The U.S. Department of Agriculture (USDA) has unveiled enhancements to crop insurance offerings, benefitting small and diverse farmers. This upgrade affects the Whole-Farm Revenue Protection (WFRP) and Micro Farm insurance plans, as part of USDA’s Risk Management Agency (RMA) initiative to broaden insurance access. Both WFRP and Micro Farm policies provide a comprehensive risk management safety net for all crops cultivated on a single farm.
“The improvements to Whole Farm Revenue Protection and Micro Farm policies are a direct response from feedback we’ve received from producers” RMA Administrator Marcia Bunger said in a press release. “These are two of the most comprehensive risk management plans available, and they are especially important to specialty crop, organic, urban, and direct-market producers.”
The WFRP improvements for the 2024 policy year encompass several key changes. All eligible producers now qualify for 80 percent and 85 percent coverage levels. Catastrophic coverage level policies for individual crops within WFRP are now attainable. The yield history span has expanded to a maximum of 10 years, applicable to crops not under different federal insurance. The policy has become more cost-effective for single-commodity producers. Moreover, producers have the liberty to customize their coverage, deciding whether other federal insurance policies count as primary insurance when determining premiums and claim-time revenue.
Similarly, the Micro Farm policy enhancements for 2024 include strategic adjustments. The sales closing date has been shifted to a less busy period, allowing agents to better dedicate time to program promotion. This proves beneficial for first-time Micro Farm purchasers, granting agents extended time to assist in risk management decisions. Producers can now acquire additional Federal crop insurance alongside Micro Farm. Vertically integrated entities are newly eligible for Micro Farm. The Expanding Operations feature has been incorporated into Micro Farm as well.
Tailored to the needs of specialty, organic, and locally-focused markets, these policy options are designed to support farms aiming for local, regional, or specialized markets. Micro Farm insurance targets farms with approved revenue up to $350,000, while WFRP extends its coverage to farms with up to $17 million in insured revenue. Presently, 1,784 WFRP policies encompassing $2.17 billion in liabilities and 93 Micro Farm policies with $6.15 million in liabilities are held by producers.
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