What if I don’t have five years of farm tax returns?
If you are a new farm, then you are ineligible for AGR-Lite Crop Insurance until you have 5 years experience. However, if you are taking over an existing farm business and you are maintaining a similar operation (in terms of crop mix, acres and/or animal units), then you may use the prior farmers’ tax record to establish your history.
Where do I find an AGR-Lite Crop Insurance agent?
Contact your county Farm Service Agency (FSA) for a crop insurance agent in your area. Or visit the USDA-RMA website for an online listing.
What is the difference between AGR and AGR-Lite Crop Insurance?
AGR insurance is mainly for larger scale operations. Those with revenue from the sale of agricultural commodities (excluding value added) exceeding $2 million are ineligible for AGR-Lite and must seek revenue protection with AGR. AGR-Lite is more readily available in New York State. AGR is only available in 16 counties, while AGR-Lite is available in 52 counties.
What do I need to apply/buy the AGR-Lite insurance policy?
Five years consecutive years of Schedule Fs from your Federal Tax returns.
When is the sign-up date?
March 15 for new policies and January 31 for renewal policies.
How much is the premium for AGR-Lite?
Generally about 1-3% of insurable revenue depending on coverage chosen. You can put your farm information into the USDA RMA Premium Calculator. After you sign into the site, follow the step by step instructions to enter your farm data and you will be able to determine a premium.
The premiums are set by USDA, so it should be the same, no matter who you buy it from. (Actual premiums may vary from the calculator depending on the accuracy of the information entered.)
