Alberta farmers will get a little bit of good news this spring.
As farm inputs continue to rise, the Alberta government has announced a 30 percent reduction in crop insurance premiums for the upcoming crop year.
“Lower crop prices and rising input costs have really put a squeeze on the farm’s bottom line,” provincial agriculture minister Ty Lund said in a News release
news.
“By lowering crop insurance premiums for 2001 and giving a premium rebate on 2000 hail insurance, we’re helping farmers reduce their costs and making risk management more accessible.”
He said Alberta farmers who bought straight hail insurance in 2000 will also receive a premium rebate.
It’s the second year crop insurance premiums have been reduced. Interest earned from premiums in the Crop Fund for Alberta have made the reductions possible.
The crop insurance premium rebate is expected to cost $20 million. The hail insurance rebate will cost about $1.5 million.
