Prepare for the Season Ahead: Why January is the Perfect Time to Review Your Crop Insurance
As the new year begins, it’s time to start planning for the upcoming planting season. For farmers, protecting your livelihood is critical, and crop insurance is a key part of managing risk in agriculture. January is the ideal time to review your crop insurance coverage and ensure your policy aligns with your operational goals and potential challenges.
At Lake Ridge Bank Agriculture, we’re here to help you make informed decisions and provide the tools you need to safeguard your farming operation. After all, we’re your partner for all seasons.
Why Review Your Crop Insurance in January?
The beginning of the year is the perfect time to evaluate your current crop insurance plan for a variety of reasons:
- New Year, New Goals: As you set financial and operational goals for your farm, your crop insurance should align with those plans.
- Changing Conditions: Weather patterns, market trends, and crop choices can all impact your risk exposure. Updating your coverage ensures you’re prepared.
- Meet Deadlines Early: Wisconsin’s main insurance sign-up deadline is March 15th, and reviewing your policy in January ensures you have ample time to make changes before planting begins.
Key Questions to Ask When Reviewing Your Coverage
- Are Your Coverage Levels Adequate?
Evaluate whether your current coverage reflects the value of your crops and anticipated yields. Over time, changes in input costs or crop values may require adjustments.
- Are You Protected Against Emerging Risks?
Multi-Peril crop insurance protects you for everything Mother Nature can throw at your crop. Revenue Protection (RP) gives you added protection against market fluctuations. Do you need additional coverage for hail and wind? What are you most concerned about impacting your crop?
- Do You Understand Your Options?
Policies can vary, from Revenue Protection (RP) to Yield Protection (YP), from individual coverage to county-based coverage (ECO). Understanding what each offers ensures you’re selecting the right plan for your farm.
- Have You Consulted an Expert?
Working with a trusted advisor can help you navigate the complexities of crop insurance, uncover cost-saving opportunities, and tailor your policy to your operation’s needs. At Lake Ridge Bank, our crop insurance agents specialize exclusively in crop insurance – it’s all they do, every single day! This focus ensures that you will receive expert guidance and personalized solutions tailored to your farming operation.
How Lake Ridge Bank Agriculture Can Help
At Lake Ridge Bank Agriculture, we understand the unique challenges farmers face. Our team of crop insurance specialists are here to:
- Provide Expert Guidance: We’ll walk you through your options and help you determine the best coverage for your farm.
- Ensure Timely Updates: Our advisors stay on top of changing regulations and deadlines, so you don’t have to.
- Offer Comprehensive Support: From crop insurance to operational loans, we’re here to provide financial solutions that work for you.
Start the Year with Peace of Mind
Taking the time to review your crop insurance now can help you avoid unexpected challenges and financial stress down the road. Lake Ridge Bank Agriculture is here to help you safeguard your crops and set the stage for a productive growing season.
Give us a call to set up an appointment with one of our expert crop insurance agents today. Together, we’ll tailor a plan to ensure your farm is prepared for whatever the season may bring. After all, we are your partner for all seasons.