Ninety-one percent of farmers purchased crop insurance to protect their operations in 2024, with 90 percent saying they’ve purchased insurance for each of the past five years. That’s according to a new national survey of farmers released today by National Crop Insurance Services (NCIS).

Respondents also rated three key components of farm policy – crop insurance, direct government payments, and conservation assistance – on a 10-point scale of importance to their business. Crop insurance was cited as the most important, earning a top score from 58 percent of farmers, compared to 42 percent for government payments and 29 percent for conservation.

“Farmers clearly place a high value on crop insurance, and we’re seeing that first-hand in the marketplace,” explained NCIS President Tom Zacharias. “Nearly 544 million acres were insured last year, up dramatically from just 379 million acres five years ago.”

Zacharias said this popularity matters to everyday Americans.

“Crop insurance helps protect the country’s farmers, which benefits everyone,” he explained, “and because farmers and insurers share in funding the program, it reduces risk for U.S. taxpayers.”

Farmers and ranchers spent more than $6 billion from their own pockets in 2024 to purchase 2.4 million policies, which provided $159 billion in protection against weather and market losses, according to NCIS.

Other key findings of the survey included:

• High Satisfaction: 83 percent of farmers said they were satisfied with the overall crop insurance experience, compared to just 5 percent who were dissatisfied.
• Reliable: 85 percent were satisfied with how their last crop insurance claim was handled, with only 7 percent expressing any degree of dissatisfaction.
• Trustworthy: More farmers turn to crop insurance agents for information about government-delivered farm programs than the USDA and peers.
• Pro-Conservation: 87 percent said that crop insurance does not hinder their on-farm conservation efforts.
• Affordable: Only 7 percent of farmers would be able to purchase the same level of insurance protection without the government paying part of the premium.

The survey, which is the first time NCIS has surveyed farmers, was conducted from January 11 to February 9 and included 401 farmers and ranchers from across the country who produced a variety of agricultural products. Full results can be viewed at: https://bit.ly/42zZAqu.

Source - https://www.businesswire.com