Ripe for Reform: Federal Crop Insurance
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The federal crop insurance program has grown substantially over the past several decades, costing taxpayers nearly $8 billion per year. The program is heavily subsidized, with producers paying only about one third of their annual insurance premium. This, in addition to a variety of other programs including Price Loss Coverage (PLC) and Agriculture Risk Coverage (ARC) disproportionately benefits the largest, wealthiest farms in America growing one of a few handfuls of crops. This reduces competition and encourages consolidation at the expense of smaller family farms.
We invite you to a discussion about the future of crop insurance policy ahead of the 2023 Farm Bill and ways to reform the program to best suit the needs of the public.