Last week, the Crop Insurance Coalition penned letters to policymakers calling on them to “do no harm” to crop insurance in the upcoming 2023 budget process and as the White House prepares to release its budget proposal. The coalition consists of 55 groups representing farmers, ag lenders, input providers and conservation groups. The letter reminded readers of the most recent farm bills that have emphasized risk management, and in doing so, protecting the interests of American taxpayers. According to the coalition, farmers invest as much as $4 billion per year of their own income to purchase crop insurance and shoulder deductibles of almost 30% before their insurance coverage pays an indemnity. The group says today’s crop insurance is designed to provide individualized risk management to America’s farmers and ranchers, no matter what they grow or whether they grow it.
The coalition letter supporting the importance of crop insurance comes after federal programs were criticized without basis for not requiring growers to adopt climate-smart production practices. As the letter also states, “Crop insurance and its links to conservation further ensure that the program is a good investment for taxpayers.” The coalition tells Congress, “Given the challenges faced by rural America and the critical nature of crop insurance, cuts to the program should be avoided.” Despite the uncertain times and nature of farming, the certainty of crop insurance has provided an invaluable safety net for farm producers, our nation’s food supply and our rural economies.
Read more on Crop Insurance Coalition’s letter here.
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