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A type of insurance that insures against crop damage caused by hail, as well as damage caused to crops from fires. Crop-hail insurance is purchased by farmers, and is designed to protect crops while they are still in the field and have yet to be harvested. It’s a private type of insurance, and is not offered as part of a federal insurance program. Farmers can have both MPCI and crop-hail insurance policies, as they cover different types of losses. In areas of the country where hail is a frequent event, farmers often purchase a Crop-Hail policy to protect high-yielding crops. Unlike MPCI, a Crop-Hail policy can be purchased at any time during the growing season.
This type of insurance is sold on an acre-by-acre basis, meaning that a farmer does not have to purchase a policy for an entire farm. This allows the farmer to cover more at-risk areas. Because the policy is purchased for a specific acre it cannot be moved to cover another area once it is finalized.
The policy insures up to the expected value of the crop covered under the policy, provided that damage to the crops is caused by events that are considered covered. The expected value is calculated on a dollar per acre basis, with this value chosen by the farmer leading up to the policy purchase.