Maximize Your Return with the Right Type of Crop Insurance April 4, 2023 If disaster strikes, are your crops protected from unexpected losses? We provide a wide range of crop insurance policies that protect Oklahoma’s farmers and ranchers from unforeseen events like bad weather, pests, disease and more. These policies also offer protection against decreased crop yields due to factors beyond your control. Ready to learn more? In this blog, we’ll spotlight a few types of crop insurance available to you through OKFB. With a better understanding of how these policies work, you can have peace of mind knowing that you’re protected against the unexpected. Yield Protection (YP) This policy insures producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease. With this policy, you select the amount of average yield you wish to insure, from 50 to 75 percent (85 percent in some areas). If the harvested plus appraised production is less than the yield insured, you’ll be paid an indemnity based on the difference. Check out this brochure to learn more. Please check with your agent to see if these crops or any additional crops are available in your state and county. Revenue Protection (RP) These policies protect you in a similar way as APH policies. However, with this coverage option, a projected price is used to determine coverage. This protects against loss of revenue due to a production loss, price decline or increase, or a combination of both. RP policies are a good way to reduce financial stress and recoup losses due to unexpected weather conditions. The following crops are eligible for RP coverage. Check with your local OKFB agent to see if RP coverage for these crops is available in your county. Barley Canola Corn Cotton Dry Beans Dry Peas Grain Sorghum Peanuts Popcorn Rice Soybeans Sunflowers Wheat Livestock Risk Protection (LRP) Did you know that Crop Insurance can insure your livestock too? LRP is designed to provide protection on fed cattle, feeder cattle and swine against a price decline. This type of policy offers protection against market volatility and gives you the freedom to focus on your business without worrying about potential risks. Dairy Revenue Protection (Dairy RP) Dairy RP insures against unexpected declines in the quarterly revenue from milk sales. This plan is designed to protect the revenue you receive from milk production, and it’s flexible to fit the needs of your specific dairy operation. With a reliable financial safety net in place, farmers can focus on producing quality milk without worrying about market volatility. Crop Hail Insurance Crop Hail Insurance covers losses directly resulting from hail, fire, lightning, vandalism/malicious mischief, damage during transit, and in some cases, wind. This coverage option, however, does not cover some types of damage, so be sure to discuss this option with your OKFB agent to find the solution that’s right for you. This is just a preview of the wide range of insurance policies OKFB offers to protect your crops, livestock and production. Finding the right policy and determining the right level of insurance coverage you need doesn’t have to be confusing. An OKFB agent can help you understand how much coverage will be right for your business, providing peace of mind no matter what the future may bring. We’re Here to Help Whether you’re a long-time policyholder or just starting to look for insurance options, we have team members who can help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs. Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.