The latest update report by National Crop Insurance Services, an industry trade group, indicates that as of July 28 nearly 869,000 crop insurance policies for 2014 had been processed by the Risk Management Agency, which administers the federal program for the U.S. Department of Agriculture.
Those policies cover 216 million planted cropland acres with a total potential liability of $76 billion. The farmers who obtained those policies will be paying $2.6 billion in premiums, which are supplemented by a federal subsidy.
During 2013, farmers obtained more than 1.2 million crop insurance policies, costing them nearly $4.5 billion in premiums, to cover 128 different crops with a total of $124 billion in potential liability. Those policies covered 296 million acres, representing 90 percent of the planted cropland in the United States.