In late August 2020, a hurricane-force hurricane-force storm swept through the Midwest, damaging nearly 40 million acres of farmland.
Illinois farmers watched helplessly as 6.95 million acres of corn withstood wind speeds in excess of 100 miles per hour.
Unpredictable weather patterns are becoming more frequent and, as a result, the agricultural industry is facing more instability.
Per hemp Midwestern farmers, the only guarantee against crop loss is insurance.
Not only should storm producers be prepared; it’s all kinds of weather.
If yields are lower than expected or a heat wave slows growth, there is insurance for this. What if cannabinoid levels are not within the desired threshold?
This is something that crop insurance can also cover.
Illinois hemp farmers, more than many other regions, are engaged in large-scale production.
They are working with higher returns and therefore higher risks.
John Read, the founder of Hempsurance, is a fourth-generation Illinois farmer who understands the unique benefits of the state.
“We see that large-scale agriculture is the leader in making hemp a major crop in the United States. When you grow in the Midwest, unlike other parts of the country, we have great equipment and we understand how to grow. We have rich soils that generate large yields quickly on a large scale of hectares. ”
This economy of scale makes the need for insurance even more pronounced, as a loss of even a small part of the harvest could have major financial implications.
Read says the biggest hurdle for farmers is to understand what they should protect.
“We help the producer understand what their actual costs are so we can make sure they are insured to reach equilibrium or even insure some kind of profit annually.”
Read’s Hempguard program can insure up to $ 15,000 per acre, a unique advantage of being the country’s first private outdoor hemp insurance program.
The losses suffered by the farmer affect the livelihood of more than one person.
Every year, agriculture contributes $ 17 million to the state’s economy. Everyone benefits when farmers are protected.
These days, there seems to be a lot to be sure of. Insects are always a threat. The disease can raise its ugly head at any time.
In addition, with the relatively recent arrival of hemp in the domestic agricultural scene, much remains to be learned about how it works and what threats are most urgent.
“Because it’s a new crop, we just don’t know what works and what doesn’t work in the Midwest,” said Philip Alberti, a commercial agriculture educator at Illinois Extension. Hempsurance also protects against mold, leaf spot and other quality issues.
The most important aspect of finding an insurance agency is to make sure the company understands the needs of the farmer.
“Our company is completely focused on hemp. We understand the market from the producer to the distribution channels to help ensure that farmers are properly protected,” Read said. ⁇