Crop Insurance’s Impact on Your State
Crop insurance is now the centerpiece of U.S. farm policy. Farmers collectively pay between $3.5 and $4 billion a year out of their own pocket for coverage. What does that look like on a drilled-down basis? National Crop Insurance Services has now done that analysis for 2022.
Let’s hop into the numbers!
Alabama crops contribute $5.9 million to the economy. Crop insurance in the state covers 1.5 million acres. Last year farmers paid $36.3 million for their coverage and insurers paid out $81.8 million to cover losses.
Florida crops contribute $7.4 billion to the economy. Crop insurance covers 2.9 million acres. Last year farmers paid out $105.3 million for insurance coverage. Insurers, in return, paid out $287.9 million to cover losses.
And in Georgia, crops contribute $9.6 billion to the economy. Crop insurance covers 2.8 million acres. The farmers’ contribution is $105 million for coverage. The insurer payback to cover losses in 2022 was $184.7 million.
For more information, head to CropInsuranceInMyState.org.