Drought Update – August 20, 2012

The continental United States is parched,with 62% of the lower 48 states experiencing moderate to exceptional drought, according to the August 14 U.S. Drought Monitor. Crop insurance is helping farmers pick up the pieces. So far in 2012:

Farmers have invested $3.9 billion to purchase more than 1.1 million crop insurance policies.

The policies provide $110 billion in liability protection.

15,000 private crop insurance agents and 5,000 loss adjusters are already helping farmers with claims.

The crop insurance industry has already paid out $948 million in indemnity checks.