(IARN) — Agricultural producers soon need to finalize crop insurance plans.
United States farmers have until March 15 to enroll in the Agriculture Risk Loss (ARC) and Price Loss Coverage (PLC) programs.
Travis Meisgeier, financial officer with Farm Credit Services of America, says crop insurance is a key component of a risk management portfolio. Furthermore, Meisgeier encourages producers to understand revisions made to ARC and PLC, under the 2018 Farm Bill, before enrolling.
“With the new farm bill, you need to have a good understanding of what your ARC and PLC decisions need to be,” Meisgeier said. “Our crop insurance advisors at Farm Credit Services can guide you in the right direction, giving you the best risk management strategy for your farming operation.”
U.S. lawmakers made changes to ARC/PLC elections. “Producers may elect for ARC or PLC by covered commodity or ARC-IC for 2019 and 2020, and re-elect each year thereafter through 2023,” according to the U.S. Department of Agriculture Farm Service Agency.
“With the new farm bill, you don’t have to stick with the same decisions for five years,” Meisgeier said. “Your first one’s a two-year decision. After that, you can do it year-by-year. It’s a more flexible decision. You can make it more customizable for your specific operation.”
Story and image courtesy of the Iowa Agribusiness Radio Network.
