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Federal Crop Insurance Decision Aids and Materials for Producers and Extension Faculty

Hunter Biram, Brian Mills, Grant Gardner, Enil Serrano, Ryan Loy, Ronald Rainey, and Bruce Ahrendsen

Summary

The decision to purchase crop insurance is one with a myriad of variables to consider. Premium rates and production practices vary across states, counties, crops, and insurance products creating stress and confusion about a decision which may keep farm operations afloat. This poster describes four new resources developed by Extension agricultural economics faculty at the University of Arkansas, University of Kentucky and Mississippi State University. The first three resources are decision aids created using R Shiny Apps. The first decision tool uses a stochastic simulation method to project expected returns net of total costs at the farm level with and without federal crop insurance. The second and third decision aids are crop insurance premium estimators for Whole Farm Revenue Protection and Micro Farm products. A crop insurance library consisting of 11 different fact sheets which was compiled into a workbook titled “The Fundamentals of Federal Crop Insurance” will also be described with ways for county and state Extension faculty to leverage the resources to help their local producers and stakeholders.

Details

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