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Grasses, Pastures & Hay
Pasture, Rangeland, and Forages Insurance
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<blockquote data-quote="JMJ Farms" data-source="post: 1531425" data-attributes="member: 24583"><p>I'm not gonna tell you not to do it but it's a gamble I've never wanted to take. The premiums aren't huge by any means but it usually doesn't pay. I haven't been researching it for ten years BUT my limited research has shown me that if you were to buy the insurance for ten consecutive years you would most likely break even in the end. </p><p></p><p> As a general rule we are wet and dry here pretty much the same times every year. September and October seem to be the driest on average. Historically this is consistent. We are usually pretty wet in April and May. If you bought the insurance, and selected April and May as your coverage months and it rained 1 inch total and average rainfall for April and May was 4" then you would get paid I think. Can't remeber the specifics. </p><p></p><p>It's just way too variable. I never felt like it was a wise investment so I've never bought any. But I have come close. I have however bought LRP insurance before. I bought some back in 2015 betting that the prices were gonna drop. Couldn't have worked better. I got lucky and hit it perfectly. But that's all it was. Luck. I knew prices were headed down. But I wasn't sure when. Had to pick a deadline based on different policies offered. I guessed and guessed right. Don't remember the exact figures but it was something like I turned $1700 into $9000 in 90 days. I didn't get rich but it was a nice bonus.</p></blockquote><p></p>
[QUOTE="JMJ Farms, post: 1531425, member: 24583"] I’m not gonna tell you not to do it but it’s a gamble I’ve never wanted to take. The premiums aren’t huge by any means but it usually doesn’t pay. I haven’t been researching it for ten years BUT my limited research has shown me that if you were to buy the insurance for ten consecutive years you would most likely break even in the end. As a general rule we are wet and dry here pretty much the same times every year. September and October seem to be the driest on average. Historically this is consistent. We are usually pretty wet in April and May. If you bought the insurance, and selected April and May as your coverage months and it rained 1 inch total and average rainfall for April and May was 4” then you would get paid I think. Can’t remeber the specifics. It’s just way too variable. I never felt like it was a wise investment so I’ve never bought any. But I have come close. I have however bought LRP insurance before. I bought some back in 2015 betting that the prices were gonna drop. Couldn’t have worked better. I got lucky and hit it perfectly. But that’s all it was. Luck. I knew prices were headed down. But I wasn’t sure when. Had to pick a deadline based on different policies offered. I guessed and guessed right. Don’t remember the exact figures but it was something like I turned $1700 into $9000 in 90 days. I didn’t get rich but it was a nice bonus. [/QUOTE]
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