Disaster decision making starts before disasters strike, says Chris Hurt, Purdue University agricultural economist.
“Insurance does not protect against a bad thing from happening; it protects against putting the family business in jeopardy if a bad thing does happen,” Hurt says. “The tendency is for younger people, who are less able to withstand a loss, to need more insurance coverage. Farmers who are more financially established can try to reduce their insurance costs if the feel they can cover a portion of the loss themselves.”...
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