By Kelly Bailey, Farm Credit Crop Insurance Agent
The New Year brings new opportunity. Here are a few winter preparation tips from our crop insurance team to help make sure your operation is ready for the 2020 growing season:
Be sure to report your production numbers for your 2019 crops to your crop insurance agent. It’s beneficial to have your production in as soon as possible to make your spring quotes more accurate. As you compile these numbers, this is also a time to analyze and decide if you will make different decisions in 2020.
Sales Closing Meeting
Schedule a meeting your with crop insurance agent prior to the March 15 sales closing deadline. Review any changes to your operation, including: adding crops, entity changes, added land, etc. Your agent can provide a customized quote that outlines your coverage and gives you an estimated 2020 premium.
Balance Sheet and Projections
Fill out and return your yearend balance sheet and income/expense projections to your loan officer by March 1 (learn more and download a free template here). Will you plan to complete 2020 in the same manner with the same intentions and plans? Or are there areas that can be improved upon? Having this information on-hand helps speed up the loan process.
Once you complete and update your balance sheet and review your intentions for the upcoming year, it is time to get the most out of your budget. Do you have a written budget that truly reflects the markets and your input costs for this upcoming year?
When your 2019 taxes are complete, let your loan officer know so we can coordinate getting a copy for our records. Any financial information that can be gathered ahead of time will help expedite the loan process.
Visit your local FSA before March 15 to make your program election decision for the Agriculture Risk Coverage-County (ARC) or Price Loss Coverage (PLC) programs. If your yields need to be updated, your crop insurance agent can provide the production history you will need. Visit the following links if you would like more information:
If you don’t currently have crop insurance, this year could be the time to mitigate your operation’s risk. Many farmers find that adding crop insurance to the budget can help with planning for the unexpected. Floods, fires and hail storms are hard to predict, but it can make the difference when you have that extra protection of your bottom line.
Call us if you have any questions along the way at 888.339.3334, or visit FarmCreditCropInsurance.com. We’re here to help your 2020 growing year be a success.