IABRN — The Department of Agriculture’s Risk Management Agency is reminding producers that their crop insurance premiums for the 2019 crop year are due January 31. Policies that do not have the premium paid by January 31, 2020, will have interest attach on February 1, calculated from the date of the premium billing notice.
USDA had deferred to January 31, 2020, the accrual of interest on 2019 crop year insurance premiums for most policies with a premium billing date of August 15, 2019, to help the large number of farmers and ranchers affected by extreme weather and other challenges in 2019.
RMA Administrator Martin Barbre says, “We urge producers to make their premium payment on time to ensure they don’t get charged interest back to their premium billing notice date.” Producers are encouraged to contact their crop insurance agents for more information or assistance.
This article originally appeared on the Iowa Agribusiness Radio Network
