Homeowner insurance rates continue to increase from natural disaster risks
21 September 2023
WICHITA, Kan. (KSNW) — Fall harvest has started for many farmers. Smaller yields are expected for soybean, sorghum, and corn because of the drought.
Towanda farmer Jeff Varner says he expects much less soybean than he has harvested in the past.
“We’ll just have to wait and see when we combine to see if they actually got some late production out of it,” he said.
He received showers in his area that may be helpful to his harvest.
“They’re still not going to be any near normal, but it may have gotten so they’re a little better shape than they were,” he added.
“Probably about 20% of the crops may have gotten a little bit of a yield boost because of the recent rains,” explained KSN Ag Expert John Jenkinson.
He says the later the crop is planted, the more the moisture will help.
“They did benefit as they were finishing the maturity process,” said Jenkinson.
Recent rain is not expected to help crops planted earlier in the season. Many are turning to insurance to offset the loss.
“We’ve had soybean claims, we’ve had some grain claims, and already some corn claims have been turned in due to the drought,” says Farm Bureau Insurance agent Linda Metcalf.
She says Reno County was particularly affected by the dry conditions.
“The farmers will receive their revenue guarantee or production guarantee for what they insured for on their policy,” she added.
Varner says his insurance will give him 25% less income than his average yield would have produced.
“The crop insurance usually about will cover most of our expenses for the year of growing the crop. Seed, fertilizer, chemicals and that sort of stuff. But it doesn’t allow us to go out and buy any new stuff,” explained Verner.
The biggest benefit of the rain will be for crops in 2024.
“The best part of that is for planting the 2024 wheat crop, we’ve had some moisture and some spotty areas that will get that crop off to a good start,” says Jenkinson.
Farmers can apply for insurance on their 2024 crops, including wheat and triticale. The last day to apply is Sept. 30.