The Center for Rural Affairs released a report today that takes a look at Whole Farm Revenue Protection, a crop insurance product designed to expand coverage for farmers and ranchers. Crop insurance options often insure either the expected yield or expected revenue of a particular crop, and are limited even more by region and type of crop. WFRP insures the revenue of the entire operation, based on revenue history.
“This insurance option would provide farmers and ranchers with coverage for not only corn and soybeans, but also less common crops such as pumpkins, berries, and even some livestock,” said Anna Johnson, co-author of the report. “Because WFRP is a revenue product, farmers can file a claim only if their overall revenue for the year is lower than expected.”
Johnson said participation in the program is low, and that more needs to be done to educate farmers, ranchers, and crop insurance agents on the policy and its potential benefits.
You can take a look at the report here: www.cfra.org/NewOptionForFarmRiskManagement