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Types of Crop Insurance
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Multi-Peril Crop Insurance (MPCI)
Provides coverage against a range of natural perils such as drought, flood, hail, and loss of revenue due to decline in prices.
Crop Revenue Insurance
Offers protection against lost revenue due to low prices, low yields, or a combination of both. It can pay out if the harvest revenue falls below the guaranteed coverage level.
Livestock Risk Protection (LRP) for livestock producers
Specific to livestock producers, it protects against declining market prices. It does not cover physical loss or death of the livestock.
Whole-Farm Revenue Protection (WFRP)
Provides a safety net for all commodities on the farm under one insurance policy. It's based on the farm's historical revenue and covers revenue declines due to production loss, commodity price fluctuations, or both.
Crop-Hail Insurance
Specifically covers crop damage from hail and is often purchased in areas where hail is a frequent occurrence. It can also provide coverage for fire.
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