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Crop-Hail Insurance in the United States

Author

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  • Perkinson, Leon B.

Abstract

Excerpts from the Summary: Crops may be damaged or destroyed by many natural hazards, such as drought, freezing, flood, wind, insects, and hail. A farmer may lose all or part of his income if his crops fail. One hazard for which insurance is available is hail damage. In 1963, farmers purchased more than $2. 8 billion of protection against hail. This was double the amount purchased in 1951. About 75 percent of the total coverage was concentrated in three regions--the Corn Belt, Northern Plains, and Appalachian Regions. Farmers are increasing their use of crop-hail insurance. From 1952 to 1963, the percentage of total crops covered by this insurance rose from 7.6 to 13.1 percent. Farmers in the Corn Belt had the highest coverage, 25 percent of their total crop value, and those in the Delta States the lowest, 1 percent. In 1963, corn, wheat, tobacco, soybeans, and cotton were the most heavily insured crops, accounting for 80 percent of the total insurance coverage. Crop-hail insurance is offered by mutual associations or cooperatives which are owned by its policy-holders, stock fire and marine insurance companies, State hail insurance departments, and the Federal Crop Insurance Corporation as part of its all-risk insurance program. The Federal crop insurance differs from regular crop-hail insurance in that an individual must insure all acres of a particular crop in which he has an interest within the county; that it be purchased before planting; and that it cover production costs only.

Suggested Citation

  • Perkinson, Leon B., 1965. "Crop-Hail Insurance in the United States," Miscellaneous Publications 320724, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersmp:320724
    DOI: 10.22004/ag.econ.320724
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    File URL: https://ageconsearch.umn.edu/record/320724/files/ERS-249.pdf
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    Cited by:

    1. Johnson, Jerome E. & Coon, Randal C. & Enz, John W., 1989. "Economic Benefits of Crop-Hail Reduction Efforts in North Dakota," Agricultural Economics Reports 23388, North Dakota State University, Department of Agribusiness and Applied Economics.
    2. True, Arthur W. & Hardaway, Irene L., 1967. "Economics of Agriculture -- Reports and Publications Issued or Sponsored by USDA's Economic Research Service, October 1965-September 1966," Miscellaneous Publications 321238, United States Department of Agriculture, Economic Research Service.

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