New Farmer Insurance for Extreme Weather Protection
This act aims to create a new type of insurance for farmers, protecting them from financial losses due to extreme weather conditions like droughts, floods, or heatwaves. This will help farmers better secure their income, regardless of crop type, increasing their financial stability in the face of climate change.
Key points
Introduction of a new, simplified insurance for farmers that pays out based on weather data, not individual losses.
Coverage for income losses from crops and on-farm activities like packing and preparing produce.
Option to adjust insurance coverage to individual farm income levels.
Faster payouts – within 30 days of adverse weather conditions occurring.
Reduced paperwork for farmers, especially for small farms and underserved producers.
Status:
Introduced
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