Saskatchewan crop insurance coverage and premiums are on the rise this year.
Crop insurance coverage reaches a record 405 dollars per acre, due to higher commodity prices and rising yields.
Coverage rises 48 percent while the premium jumps 40 percent.
Last year’s drought is not included in any of the premium rates until 2023.
Agriculture minister David Marit says the average premium rate is lower due to strong production in 2020.
New for this year, the contract price option, allowing for a blend with base price for higher coverage, is available on all commercial crops.
New crops added include fababeans, Khorasan wheat, fall and spring rye, sunflowers, triticale, winter wheat, extra strong wheat, hard white wheat, chickpeas, caraway, irrigated dry beans and soybeans.
Producers can select the crops to be covered under the contract price option by March 31st and submit contracts to crop insurance by May 31st.
March 31st is the deadline to apply, reinstate or cancel crop insurance contracts.