assist you if your regular agent is unavailable on the urgent timeline before a storm. Even if the storm is brewing in the middle of the night or over the weekend, we can find someone to help you promptly. Lake Ridge Bank is also happy to serve as a resource even if you’re not an established client.

You can reach our Crop Insurance Team at (608) 490-2241 or cropinsurance@lakeridge.bank.