Farm Bill: Reducing Crop Insurance Costs Could Fund Other Priorities
Written by Black Hot Fire Network on February 16, 2023
The Big Picture
The federal crop insurance program offers subsidized crop insurance to protect farmers against financial losses from crop price declines and poor harvests due to natural causes. According to the U.S. Department of Agriculture (USDA), in 2022 the program supported about 1.2 million policies that covered 493 million acres. From 2011 through 2021, the total cost of the program was about $90 billion.
To implement the crop insurance program, USDA partners with private insurance companies, which sell and service insurance policies to farmers. The federal government's crop insurance costs include (1) subsidies . . .
