2008 was record year for crop insurance payments to U.S. farmers
A record $8.6 billion in crop insurance indemnity payments were made to U.S. farmers for losses in 2008 because of droughts and flooding in parts of the country along with substantial price declines for some of the majority commodities, according to National Crop Insurance Services.
The good news for taxpayers is that the lion’s share of those payments comes from the private insurance companies that sell and service the federal crop insurance program.
There were several states whose farmers were paid significant indemnities, helping to support the rural communities in which they live. Among those were Illinois ($569 million); Indiana ($524 million); Iowa ($1.1 billion); Kansas ($411 million); Minnesota ($691 million); Nebraska ($414 million); North Dakota ($842 million); Ohio ($522 million); South Dakota ($400 million); and Texas ($766 million).
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