University Of Illinois’ iFarm Crop Insurance Payment Simulator Updated
The 2012 iFarm Crop Insurance Payment Simulators for Illinois, Indiana, Iowa, Minnesota, Missouri, Maryland and Ohio have been released and is available here.
Users select the State, County, Crop, and insurance unit that they wish to evaluate, and the iFarm Crop Insurance Payment Simulator returns estimates of premiums for available insurance products at each coverage election, and then calculates the expected frequency of payments, average payments, net costs, and risk reductions associated with alternative crop insurance products and election levels in an easily understood format.
A graphical summary of the probability of achieving various levels of revenue with each product is also provided along with a tabulation of guarantee levels provided for each product and election combination.
The tool presents a case farm with the Trend-Adjusted APH in counties where offered, and a standard base case in other counties.
This tool will be updated periodically throughout the signup period to reflect the most current price environment during which crop insurance purchase decisions are made.
The main farmdoc crop insurance page with additional FAST spreadsheet tool downloads (Microsoft Excel required) and current crop insurance articles is available here.
