Hemp Crop Insurance
Every now and then, a new product comes along that changes everything: the automobile, computers, the Internet . . . And for agriculture, that product is hemp, a wonderful, little green plant that can be used to create food, rope, fabric, building materials, bioplastics, and even biofuel. Hemp is changing the way we see both farming and the environment. Farming hemp gives our country the ability to trap carbon, suppress weed growth, protect against erosion, and so much more. In short, hemp is the future, so we at Scott Colville Crop Insurance are moving forward with you in providing you great hemp insurance coverage.
All crops need insurance, including hemp. That means if you want to farm hemp, you need hemp farming insurance. As an independent agency, we can shop around to find you the best deal for hemp crop insurance. Give us a call to get hemp farming insurance and be part of the future of farming today.
How much does hemp crop insurance generally cost?
It depends on a couple of factors. The premiums are basically based on three things: 1) your APH (actual production history), 2) the county where the hemp is grown, and 3) the number of acres grown. The best way and, frankly, simplest to nail down that answer is to just give us a call and have us look it up for you.
Am I covered if the hemp goes “hot?”
With hemp, you’re allowed to go up to .03 THC (tetrahydrochloride). Above .03 is considered “hot.” Once that happens, different states have different procedures for what you’re supposed to do. As of right now, MPCI (multi-peril crop insurance) does not offer any coverage for hemp going hot. There are, however, other private products that may offer coverage even when the hemp goes hot. Give us a call and we can walk you through how you’re supposed to hand it in your state specifically.
How many acres do I have to grow to be insurable?
For MPCI (multi-peril crop insurance), you need 5 acres for CDB (Cannabidiol), and 20 acres for grain or fiber. Private products do not have a minimum requirement for acres.
What’s the difference between MPCI and private products?
MPCI products are run and subsidized by the federal government. Private products are run by the AIP (approved insurance provider) and rates and terms vary company to company.