Why is it a private product and why should I use it in my Financial Safety Net Strategy?

Unless you have used it Crop Hail can be a bad memory. If you remember 2003 and 2005 Hail Storms you are probably a fan.

Crop Hail (CH) products are privately written by the Crop Insurance Companies, meaning there is no support from any other source. Insurance Companies do buy reinsurance to limit liability, thus CH is considered a private product. An association for Crop Insurance Companies compile data to provide sound actuarial data ultimately rating the products or establishing a fair price based on pay out.

Grains insurance is usually relatively cheap compared to crops like Cotton or vegetables due to the grain crops ability to recover and yield after a hail event.

Basic policies provide payment after as little as 5% damage, however are very expensive. Policies offering from 10% to 50% deductibles providing much cheaper rates for higher deductibles.

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