How much multi peril ins?
I raise mainly corn and beans. I run only a couple hundred tillable acres. Farm will be paid for in 3 years and don't have much debt load on machinery. Im trying to figure out what is the best bang for the buck on insurance I currently do 70% on beans and 65% on corn (multi peril) . My land is in east central Wi. and is very fertile silt loam soil. It drains well and holds moisture well. Biggest issue i had in the last couple years is wind, but not enough to file a claim. What coverages are you doing and should I change my coverage
No debt nor operating loans and no crop insurance. Over the years have saved enough on insurance to more than offset any potential losses.
I do have operating loan which I pay off every year and once farm is paid for i will not need a operating loan.
I switched to enterprise multi peril on the crops that are planted on multiple sections instead of covering each section separately. It reduced my premiums enough to where I could increase my coverage to 75% and still pay less in overall premium.
Corn and beans mostly, I usually only grow 1) 1/4 of wheat and 1) 1/4 of oats so they have to stay regular coverage.
Enterprise covers an average across all sections of the crop, so you have less potential of a claim.