One popular misconception is that farmers purchase crop insurance policies to guarantee they will make a profit - which as the author states is "an assertion that anyone with any experience in the high-cost, high-risk farming business has immediately dismissed as ridiculous."
The blog post includes a telling quote from Jason Williamson, who is a crop insurance agent from Payne, Ohio, which provides some levity to the argument: "Do you think that drivers who purchase car insurance are secretly hoping for a car wreck to get a check from the insurance company? It's an absurd idea. You purchase insurance for protection, not to make a buck."
Every farmer I know is dedicated to their craft and would prefer to never need crop insurance. But like with car insurance, it is a prudent aspect of business that can help protect against things we can't control - like the weather, or droughts. After a house, a car is often a family's largest expense/investment. It would be hard for many families to simply replace a car after a car wreck if they didn't have some form of insurance; imagine how hard it would be to replace an entire crop!
Thanks to Farm Policy Facts for sharing this meaningful information with people!
Sincerely,
Noah Hultgren
320-894-7528
noah@farmlandman.com
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