How to Prepare for Your 2023 MPCI Renewal

A farmer's hands inspecting his soybeans
17 Jan 2023

It’s hard to believe that another year has passed, and we are off to a fresh start in 2023. The 2022 growing season brought many challenges. We started the year being too wet to plant, then we experienced lack of rainfall during some crucial times of the year resulting in production losses in some areas at harvest time.  As we have learned over the past few years each crop season brings new challenges and obstacles to overcome, which is why it is extremely important to know that you have the right crop insurance plan in place.  

Some key questions to consider before you meet with your insurance specialist are:

  1. How much coverage do I need?  Will the coverage I choose be enough to cover my inputs and cost of production? 
  2. What unit structure makes the most sense for my operation?  
  3. If I was close to triggering a claim in 2022, would a higher level of coverage be more beneficial? 
  4. Should I be looking at some additional coverages like Supplemental Coverage Option (SCO) or Enhanced Cover Option (ECO)? 
  5. Do I have enough hail and wind coverage? 
 
AgCountry now has a tool called Optimum. Our specialists use this tool to help make these decisions easier for you.  The tool analyzes a variety of multi-peril policy types all at once and allows our team to provide a more personalized recommendation for you.  Optimum also has decision tools to analyze things like unit structure, ECO/SCO, and the farm bill.  
 
Important items to be sure to share with your insurance specialist are:
  • Added land/reduced land – if you have any added or reduced acres now is a good time for us to add or subtract that land from your operation.  If adding land, will you be borrowing history?
  • Added county - Did you pick up added land in a different county?
  • Share changes
  • New crops, practice, or types or varieties
  • Planting intentions - Planting intentions can be beneficial for a more accurate quote and to ensure that you meet the unit structure chosen
  • Administrative changes - address, phone number, marital changes, etc.
  • Entity changes - ex. individual, spousal, partnerships, LLC
As we start the new year, the insurance specialists at AgCountry are looking forward to the opportunity to work with each and every one of you. If you have any questions about your insurance needs, or you are curious at how the Optimum tool could work for you, please contact your local AgCountry office. 
Written By: Kelli Anderson
Insurance Specialist - Marshall