Crop insurance
Crop insurance quotes from licensed Australian brokers
A season's income can be sitting in one paddock. Cover ranges from fire and hail through to multi peril, and the difference in what they protect is large.
- Licensed Australian brokers
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Cropping concentrates a year of cost and effort into a few weeks of harvest, and a hailstorm the week before stripping can take most of it. Crop insurance in Australia runs from narrow, inexpensive fire and hail cover through to multi peril policies that respond to a wider range of seasonal risks. Which one suits depends on the enterprise, the region and how much of the downside you can carry yourself. CoverMy is free to use. Tell us what you are growing and licensed Australian brokers come back with options.
The main types of crop cover
The market splits roughly into named peril cover and multi peril cover, with a few products in between. The premium difference between them is significant, and so is the protection.
- Fire and hail, the most common and least expensive form of crop cover
- Fire in transit and at silo on some policies, covering grain after it leaves the paddock
- Multi peril crop insurance, responding to a broader set of seasonal risks including drought on some products
- Yield or revenue based products, which pay against a shortfall rather than a physical event
- Frost cover, available for some crops and regions
- Machinery fire cover, usually sitting on the farm policy rather than the crop policy
Fire and hail is the baseline
Most Australian croppers hold fire and hail as a minimum. It is straightforward, relatively cheap and responds to two events that can destroy a standing crop quickly. The sum insured is usually set per hectare based on expected yield and price, and cover typically runs from a point in the growing season through to harvest. It does not respond to a poor season. A crop that yields badly because it did not rain is not a fire and hail claim.
Multi peril and when it stacks up
Multi peril crop insurance covers a wider range of causes and, on some products, protects a yield or revenue level rather than a specific event. It costs considerably more, and the decision usually comes down to how leveraged the operation is and how much of a failed season the business could absorb. Growers with high input costs, tight finance or a single dominant crop tend to look at it more seriously. It generally needs to be arranged well before sowing, so the conversation has to happen early.
Timing, declarations and getting the sum insured right
Crop policies are time sensitive in a way most insurance is not. Cover has to be in place before the risk period starts, and once hail is forecast it is too late. Insurers generally require area declarations by a stated date and adjust the premium once the actual planted area is known. Setting the sum insured means estimating yield and price, and being optimistic on either leaves a shortfall while being conservative wastes premium. Your broker can help you land on a defensible figure.
How it works
- 1
Tell us what you are growing and where
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
What does crop insurance cost?
Fire and hail cover is comparatively inexpensive and is usually quoted as a rate per hundred dollars of sum insured, varying with the crop, the region and hail frequency. Multi peril costs substantially more because it covers substantially more. A broker can quote both so you can see the trade off in your own numbers.
Does crop insurance cover drought?
Fire and hail cover does not. Some multi peril products respond to a broader range of seasonal conditions including moisture related shortfalls, but the terms, triggers and cost vary a great deal between products. If drought is the risk you are trying to manage, say so clearly at the start so the broker quotes the right thing.
When do I need to arrange cover?
Before the risk period, and for multi peril usually before sowing. Fire and hail cover typically needs to be in place well ahead of harvest, and insurers will not write cover once an event is forecast. Leaving it late is the most common reason growers end up uninsured for a season.
How do I set the sum insured?
It is normally based on expected yield multiplied by an expected price, per hectare. Overstating either leaves you paying for cover you cannot claim, understating leaves a shortfall. Historical yields for the paddock and a realistic price assumption are the usual starting point, and your broker can sanity check it.
Is grain covered after it is harvested?
Not automatically under a standing crop policy. Fire in transit and at silo cover can be arranged for grain once it leaves the paddock, and on farm storage may need to sit on the farm policy. Ask your broker to map the chain so there is no gap between the header and the delivery point.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get crop insurance quotes
Tell us what you are growing and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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