USDA announced the improvements Wednesday for the Whole-Farm Revenue Protection, and Micro Farm, making them more accessible to farmers. The improvements include doubling the maximum insurable revenue under Whole-Farm Revenue Protection, now $17 million, more than tripling the size of farm operations eligible for Micro Farm, now $350,000 and reducing paperwork requirements.
The improvements are in direct response to feedback from stakeholders as USDA’s Risk Management Agency recognizes the role these insurance options play for many producers, including specialty crop, organic and direct market producers.
The Whole-Farm Revenue Protection program protects all eligible commodities on a farm under one insurance policy. The Micro Farm program provides a risk management safety net for all eligible commodities on a farm under one insurance policy, but on a smaller scale.
The updates to both programs take effect in crop year 2023.
Source: NAFB News Service