Oklahoma wheat producers have until Sept. 30 to apply for crop insurance, according to Scott Bulling, crop program manager for Oklahoma Farm Bureau.
Crop insurance should be considered a risk management tool, Bulling said.
“We don’t want to have to bet the farm on whether or not we will have a crop,” Bulling said.
“After the huge losses producers have experienced the last several years, few (producers) wish to bet their entire future on one year’s crop. Crop insurance gives producers the security of knowing they can survive a crop failure.”
There is a large variety of crop insurance products available today. The crop insurance expert advises producers to choose Revenue Assurance as their best way to manage risk.
“In the event of a claim, Revenue Assurance offers a higher payment under federal rules than
multi-peril insurance,” Bulling said.
Crop insurance provides coverage for many weather and other related losses. Often, lenders will require producers to purchase crop insurance to reduce risks.
“Crop insurance combined with a sound marketing strategy gives producers a fighting chance
to stay in business,” Bulling said.
In addition to wheat, the Sept. 30 deadline applies to oats, barley and rye.
