What are my options for insuring high risk land?
The High Risk options are as follows:
- To insure the high risk acres on your buy-up policy and pay the high risk rates.
- To exclude the high risk acres by signing the High Risk Land Exclusion by the sales closing deadline (no coverage for these acres).
- To exclude the high risk acres by signing the high risk land exclusion by sales closing deadline and then adding a Catastrophic (CAT) coverage for those high risk acres by sales closing deadline.
- To submit a "Request for Actuarial Change" to try and get RMA to lower the rate.
- To sign the High Risk-Alternate Coverage Endorsement (HR-ACE) by sales closing deadline (March 15). This option allows you to exclude the high-risk land from the base policy and buy a higher level of individual coverage than CAT on this excluded high-risk land. The coverage must be at a lower level than the non-high-risk land and is by crop by county basis.
- As always check with your local crop representative to see if you qualify.