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Factors Impacting 2023 Premium Cost
POSTED: Mar 10, 2023
Acting President and CEO Jeff Morrow explains some key factors impacting 2023 Crop Insurance premiums.
As recently announced, the Crop Insurance Program reaches a new record-high level of coverage for 2023, due to higher commodity prices. This increase in coverage is reflected in an increase in premium.
- The average coverage for 2023 is $446 per acre, up from $405 in 2022.
- The average total premium is $14.79 per acre, an increase from $12.05 in 2022.
The dollar-per-acre premium is calculated using a combination of the premium rate, risk zone long-term average yield, selected coverage level and insured price.
For most crops, producers can select coverage at 50, 60, 70 or 80 per cent of their average yield. Premium for this coverage is cost-shared at 60 per cent by governments, 40 per cent by producers.
To learn more, contact your local SCIC office or call 1-888-935-0000.