What the 2018 Farm Bill means for Crop Insurance
In December of 2018, the five year Farm Bill was officially signed and passed as law in Congress.
This is extremely exciting news for all farmers around the country as it secured billions of dollars of protection for crops.
After the signing of the bill the following statement was issued*:
“It’s been a difficult year for farmers and ranchers from coast to coast, but rural America is ending 2018 on a high note with this farm bill. The new law keeps crop insurance affordable and widely available for agriculture, and it provides much-needed certainty heading into 2019.
President Trump and Secretary Sonny Perdue have been vocal champions of the farm safety net and crop insurance, and they helped deliver in a big way for farmers and ranchers with this new law. Likewise, congressional leaders from both parties should be commended for their dedication in passing a bipartisan bill that provides the tools farmers need to manage their unique risks.
Senators Pat Roberts (R-KS) and Debbie Stabenow (D-MI), and Congressmen Mike Conaway (R-TX) and Collin Peterson (D-MN) worked tirelessly throughout this farm bill process to make U.S. agriculture stronger. On behalf of the entire crop insurance industry and the customers we serve, thank you.”
National Crop Insurance Services continued to explain the effects of this bill on crop insurance, it’s past record, and more.
“Crop insurance, which is delivered by the private sector, has become a key component of U.S. farm policy. Each year, farmers spend between $3.5 and $4 billion to purchase protection on the crops they grow, ensuring taxpayers are not shouldering all the risk. When disaster strikes, insurance aid is distributed quickly to help farmers pick up the pieces and plant again.
This year, 1.1 million crop insurance policies provided $106 billion in protection on more than 130 types of crops covering 311 million acres.
Efforts by farm policy critics to weaken agriculture’s primary risk management tool were soundly rejected by Congress, which heeded farmers’ advice to ‘Do no harm to crop insurance.’”
Overall, this was a big win for farmers and crop insurance agents around the United States. This new law will ease farmers’ minds and help protect their valuable future.
Just think, what would you do if the farmer in your life couldn’t continue their work due to lack of insurance? What would you do without food on your table? Without the clothes on your back.
Watching the process for passing this farm bill really puts into perspective all of the work our farmers do for us. So the next time you are with the farmer in your life, give them a hug and thank them for everything they do.
*Statement published by the following organizations: The American Association of Crop Insurers, Crop Insurance and Reinsurance Bureau, Crop Insurance Professionals Association, Independent Insurance Agents and Brokers of America, National Association of Professional Insurance Agents, and National Crop Insurance Services.