The deadline to sign up for the 2023 Pasture, Range and Forage Insurance is Dec. 1. PRF insurance is a risk management tool that provides income to help offset the loss of forage production due to lack of precipitation.
The insurance applies to grazing pastures, rangeland, and perennial forage acres that will be hayed. Iowa State University Extension and Outreach beef specialist Beth Doran said with the Dec. 1 deadline, time is short to apply for the insurance this year.
“Producers who graze livestock need to work with their local crop insurance agent soon to determine their coverage decisions and complete their application for 2023,” she said.
PRF Insurance is based on a grid system and a rainfall index. Each grid is 17 miles x 17 miles. The rainfall index reflects the amount of precipitation received relative to the long-term average for a specified grid area during a two-month time frame.
Livestock producers will need to determine which two-month periods to insure, the level of rainfall to insure, the productivity factor of the forage, and the percentage of coverage in each period.
A local crop insurance agent will be able to use the USDA PRF Support Tool to help livestock producers compare different combinations of coverage levels, productivity value, and periods insured.
Although the insurance indemnities may not make up for a total loss occurring from drought, it can help offset the financial impact of the loss.
