All our petty arguments.....

[farmaholic]

vvalk, no hail rider in Sask crop insurance(which I bet you knew anyway).
We will take deductible to lower premiums.
It would never pay for me to insure to the levels you're talking about with hail insurance only.
That amount of money would be better left in my pocket than to gamble at those levels.
I am definitely not ahead of any insurance premiums I pay....even at the modest amount I insure for.

I don't over insure my house hoping it will burn down. I don't over insure my crops hoping for a failure. I don't over insure my machinery hoping for a wreck. In fact over insuring isn't even possible for some items.

I do understand what you explained and how you got there.

But I do things different.

[vvalk]

So you never been wiped out to the stubble ? There are no hangers at all from the picture posted at the start of this thread. It’s been mowed to nothing ... that was the point of starting this thread.
We have been there , not fun . But easy adjusting. But all depends how much hail insurance one has or could afford . Some areas have had poor crops the past three years from drought remember. Not everyone have big crops and oil wells every year .

That’s when your coverage comes in. Hail risk is one thing you can control. Your hail insurance should match your crop value. I haven’t had a general rain in my area since June 2014 I have 30 bus barley coming yet I still have hail insurance on my farm. I have some fields that haven’t seen 10” of rain since July of 2014.

[furrowtickler]

That’s when your coverage comes in. Hail risk is one thing you can control. Your hail insurance should match your crop value. I haven’t had a general rain in my area since June 2014 I have 30 bus barley coming yet I still have hail insurance on my farm. I have some fields that haven’t seen 10” of rain since July of 2014.

Agree on that for sure , most of us do the same when we can . Thing is with crop prices and some potentially very late crops that are at risk to fall frosts , what’s the crop value ?? Easy to say not so easy to do text book in reality
Last fall was a perfect example , we had 60 bus hrsw right till harvest start .... 60 times $7 .... until it snowed , 3 times , then we ended up with 50 bus feed at $5.50 to a bit at $6 .... do that math .... you text book theory would drain your bank account by a lot more with no better outcome

[AlbertaFarmer5]

So, if I understand vvalk correctly, on straight hail insurance, AFSC is losing money, and all the private for profit hail insurance companies are consistently losing money, because farmers are profiting from hail insurance?

[furrowtickler]

One can add up crop values all you want this time of year , it means nothing till its in the bin and sold and money is safely in your hands
Same with the pulses sold to Ilta , that money may well disappear for some .
You can’t just keep throwing money at a crop this time of year. Good luck if you do , but there are very many factors before you get paid for that crop

[Grahamp]

I sort of agree with parts of what everyone says on this thread. On the one hand I agree with VValk (and maybe I have just been fortunate with my adjustors) I always felt the adjustments have been in my favour, 30% damage that ended up being 10% yield loss etc., and pretty consistently over several years. Yet I have never once gotten a cheque larger than my total hail premium. So even when I think I am winning I am really not. Typical of agriculture I guess.

[vvalk]

So, if I understand vvalk correctly, on straight hail insurance, AFSC is losing money, and all the private for profit hail insurance companies are consistently losing money, because farmers are profiting from hail insurance?

Never said that. It’s about potentially coming out ahead when you get hail. At the very least you get the revenue you insured for. I’m saying the risk of hail is insurable

[ajl]

Hail rider is a loser when you get a total wipeout. I have had several of these in my career. You only get paid up to your indemnity even though you pay additional premium for the rider. Same goes for the price insurance. Once hail on barley and thought it was coming back. Harvested 8 bu of light barley in Oct. so not worth it. People who think that hail insurance is a great deal need more wipe outs. That is where the entire field is 2 in tall after the storm. BTDT.