Crop
Insurance
In Ohio, Crop Insurance protects farmers and ranchers against crop income loss due to natural disasters or to a decline in revenue because of sharp price swings. If crops are your main source of income for the entire year, insufficient yields or plummeting prices can be devastating. Crop Insurance is a valuable tool to help manage risks beyond your control.
At Hitchings Insurance Agency, we are a one-stop shop for all your Ohio Crop Insurance needs. We know the options and will find the best coverage for you based on your unique situation and goals.
There are several types of available crop coverage, some from private insurance companies and some federally subsidized. These include:
Multiple Perfil Crop Insurance (MPCI)
This popular coverage is federally subsidized and regulated. It offers crop protection against crop losses due to weather, disease, insect damage, and other perils. It also offers protection for revenue loss due to price declines. This coverage must be purchased seasonally, by a deadline, and before crops are planted.
The private insurance market also offers a variety of Crop Insurance coverage options, among them:
Farming is a tough business. The right Crop Insurance protects you against natural disaster, a bad yield, falling prices, or any of the many variables that turn a good season bad.
You Talk, We Listen!
At Hitchings Insurance, we take the time to listen to you, learn your unique needs, learn what you value, and learn what is important to you. Once we have a clear picture, we turn to our network of insurance partners and from an array of options, we select the ones that fit your singular circumstances and budget. Our service is friendly, personal, and highly responsive. We’re there for you in good times and bad.
Learn why so many of your Ohio and Michigan farming neighbors trust Hitchings Insurance Agency to protect their crops. We invite you to learn about the Hitchings Insurance Agency difference yourself.
Tired of talking to a computer to get insurance?
Give us a call and speak with one of our ‘people first’ agents.
Important Dates
| DATES | EVENTS |
|---|---|
| March 15th | Sales Closing; corn, soybeans, cabbage, tomatoes, popcorn |
| May 31st | Final Planting; spring cabbage and popcorn |
| June 5th | Final Planting for corn |
| June 15th | Final Planting for tomatoes |
| June 20th | Final Planting for soybeans |
| July 1st | Billing Date for wheat |
| July 15th | Acreage Reports; corn, soybeans, cabbage, popcorn |
| July 20th | Final Planting for Summer Cabbage |
| August 15th | Billing Date; corn, soybeans, tomatoes, popcorn |
| September 30th | Sales Closing for wheat |
| October 20th | Final Planting for wheat |
| December 15th | Acreage Reports for wheat |
Definitions / Explanations
Actual Production History (APH)
A minimum of four years yield history building to a 10-year maximum.
Base Price
Average daily price set before planting of the appropriate futures contract. Corn – February average daily settlement price of December CBOT futures. Soybeans – February average daily settlement price of November CBOT futures.
Harvest Price
Average daily price set at harvest of the appropriate futures contract. Corn – November average daily settlement price of December CBOT futures. Soybeans – October average daily settlement price of November CBOT futures.
Calculated Revenue (CR)
Established at harvest and compared to the final guarantee to determine whether or not a loss payment is made.
The calculated revenue is determined by multiplying total production to count (actual yield) x harvest price.
Final Guarantee
The highest of the minimum guarantee or harvest guarantee.
Harvest Guarantees
Your Actual Production History (APH) x Coverage Level selected x Harvest Price
Base Guarantee
Your Actual Production History (APH) x Coverage Level selected x Base Price
Sales closing date
Last day to apply for coverage.
Final planting date
Last day to plant unless insured for late planting
Acreage reporting date
Last day to report the acreage planted. If not reported, insurance will not be in effect.
Date to file notice of crop damage
- after damage – the date the producer decides to discontinue caring for the crop;
- prior to the beginning of harvest;
- immediately, if farmer determines that the crop is damaged after harvest begins;
- or the end of the insurance period, whichever is earlier.
End of insurance period
Latest date of insurance coverage
Payment due date
Last day to pay the premium without being charged interest
Cancellation date
Last day to request cancellation of policy for the next year.
Production reporting date
Last day to report production for Actual Production History (APH).
Debt termination date
Date insurance company will terminate policy for nonpayment
