Even though it is early in the year, farmers are already purchasing their crop insurance policies. As of May 6, 2013 more than 240,000 policies have been purchased, protecting nearly 88 million acres representing nearly $20 billion in liabilities, accounting for $800 million in farmer paid premium. These numbers will continue to grow as we move further into spring.
- In 2012, farmers invested more than $4.1 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops.
- Crop insurance policies protect more than 281 million acres, with insured acreage now equal to 86% of planted cropland in 2012.
- $30 billion: Farmers have spent more than $30 billion out of their own pockets to purchase crop insurance since 2000.
- To date, Kansas, Texas, California, Oklahoma, Nebraska and Florida lead the way in the number of crop insurance policies purchased.
The 2012 drought is now becoming the 2013 drought. 47% of the U.S. remains in some stage of drought, compared to roughly 37% a year ago, according to the April 30, 2013 U.S. Drought Monitor. Many farmers are starting off 2013 in worse shape than they were at the start of 2012.
77% percent of the state of Nebraska is experiencing “extreme” drought or worse. Nearly every county in the states of Arizona, California, Colorado, Kansas, Nevada, New Mexico, South Dakota, Texas, Utah and Wyoming are either abnormally dry or in some level of drought.
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