AGRIBUSINESS: Some Farm Costs Nearly Doubling
Crop insurance premiums are on the rise.
According to USDA’s Economic Research Service, per-farm expenses for farm-related insurance has nearly double over the past decade. Federal crop insurance premiums are a large component of total insurance expenses for US farmers.
Total acres enrolled in federal crop insurance increased by 32% since 2002 and at the same time, total U.S. farmers paid premiums increased from $1.17 billion to $4.14 billion.