Whole-Farm Revenue Protection Deadline Approaching in Florida and North Carolina
February 28, 2020 is the deadline to apply for the Whole-Farm Revenue Protection Plan in both Florida and North Carolina. The Whole-Farm Revenue Protection Plan covers several different crops, including hemp crop insurance coverage.
The Whole-Farm Revenue Protection Plan is a federal program designed to protect against crop loss. Unlike traditional single crop insurance policies, the Whole-Farm Revenue Protection Plan rewards smaller, diversified farms. Farms with insured revenue in excess of $8.5 million do not qualify. The more diversified the farm, the greater the coverage level. Three different commodities make a farm eligible for a coverage level of up to 85 percent. But a crop may not count as a “commodity” if it makes up a small proportion of revenue –say five percent. So a farm that has fifty percent corn, forty-five percent strawberries, and five percent potatoes would be considered a two commodity farm, ineligible for 80 and 85 percent coverage levels.
As a general rule for eligibility, the farm must have filed federal taxes for the past five years. But there are exceptions. The USDA excuses farmers from this five-year tax lookback period when there are “circumstances beyond their control,” like illness. And beginning farmers are only required to produce tax forms for three tax years.
Whole-Farm Revenue Protection is a good deal. The insured farmer pays only 35 % of the program. The government pays the remainder—65%. Whole-Farm Revenue Protection is provided by the government through Approved Insurance Providers,. You can search for the government’s approved providers with Agent Locator tool. These providers, through their deals with the government, are required to provide Whole-Farm Revenue Protection. You may contact me if you have any problems securing coverage.