USDA Reports Interest in Crop Insurance Increasing with Expanding Options

USDA notes that the number of agricultural producers who purchase crop insurance for their specialty and organic crops continues to climb as options expand and improve. USDA’s Risk Management Agency (RMA) recently released reports on specialty crops, organic crops, local food production, and greenhouse production. These highlighted improvements in insurance options for specialty crops and organic crops. For example, beginning in the 2021 crop year, direct market producers insured with Whole-Farm Revenue Protection could report two or more commodities using a new combined direct marketing code. Additionally, a multi-peril hemp insurance program was created last year and expanded this year. RMA notes that from 1990 to 2020, liabilities for insured specialty crops rose from $1 billion to more than $20 billion. Similarly, from 2010 to 2020, liabilities for insured organic crops rose from $207 million to more than $1.7 billion, and the number of policies more than doubled.