With all the rain throughout the southern half of Illinois, many growers are faced with a decision – do I replant or leave it? As we look at it today, those decisions might be a few weeks away, but you need to have the information available to make an informed decision as to how it might affect you crop insurance policy.
Replanting – If you choose to replant a crop, consider the following:
- Your multi-peril crop insurance policy will have a replant option included if you purchased a Revenue Protection (RP), (RPHPE) or Yield Protection (YP) policy.
- Corn Replant Coverage = $3.96 x 8 bu = $31.68/acre x insured share
- Soybean Replant Coverage = $10.19 x 3 bu = $30.57/acre x insured share
- You MUST contact your agent prior to replanting! This is extremely important as an adjustor must contact you prior to replanting the affected acres.
- Consider your initial planting date – planting dates prior to your county’s initial plant date for that particular crop will void the replant option of your MPCI policy. *Contact your agent for your county’s initial plant dates as they do vary by county.
- Any acres to be replanted must meet the “20/20 Rule.” This means that the area to be replanted must be the lesser of 20 acres or 20% of the unit. For example, if you have 100 acres of corn with enterprise units, the area to be replanted must be no less than 20 acres before a payment can be received.
- Is it practical to replant? A rule has been placed into effect for 2017 that standardizes the timeframe in which you must replant to the same crop. This simply means that the crop must be replanted through the late plant period if “practical to replant.” For example, if you planted corn on April 15th and will need to replant it, you must replant those acres to corn through June 30th, if practical. *Please contact your agent to make sure you fully understand this rule.
- If you purchased additional replant coverage beyond what is covered by your RP or YP policy, please contact your agent with any questions. Those additional replant options can vary depending on the insurance provider.
- Finally, when you call your agent to submit a claim, you must provide the following:
- The name on the policy
- Number of acres you intend to replant
- Farm/field name
- Phone number for adjuster to make contact
- How soon are you planning to replant?
At Farm Credit Illinois, we are here to assist with any and all decisions that might need to be made. Our experts are ready to help and to make sure you understand your options if replanting a crop is something that needs to take place. Visit www.farmcreditIL.com/locations or www.farmcreditIL.com/map to connect with a crop insurance specialist from a regional office in your area.