Hail Insurance
What Does Hail Insurance Mean?
Hail insurance is a type of policy purchased by farmers to protect their crops from damage caused by hail and other natural disasters. In the U.S., it is often provided by the government as part of efforts to safeguard the agricultural industry and ensure stability for farmers in the face of such risks.
Insuranceopedia Explains Hail Insurance
Hail insurance is typically a subset of the broader category of crop insurance, which covers not only hail damage but also losses from other natural disasters, such as fires and storms.
The government, through the Federal Crop Insurance Corporation (FCIC), offers crop insurance to farmers. This initiative aims to protect both farmers and the agricultural industry, recognizing the significant contribution agriculture makes to the economy.
Private insurance companies also sell crop-hail insurance, which specifically covers damage from hail. These private policies are often tailored to address specific perils, providing coverage for particular risks that farmers may face.
