Crop insurance coverage and premiums rise in 2023

 

Agriculture minister David Marit has announced record crop insurance coverage in 2023.

Marit says average crop insurance coverage will reach 446 dollars an acre due to higher crop prices and yield coverage.

Coverage jumps 10 percent from an average of 405 dollars an acre last year.

On average, premiums rise from 12 dollars 5 cents an acre to 14 dollars 79 cents, a jump of 22.7 percent.

Marit says individual premiums will be based on previous claims.

He says crop insurance is dropping premium discounts and surcharges.

As well, unseeded acreage coverage maximum rises from 50 dollars to 125 dollars an acre.

The deadline to make changes to crop insurance is March 31st.

Agristability coverage jumps from 70 to 80 percent to be more responsive to farm income declines.

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