The University of Illinois offers online tools to help with making decisions with regard to crop insurance. They are available at farmdoc.illinois.edu/cropins/index.asp.
This 2016 iFarm Crop insurance Premium Calculator allows users to develop highly customized estimates of their crop insurance premiums, and compare revenue and yield guarantees across all available crop insurance products and elections for their actual farm case. This on-line calculator allows a quick but detailed comparison between farm-level and area-level insurance products in terms of cost and guarantee values. Specific case details are accommodated along with a tool to calculate your TA-Adjusted APH. This tool also uses current price and volatility conditions and will track current market conditions through the final release by RMA of 2016 Projected Prices and Volatilities. This tool targets users interested in a quick means to compare insurance premiums for all possible products and election levels in a simple to interpret format.
iFarm Payment Evaluator
This web-based tool has been completely updated for 2016. The Insurance Payment Evaluator develops a case farm for most counties in the major corn and soybean production regions, and then provides estimates of premiums for all available crop insurance products for basic and enterprise units by coverage level, along with the expected frequency of payments, average payment per acre, net cost per acre, and risk reductions associated with alternative crop insurance products and election levels in an easily understood format. A summary graph shows the impact on likelihood of low revenues across alternative crop insurance decisions and compares these to a “no-insurance” case. The tool uses current price and volatility estimates and will be updated periodically until the final values are established. The tool provides helpful information to producers comparing costs and risk reductions across their available crop insurance alternatives in 2016.
Microsoft Excel software is required for use of this tool.
This Microsoft Excel (software required) spreadsheet tool contains four components. The first computes farmer-paid premiums for different user entered parameters; A “What-if” tool calculates insurance payments for user-supplied prices and yields. A history of insurance payments and premiums can be found in the “Historical Analysis” section. The tool also allows comparison of farm yields to county yields.